My lightbulb is flickering, inspiration needed

Hi guys,

I don't know what has happened but I seemed to have lost momentum on slashing my debt. In fact it has increased!

I managed to reduce my debt from 8.5k in Jan 04, to 5.7k in jan 05. Which as I type looks pretty impressive to me now. However, with the drop in wage and more significantly some work I had done to my house, it has increased. I took it one step further and committed a cardinal sin and spent about £170 on clothes. Debt now stands at 8k. I do have £580 in my credit card savings fund and about £700 in my isa which I will allocate to the cards when the 0% expires so in real terms debt is 6.7k.

I am feeling really gutted that all my hard work has gone to waste, but it's really hard constantly watching the pennies.

Feel like throwing in the towel at the moment and going on holiday. I need inspiration before i blow my fund and blow my mind. It seems to take forever to reduce your debt, but just 5mins to crank it back up.

Yours hoping

Nickynoo1
16/06/16 £11446 30/12/16 £9661.49
01/08/17 £7643.69
«13

Comments

  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Why not look to sell some of the stuff you don't need on ebay, perhaps that will reduce yuor debt by £500 ?
  • Xbigman
    Xbigman Posts: 3,884 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    There seems to be a crisis point for everyone paying off debts long term (or on a diet as I recently discovered) where everything grinds to a halt or goes backwards. The result is that you get totally fed up.
    Unfortunately you have to get through this and the only way is to go back to basics. Go back through your spending of the last few months. Has anything increased, and why. Just look at everything again with a critical eye.

    You suffered a drop in wages. I'm sorry to hear that as I've been in a similar situation. Now just think how much worse off you'd be if you hadn't taken all the steps you did last year and started paying off your debts. You'd be even worse off if you had continued to run up debts and then taken a wage cut. Would you fancy being 12k+ in debt with your current income?

    Bottom line. Don't give up now you are doing the right thing.
    Regards





    X
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
  • mrcow
    mrcow Posts: 15,170 Forumite
    First Post First Anniversary Combo Breaker
    Nickynoo1 wrote:
    I am feeling really gutted that all my hard work has gone to waste


    It hasn't at all!!

    It's almost £3k that you've managed to pay back in only one year! And in reality, it's only increased again by £1k, which will soon be behind you again if you keep it up.

    The whole idea of paying off debt (as with dieting) is that it's a long-term lifestyle change that's required. Unfortunately there are seldom quick fixes that come our way.

    Keep up your momentum.....and don't beat yourself up about things that have past......it's very cliche.......but it really is about what you do today that actually counts.......

    And as for the holiday, I know how you feel, but running away isn't going to solve this for you, and for the sake of a week or two away, you could put yourself back by months (sorry to be a nag!!).
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • Murtle
    Murtle Posts: 4,154 Forumite
    First Post First Anniversary Combo Breaker
    hmmm a holiday would be fab.....but after two weeks....you'll come back to the situation and be kicking yourself for it!!!

    You're not really in the same situation, as you have had work done to your house, if you hadn't paid the previous debt back, this would just be added on top - or you wouldn'/couldn't have had it done!!!

    You've had a nice treat of some new clothes, now it's time to straighten things out again and work out/revise your budget. It may come out the same, but it will give you some time to look at it clearly and see just how well you've done!!! Promise

    Big hugs, you're doing well and will get there!! Remember, there are always friendly people here to glance over your budget if you want a second opinion!!

    does the work on your house and your clothes splurge cover all the money you've spent or are you falling off the budget???

    Good luck
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    The dieting analogy is quite apt.

    For really you have to look at the debt situation as a permanent lifestyle change rather than a short-term fix.

    My advice is to cut up your credit cards and as a rule NEVER use credit cards for purchases again !

    Only use your debit card so you only use money you have physically on account (no overdrafts).

