Fixing the dripping tap - aiming for a debt free life

Catriona_P

Today is a good day. Got my exam result from January, a pass which is fantastic. Aiming for the next exam in July now.

My bank account is looking good right now, although I had to spend £70 this morning on the computer getting it fixed. My new bank card from Nationwide came in the post yesterday aswell, so now I need to make the decision about when I'm going to transfer everything from my Barclays account to my Nationwide one. I'm not sure exactly what's stopping me from doing it now...:o

Catriona_P

Things are currently going ok financially. I'm still in the black in my current (Barclays) account by just over a grand, and have about £200 in my new Nationwide account. I need to sit down and sort out transferring direct debits etc to my new account. But no overdraft charges this month for the first time in about 3 years! :j

However, so much needs doing in the house that I'm resisting the urge to go ahead with any of the big projects that really need doing. It's very hard as I'm desperate to get the house on the market within a year

Despite having debts, I'm still very conscious that I've done nothing to help safeguard my daughter's future. Since my husband is still not interested in doing savings for her, I've been looking into it. From what I can read since I'd like the savings to go towards university/professional fees, I think it might be best to go into an ISA in my name. However, my (empty) ISA has a shockingly low rate, so I need to find a new one. Phew.

Still working, still studying. Very tired but dragging myself out of bed every morning. Home life is hard, not expecting my marriage to still be here in a year's time. But still I soldier on.

beanielou

Plodding on is good

Catriona_P

Very little to report, still plodding on! My outgoings are still higher than my incomings but I'm managing to stay in the black in my Barclays account by the skin of my teeth. I STILL need to sort out transferring my direct debits etc to my new Nationwide account.

I have my next exam for my diploma in 2 weeks so focusing on my studies when I can. I'm not hopeful that I'll pass but I'll give it a good go. Unfortunately my stress levels go through the roof in the run up to these exams so I'm not nice to be around.

Lack of funds this month is mostly due to an unexpected high cost for a brand new alternator for the car - we're a two car family now and husband won't contribute towards anything 'my' car when previously we split the cost. So now the cost is all mine, and I need the car.

I've been doing bits and bobs here and there in the house - still determined to get it on the market in a year. But there's still major work that needs doing.

Interest rate has now kicked in on part of my credit card so I have charges again.

Catriona_P

I have become tardy yet again.

Very little has changed lately, I'm still plodding on. I've finally initiated for my pay to go into my new Nationwide account, so I can then get on the road to closing my Barclays one.

I'm paying off my credit card (see below) but have had to decrease the amount I can pay now that the interest has partly kicked in.

Things are awful on the relationship front, it's pretty much dead now but there's no way I could move out. I've seen a solicitor who was helpful and kind but I can't afford it. When December rolls around our mortgage payments will go down so I'm hoping I'll be in a better financial situation then.

I'm still struggling to understand why my outgoings amount to more than my incomings. I've looked at my bank account, done countless spreadsheets (none of which suit me), I even tried the EEBA app on my phone. After all my necessary payouts I should have about £300 a month but I don't and I don't know why. Doesn't that sound ridiculous when the figures are right in front of me? My complicated finances aren't helping me make sense of it all.

maddiemay

Pleased to see you still plodding, can't really offer you any advice, except to ask have you considered a daily spending diary, in the form of a notebook, where you could write up all your cash spends and if you can access the figures on a daily basis, note all outgoings from your bank account(s), might just help you get a handle on it, although I used to do some basic spread sheets at work, my eyes normally just glaze over when I read a balance sheet:o

Sorry things no better on the home front, I hope that in time you will be able to find a solution that works for you and your little one.

Catriona_P

Thanks maddie and thanks for still following my incredibly boring and neglected thread! :rotfl:

I've decided to follow your idea of a 'daily spend notebook' but I'm going to use the EEBA app on my phone for it (since I'm always staring at my bloody phone anyway!). The app should be fine for watching where that extra £300 a month goes, it simply fell down when I tried to do all my finances on it. I'll stick to the spreadsheet for other things (bills, settling-up with the husband at the end of the month etc) as that seems to work ok.

