An Entrepreneur in Debt - My DFD

Memory_Girl

Ah - see, but once you have the damn figures captured you can make educated decisions as to how to spend your money most effectively ...................

Or does that sound too much like "wax on - wax off"?

MG

mildredalien

Hi Charlie,

congratulations on the baby news, and on deciding to tackle your debts head on!

When it comes to deciding what debt to pay off, generally the advice is to pay off whichever debt has the highest interest rate - it will save you money in the long run. When you fill out your SOA, you can look at how to 'snowball' the debt - that is paying off the highest interest debt first using all available cash and as each debt is paid off, adding what you had been paying to your payments for the next debt. So, if you were paying £100/m to CC1 and £29/m to CC2, when you finish paying CC1 you would then start paying £129/m to CC2. Some people do pay off a smaller debt first though as it can be a nice motivational boost

Good luck lending your entrepreneurial skills to getting debt free!!

CharlieWaffles

Memory Girl - I like Wax On Wax Off but I dont like Painting haha Yea, once I got the figures down its much easier than "thinking what to do", I can work it out more strategically.

MildredAlien - Thanks, yea im almost done on the SOA and that makes great sense to snowball the payments - I wouldn't have thought of that !!

Where can I find the Challenges I keep reading about on other Diaries ?

Thanks

CharlieWaffles

I was just going to advertise one of my Books on Amazon and did a search first to see how many others are selling the same used books. I notices 2 people selling this book (Confessions of an Entrepreneur) for 0.01p and a delivery fee of £2.85 - Does anyone here sell on Amazon and know why they are selling for 0.01 ??

Otherwise I might just sell the books in collections of 5 or something on Ebay.

Lee

CharlieWaffles

Had a kick in the Goolies today - Phoned Council Tax to pay the last 3 months I had missed and they said they cant accept that now it has to be the full amount (to March 2012) - apparently after 3 missed payments it goes to court and must be paid in full to avoid court. I dont want it to go there (although if it does I can agree a payment plan with them) !!

hmm - Why is everything so complicated, its like barriers are put up to put people into difficult positions.

CW

mildredalien

Hiya Charlie,

books often aren't very profitable, people get rid of them for pretty much the postage charge only. You could try using https://www.greenmetropolis.com although I managed to sell a total of 1 book before I gave up and took mine to a charity book drop!!

Challenges are spread out amongst the forums I think, for example on the old style boards there is a grocery challenge where you try and stick to your own personal budget each week or month. There is a guide to the challenges somewhere.... try here: https://forums.moneysavingexpert.com/discussion/562271

I don't really have any advice about the council tax thing, but I'm pretty sure they would accept some form of payments and that 'pay it all now' thing is just a bully tactic. Most people who miss that much miss for a reason and don't have hundreds of quid randomly lying around!! That being said, council tax debt is a priority, might be worth ringing one of the debt advisory lines for help.

Keep it up, challenges are there for us to overcome!

CharlieWaffles

Hi MildredAlien - Thank you for the advice and the feedback. Yes I think I will give up on the book sales - seems like hard work for pennies and I could put that time elsewhere.
Il take a look at the challenges link to.

So many thanks
Lee

debtfreewannabe321

Hi Lee, I have to say i gave up on the 'selling books' thing. I now give them to charity/family/friends i was wasting my time uploading pics, descriptions etc all for pennies! I have quite a few books though that i couldn't give away as they were so expensive to buy (uni books and only used a few times) but i seriously doubt i will get much money for them!

As for the challenges i have joined up to tonnes over the last 11 months the only one that i stick to every month is the grocery challenge and the NSD (no spend day) one as they both save me money lol.

dfw

CharlieWaffles

Hi DFW,

Yea I think I have quickly learned Books are best kept, maybe I will save money on paint and wallpaper and just stack books to the ceiling. :-)

Im just looking through the challenges and will pick some soon. NSD sounds like a good one.

Lee

DawnW

debtfreewannabe321 wrote: »

Hi Lee, I have to say i gave up on the 'selling books' thing. I now give them to charity/family/friends i was wasting my time uploading pics, descriptions etc all for pennies! I have quite a few books though that i couldn't give away as they were so expensive to buy (uni books and only used a few times) but i seriously doubt i will get much money for them!

dfw

I have found that academic books often sell well on Amazon, and there are no pictures to upload. Worth a try perhaps? You can sell all sorts of books of course, though the prices you can get are variable. Uni books seem to do quite well though. Thing to remember is, they may not sell straight away.