Scaredy Cat's scary debt!! -debt diary

scaredy_cat_2

Hi, having recently read some debt diaries i am feeling inspired. I posted my soa and debt details at the beginning of the year so won't go into all of that again but want to focus on what i am doing to sort out this mess. I thought this would be a good record for myself to keep me motivated and have really enjoyed reading other peoples

I have read quite a few things this week that have inspired me to do more. So far since my lbm i have been writing meal plans and keeping a diary of what i have spent, kept within my budget for January :T and am on track for february having reduced my budget by £50.

This week i have decided i want to do a spreadsheet - firstly i'd like to be even more in control of my money - and predict at the start of the month what money i have left after dd and use this to be more on top of spending rather than just reducing it, secondly i want one that will also show all my debts and them reducing!! This was after having read the thread about what motivates people. I think i need to see things in black and white more.

Also have been doing the 'use it up' idea - including toiletires and cleaning products - this is helping a lot in reducing spending. :j I am also keeping a spending diary and doing moozies weekly challenge and Tondella dfw the fly lady way - i now need to post more on this one

I have been thinking about the olympic challenge and although not signed up thought i would see what i could do - next week in half term i will get dh into loft to sort out toys for selling, i have a bag of children's clothes to sell to friend . Today i had an opportunity to make some extra money by using my house for a venue for meetings for a committee i belong to - its not paid as such but i will get 'wear and tear' expenses of about £10 a night- this is once a week and at some points of the year might be two nights. Originally i couldn't be faffed with having to have the house extra extra clean but today i thought that it would pay for my children's swimming lessons!! and worth doing the extra bit of cleaning for! :A

So this week i want to do my spreadsheet and start sorting out the things to sell
- sorry a bit of a ramble but has helped to clarify thoughts on paper if nothing else :rotfl:

deliciosa

What a nice first post in your diary scaredy cat! welcome!

The spreadsheet is definitely the best idea - for me that's the thing that keeps me going, apart from the encouragement from this forum! I think the best is to make your own if you know how to do sums in excel, if not, some people here have very very good spreadsheets that you can download.

Let us know how much is your debt and how you are tackling it - and good luck!

scaredy_cat_2

thanks deliciosa have been too scared to add it to a signature because i didn't really have faith in myself at the beginning - it took me a few years before i had my lbm but now i know - i will cut and paste the scary stuff in later - thanks for your support

lyric_grace

Yes it's a lovely start to a diary, I love reading regular diaries as it spurs me on to do things that are DFW. I hope that doing your diary also helps us to help you, as you know your not lying if you write it down and you'll be able to look back over the weeks and see what you have acheived! Hope you carry on as you started with a great to read post, welcome and good luck! LGxx
P.S can't wait to watch your signature go down!

scaredy_cat_2

thanks lyric_grace i had thought i would cut and paste but am going to work it out PROPERLY!! taking off new payments made so will be by friday - well that is my new target - to update my debts by friday

*zippy*

Good luck scaredy cat, great to see you started your diary

I was looking at the DFW flybaby thread earlier, think I will join in too

zippy x

1_step_closer

Best of luck - I have my own diary with regular ramblings which I hope is helpful to someone somewhere along the line! I think as well, once you start it and keep up with it, it's as if you are having a chat with a cuppa with friends...........friends who won't judge you because of how much we all owe and encourage you every step of the way!

xx

scaredy_cat_2

thanks everyone, Zippy see you over on the dfw flylady way thread!

tigzem

Hi there - great diary! It really helps me having one and also having one to read, motivates me a lot! I've had my head firmly buried in the sand for too long.... it's a tough first step but I feel much better.

Will look forward to seeing how you're getting on and I look forward to seeing you succeed x

scaredy_cat_2

Hmm thought i would do some cheating decided to post my original debt rather than what it is 6 weeks on so i would be motivated by how it had reduced already!! Can't decide if it is cheating or motivating!

anyway here are my debts as they were at my lightbulb moment 2nd January 2007 - after reading moozies diary on 1st january hmmm now why wasn't i celebrating new year or allowing recovery from slight hangover!! - I now know that this was truely my lightbulb moment - i have never felt so sick or low and that was how i knew - also now it is determination so here they are

First Direct Loan originally £6000 over 66 months at 6.9%
Monthly payment £109.02 and 41 payments left (so £4469.82) but resettlement figure today is £4048.27. They say I can’t make overpayments on this.

First Direct o/d not sure about this really or how to come up with definitive answer!! limit is £2900 but is always over about £3300

Next directory APR 26.49% £150 generally pay minimum payment on this

Scottish Power (old gas bill) from transfer mess up £268.64 paying £30 a month

Graduate loan – Barclays resettlement figure £4503.92 an enormous 72 payments left at £78.77 at 7.9%

Husband’s o/d we think this is still 0% but will clarify. it is £1907

virgin cc just transferred 0% £2600
Halifax cc just transferred 0% £765

MIL £2000 0%

so £18874 which is a bit of a shock we also have mortgage and student loan which comes out of my husbands wages and there is nothing we can do about it so not even thinking about that yet.

Do you know i still feel sick looking at it listed like that and so cross with myself for getting in that mess - even a financial advisor suggested taking out extra 2k mortgage and clearing o/d but now i understand changing unsecured debt into secured debt!! i will now not listen to advisors without having read this site myself - i have to take responsibility and

IT FEELS GOOD :T

(wish i was as in control of my dd1 - went to part today i had awful migraine with fuzzy vision and she ran away and hid in a bush - hd to put dd2 in car then yank here out where she was stuck!! boy was i mad :rotfl:)

so my next step is the spreadsheet - i already have a plan just need to discover how to creat it

scaredy_cat_2

Today i am really fed up with me and dh - we have been rubbish this week really slipping back into bad ways - regulary jaunts to saisnburys for little treats along side the bread we needed etc -also we had a take away - not such a big deal but it is because we didn't budget for it :mad:

so i am up early today everyone else is in bed and i have done the shopping budget/spending diary - luckily we had been keeping receipts

so as of yet i haven't gone over on food budget - i have £8.26 to last us the week (there are 2 adults 2 littlies) but i have meal planned and bought everything for meals this week except 2 days where i have looked in freezer - sausages and fishfingers for littlies and dh and me can have either eggs!! or hm soup - so clearly we are not going to starve. We shouldnt need to buy much more other than 2 loaves of bread.

Today i am off to a discount retail village dd1 does need some new clothes - i am taking my mum and sister so have told them they need to pay towards fuel although my mum normally buys my lunch when we go so and fuel so don't really need to tell her that!! DH also needs some sports trousers as he wears them a lot to work (most days) and he has just broken a pair - i even looked to see if they could be repaired but tear v big and would look scruffy - he is a teacher!! but have kept them thinkiing i could repair them for home!! DD1 really needs some underwear and few bits of clothes but not much so will write a list and stick to it. I also need to get a present for my sister - only a few pound as i already bought her a make up bag in next sale reduced from £12 to fiver so am hoping for a real bargain belt or something in next clearance shop!!

oh well - its not as bad as it could have been - we kept the receipts and are still within food budget - have been over moozies challenge 2 weeks running now because i didn't think fully about week and also take away! but tonight is spreadsheet night and i am going to reflect properly on what i NEED to spend for week. i think will say no to going out for lunch with sister - as that will be £15 - and spend morning with her instead and make her a cake!!