Catriona_P

Another month...how it flies by with little change.

I had a letter from Nationwide the other day telling me they are getting rid of my £1k 0% overdraft, apparently due to lack of money going in, I explained that my wages are now going in but the (thoroughly unsympathetic) woman told me they 'might' review it in a few months, 'possibly' December. So until then I'm back to worrying about slipping into the red as fees are high.It's my own fault. I've thought about closing the account and going back to my Barclays one, but as I've already changed my DD's over to Nationwide, seems a bit silly.

I've tried using the EEBA app but lost track - I think I know why. It's little purchases that throw me, taking a £10 out and frittering it on lunch or little things over a couple of days. Small purchases that I wasn't factoring in. Stopping those is the key.

I updated my list of outgoings/incomings and it would appear that on an average month (hard to work out since nursery fees can vary in a £100 range depending on the month), that I should have £400 a month on non-bills (not including food or days out etc). Where the hell am I spending this amount of money!!!! It has been an expensive year so far though with 2 weddings and another to come, as well as the week's holiday my husband insisted we take.

On the house front, I'm doing my best to do as much to the house as I can (although big purchases are still needed before I can hope to get it on the market). At the moment I'm removing paint from the fireplace in our bedroom and going to repaint it, which is a harder job than it sounds.

maddiemay

I'm not stalking you - honestly:D, but having an hour with feet up, having a scout around DFW, noticed your latest post. That fireplace sounds hard work, but I am sure will be lovely when you have finished.

It seems, from reading the diaries of those that have achieved the Holy Grail of being debt free, that for a lot of people, the only way to succeed has been the near obsessive checking balances and recording the tiniest of spends, I need to start doing this, as the end of the month figures have looked less healthy lately and I need to get my act together to spend a bit less and save for some bigger purchases. Food is my downfall, we live in a "foodie" town and the local produce is so good, work through freezer and cupboards for a while methinks:o

Hopefully, now you have identified the problem you will be able to work it out. Do you e-bay etc, can you earmark some things that you can let go in readiness for your move? If we had not had a HUGE cull, I think our move would have cost half as much again in removal fees:rotfl:

Catriona_P

maddiemay wrote: »

I'm not stalking you - honestly:D, but having an hour with feet up, having a scout around DFW, noticed your latest post. That fireplace sounds hard work, but I am sure will be lovely when you have finished.

It seems, from reading the diaries of those that have achieved the Holy Grail of being debt free, that for a lot of people, the only way to succeed has been the near obsessive checking balances and recording the tiniest of spends, I need to start doing this, as the end of the month figures have looked less healthy lately and I need to get my act together to spend a bit less and save for some bigger purchases. Food is my downfall, we live in a "foodie" town and the local produce is so good, work through freezer and cupboards for a while methinks:o

Hopefully, now you have identified the problem you will be able to work it out. Do you e-bay etc, can you earmark some things that you can let go in readiness for your move? If we had not had a HUGE cull, I think our move would have cost half as much again in removal fees:rotfl:

No really, it's nice to have someone to talk to Maddie. How are you?

Work on the fireplace is still ongoing (argh) but hoping to have it finished by the weekend. It's been a hard slog.

Interesting about the 'holy grail' of being debt free. I think my problem is a multitude of issues:
a) Husband who earns more, likes to spend more on food, holidays etc causing pressure
b) A house that still needs so much (expensive) work doing before we move
c) My weakness for buying lunches (not expensive but add up) as I hate packed lunches
d) Buying of things for DD like clothes, toys, afternoon out etc
e) When I'm having a bad day (and there are plenty of them right now) I spend to make myself feel happier

I do e-bay a lot of stuff although not so much now since their fees changed at the beginning of the month. I'm constantly trying to offload baby clothes etc to earn a few pounds but it never seems to be enough.

Found out today that I failed my July exam so that's pushed my completion date for my diploma back by another 6 months. All in all not a good day.