    Think long and hard about a permanent lifestyle change where you say NO to credit PERMANENTLY !
    Else a year from now the cycle may repeat.....
  • johannamse
    johannamse Posts: 498 Forumite
    mmmm....know what its like. Hard to keep momentum. Life shouldn't be this hard should it?

    Why don't you have a holiday? Why dont you factor into your budget a week away in Spain next September? You can get a week away for under 150. Start saving monthly for it. 30 pm. or if this is too much what about a camping holiday in GB? Do you have any friends at University or living in another part of the country? Although debt is bad, having a holiday (that you plan carefully for) will give you the momentum to carry on. You could get a pt cash job JUST to pay for the holiday?

    I hope I don't get shot down for suggesting this!

    Keep up the good work and get your debt free date to work towards.
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    You have a duty to keep your property marketable and also yourself.The hot Summer will soon appear and you may only need to go for a local walk to aquire a modest tan. Don't go overboard though. What area of work are you employed in ? What alternative supplemental jobs have you considered ? Are there other types pf work you feel you could apply for ?

    I nearly bought something for Easter. I did not know what it was but I knew It would cheer me up initially and then put my delicate finances in balance with a remortgage application.
    Those suckers are costing me a holiday abroad per annum and if I don't have the ready cash to remortgage I will be paying more than I need to with a more competative lender. I bank with my prospective lender so I can't fool them.

    You do not mention the interest rates you are payiing on your debt and the
    level of repayments.
    J_B.


    J_B. (Chocolate Easter eggs are bargain at this time. Are high unsold stacks of them are a sign of consumer thrift or poor marketing ?)
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Yeh, you can pick up choco easter eggs for less than half price ;).... But the kids are clever, its not easter any more... :rolleyes:
  • You might consider posting your income and all your outgoings - I've seen it on other posts and its quite surprising how you can miss how to cut down on things which other people can see/advise you on.
    If you can reduce your groceries for instance by £10 a week over a year thats more than £500, try having a look at the money saving old style if you haven't already.
    Have a clear out I did a boot sale at the weekend after clearing out stuff since xmas, i was only there for a couple of hours and i made over £60. I've got some more stuff to take to another one hopefully soon. Then theres eBay, have a browse its amazing what you can flog on there. If you can sell £30 of stuff either there or on boot sales thats another £360.
    I've also cut out my saturday paper that used to cost me 70p not much but thats another £36 over the year and most of the time I didn't have a chnace to read it anyway. I know its hard keep watching the pennies I've got a year of it to get what I want and I'm fed up with it after 3 months but I plan all my outgoings for a month ahead and its working. Don't give up when that 6.7K have dwindled you will be over the moon!
  • dougk_2
    dougk_2 Posts: 1,403 Forumite
    You might consider posting your income and all your outgoings - I've seen it on other posts and its quite surprising how you can miss how to cut down on things which other people can see/advise you on.
    If you can reduce your groceries for instance by £10 a week over a year thats more than £500, try having a look at the money saving old style if you haven't already.
    Have a clear out I did a boot sale at the weekend after clearing out stuff since xmas, i was only there for a couple of hours and i made over £60. I've got some more stuff to take to another one hopefully soon. Then theres eBay, have a browse its amazing what you can flog on there. If you can sell £30 of stuff either there or on boot sales thats another £360.
    I've also cut out my saturday paper that used to cost me 70p not much but thats another £36 over the year and most of the time I didn't have a chnace to read it anyway. I know its hard keep watching the pennies I've got a year of it to get what I want and I'm fed up with it after 3 months but I plan all my outgoings for a month ahead and its working. Don't give up when that 6.7K have dwindled you will be over the moon!

    You are completely right.... small things add up - saving £20 a week by not "wasting money" or buying ready made sandwiches etc means over £1k a year.

    IMHO Mobile phones are a big expense and how often do you REALLY need to call from one or call one? How many things are that urgent that you need to speak to a person that minute , when you could wait and ring them at home for 5p for an hour!
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards