How many lightbulb moments?

PigginSkint

I’ve had at least 2!! My first one was back in January 2005 when I was considering changing my car because mine was a bit of an old banger. I got as far as paying a deposit for a T reg Ford Focus. If it hadn’t been for the fact that I couldn’t find my driving licence on the day that I was supposed to go to sign the finance agreement (which I have always considered a bit of an omen!) I would have been lumbered with it!! Because when I finally did my sums properly I realised that not only could I not afford to buy a new car, I couldn’t afford to keep the one that I had! Mind you, it took me a few weeks to persuade OH that this was the case – I sold it in March 2005.

Crown

Hi, I have had a few LBM in my life but for different reasons.

Financially I had a Lightbulb moment around 5-6 Years ago when I read the Rich Dad poor Dad books and I truelly did see why I was constantly in debt.

Unfortunelty over time I got involved with some business ideas that didnt work out and other activities that actually cost me money when I was sure that in the long run would make me cash.

I had my second Financial LBM in September last year when I admitted that the activities I had got involved in were not going anywhere and actually I was now going against what I had originally learnt.

I am of the believe that we have manhy lkightbulb moments in life and just to do with money. I have had a LBM for Relationships, Business Ideas and I hope that they keep coming as It makes me a better person to have them

onedayiwill

Somehow I missed what should have been my LBM last September when my bank told me I had to pay my £2000 OD in full within 7 days. Yeah, right. Where was I supposed to get £2000 in 7 days!???! My head must have been buried very deep in the sand so that I couldn't see the light.

My LBM came a month ago and really was more like a hammer to the side of the head than a lightbulb switching on. I have cleared more debt than I expected in the last month thanks to all of you.

I expect my progress to be slower now - bank charge refund was responsible for a lot of my progress - but I hope to goodness I do not fall off the wagon. OH and I have plans for the future which make me so very happy and excited but if I mess up with my money again there is no way they can happen.

Sassers

Morning everyone :wave: I had a my first ever LBM last September when a girl I work with mentioned the name Martin Lewis in the same breath normally reserved for talking about Gods and deities! lol
Turns out she'd claimed back £10k in bank charges - and even got a couple of emails from the great man himself.
I got my first LBM that day and it's been switched on ever since, although I have had a huge flickering thanks to pay your mortage off in two years TV programme.
Spent the last two months planning and putting things into place that will a: allow me to be debt free by December 2007, and mortgage free by the end of 2009.
Love Sas x x

bobbadog

I've had two... first one was Jan 2005 when I tried to sort things out, found I couldn't get a consolidation loan, applied to one of those dodgy companies to sort me out, begged my bank to help, they gave me a ridiculously shocking 17.9% loan to pay back THEIR charges with, and I set out being cautious (was on 12K in London at the time though). Kept up with that, but real lightbulb moment was a year later when I swopped jobs and realised that I never wanted to owe anyone anything, ever. DFD is Jan 2008, but working on sooner. x

frugalpam

Well, my light bulb flashed on earlier this year. I had totally buried my head in the sand over the past few yrs and never dared look at bank statements or sit down and work out where my money was going. I got to the point where, mid month, I had reached my overdraft and CC limit, and didn't have a bean to live on til the next pay day. It was that feeling of utter desperation and feeling ashamed that I'd let things get to such a state, that made me wake up and literally see the light. I scraped through those 2 weeks somehow or other (ebay selling, car boot etc).
By a huge stroke of fortune, I received a large tax refund. By this time I'd worked out exactly what I owed and where. I used that money to pay off one of 2 loans I have, plus a credit card (both high interest rates) and put the rest in the bank (£2000 wiped off overdraft). I used it as a turning point, a golden opportunity to get straight - and set about getting better deals on utilities etc.
With my new budget I can live within my income - not much for frills, but over time as I get rid of the other loan that will improve.
I never ever want to feel that humiliation and shame again, of having no money to live on, even though my job is reasonably paid.

Pam

aliG_3

Hi

i thought i was on top of things untill i used martins budget calculator. i had an almighty shock and have sterted a major plan of action.

angelavdavis

Although I was earning a higher than average wage, I was discovering that I was always penniless by month end! About the time I joined MSE, I started looking at Martin's site for ideas on where to cut back and implemented these, saving myself an absolute fortune.

But I was struggling to afford to finish my MBA and so eventually, last July, I did my SOA and realised that I couldn't afford to sign up for the next elective at the end of September as my credit card payments would simply be too high!

I made the decision to hand in my notice (3 month notice) and get a better paid job. I have now had a substantial payrise.

Whilst my MBA costs (which have been subsidised by 0% credit cards) have now stopped (I have paid for my final electives and hopefully will finish in October this year), I have substantial loan/credit card debt to pay off and have so far managed to pay off £13k since starting the new job at the end of October.

I have made a pledge to myself that once I have paid off the remainder of my debts, I will switch to throwing money at the mortgage (the fixed rate term will have ended by then allowing me to switch to a flexible mortgage).

newlywed

Similar to you really. Had a LBM back in the summer, when I joined here.

Thought that cutting bills and shopping budget etc would mean I could sort it out myself.

Finally dawned on me that I can't and the debt still isn't going down because of all the interest. So had my other LBM this month and looking at a DMP.

*zippy*

Just the one for me. Over the years there were times when I would think I must sort this out and put a plan together usually a loan tbh. But I have never experienced anything like my LB moment before, even when I went off the rails last summer I knew I would get back on when I was ready.