dallas does debt REDUX
dallas85
Forumite 91 Posts
oh dear - I think I'm having my lightbulb moment RIGHT NOW - sweats, shakes, slight delirium then total panic?
I just applied for a loan from my bank to restructure my debts only to be flatly refused (as I had expected). Just going through my expenditure and openly talking about all my debts with the lady at the bank was scary and eye-opening enough, but then her firm words at the end of the phone call were even more sobering (and helpful, I think). I really need to sort this out.
I've had a diary before but I was a bit haphazard with it, and I've read the debtfree wannabe board on and off for the past three years, always completely in awe of those people paying down their debts and taking control, which isn't something that I find easy. However, I'm getting older and can no longer really put my overspending down to youthful naivety. The problem lies with me!
So, I hereby pledge:
1. To keep this daily diary, even in the face of zero readership!!
2. To face up to my debts and the reasons for them
3. To be honest about how my debts materialised
4. To rid myself of debt by my 28th birthday in June 2013.
I would really appreciate any help and support from anyone going through this too!
Later I'll post up my SOA (I hope I remembered the acronym right!)
I just applied for a loan from my bank to restructure my debts only to be flatly refused (as I had expected). Just going through my expenditure and openly talking about all my debts with the lady at the bank was scary and eye-opening enough, but then her firm words at the end of the phone call were even more sobering (and helpful, I think). I really need to sort this out.
I've had a diary before but I was a bit haphazard with it, and I've read the debtfree wannabe board on and off for the past three years, always completely in awe of those people paying down their debts and taking control, which isn't something that I find easy. However, I'm getting older and can no longer really put my overspending down to youthful naivety. The problem lies with me!
So, I hereby pledge:
1. To keep this daily diary, even in the face of zero readership!!
2. To face up to my debts and the reasons for them
3. To be honest about how my debts materialised
4. To rid myself of debt by my 28th birthday in June 2013.
I would really appreciate any help and support from anyone going through this too!
Later I'll post up my SOA (I hope I remembered the acronym right!)
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Current Debt Total:
£9550, including
Barclaycard: £5300
Nationwide Credit Card: £2000
HSBC Overdraft: £1250
First Direct Overdraft: £500
Wonga: £350
Brother: £150
Now that I've tallied it up, that is (predictably) more than i was owning up to. Eek.
Now here is what comes in and *should* go out every month. Obviously I lose track of the rest of it..and live above my means as I have done for a long time. I've also noted down September outgoings as they are higher than normal with a payment to Wonga and my brother due. I should have a freelance invoice coming in to help with that, but I won't be sure of the total until I've finished the job.
I also haven't budgeted in for anything above absolute necessities for September, i.e. food and travel and normal bills, as technically there isn't anything there for it as I have the extra expense of a wedding.
Income
Salary: £1786
Mum:£100
Total = £1886
Regular Monthly Outgoings
Rent (includes utility bills): £500
Card minimum payments: £250
Psychotherapy: £225
Phone £40
Spotify Account: £10
NSPCC Donation: £2
Travel: £130
Food (includes eating out): £200
Entertainment: £80
Prescription: £7.30
Total = £1444.30
September Outgoings
Rent: £500
Therapy: £310 (extra session this month)
Wonga: £350
Brother owed: £150
Phone: £45
Spotify: £10
NSPCC: £2
Travel : £130
Travel to wedding: £30
Wedding Present: £40
Food (no eating out this month): £120
Expenses for work trip: £100
Total: £1787
I would welcome any thoughts you have! Thank you in advance!
Xdallas
RK2012 x
Unfortunately, I don't - I am renting a shared flat at the moment so no joy there.
I think I should first try and cut down my food bill, and perhaps get rid of my beloved spotify...eek.
I'm slightly worried about how much my therapy bill is taking up of my monthly outgoings..not really sure how to address that, though!
dallasX
Just popping in to say hello,
good luck
one though drop nspcc donation at the mo ur need is greater than theres
sounds harsh but needs must
why are you paying for physo whats wrong with nhs
(thought all prescriptions were free well they are in scotland anyway)
get rid of spotify (no idea what it is)
soryy to be harsh but i been there done that and got the t-shirt
this board is great you will get all help and support you need and want
kas xx
kas - you're right - NSPCC and Spotify have to go - I needed those firm words! I definitely have to keep paying for my prescription (live in England) and I'm paying for therapy because the NHS can't offer long term treatment which is what I needed. However, I am thinking hard about whether this is something that I can genuinely afford at the moment being in so much trouble with money. I'll keep thinking today.
Thank you both for your replies.
Today will be a low-spend day. I have lunch in the fridge at work and am meeting a friend after work about a new project we are both involved with, but I'll be sticking to one soft drink and heading home for dinner.
dallasX
I'm very impressed that you can feed yourself for £30 a week - doubt I could do that - not every week anyway.
Only you can decide whether your therapy bill is good value; if it sorts out a long term problem which negatively impacts your life then maybe it is priceless.
However, I'm wondering if you might be able to get reduced fees if you allow a supervised student to guide your sessions? (My niece is studying to become a psychotherapist in London. I was surprised to discover that she has to undergo therapy herself as part of the training, and in her final year she will be a student-practitioner. She told me the clients she'll help will pay less than normal fees). It might be worth looking into?
Btw, I've subscribed to your thread as well, so I'll be back later to see if you've achieved a low-spend day today.
Now you've got over the scary bit of seeing the big figure, break it down into smaller, manageable bits.
What about your phone? Are you contract and near end? Could you switch to lower tarriff or PAYG?
Spotify? Do without. You can listen online to a lot of stuff. I used grooveshark which did me fine
Your travel (to me) sounds like a lot. Is it public transport? Do you get a monthly discount?
Therapy is up to you. How many sessions do you have per month? Could this be reduced without having a negative effect on yourself?
Food at £120 per month sounds high for one person. We'd spend that in a month between us and 3 teenagers. My tip? Reduced sections, reduced sections and reduced sections
Entertainment - what does this involve? Nights out or cinema trips or dvd rental type things? Could you maybe do alternatives to save a few pounds on this one?
Yes and I've subscribed too!!
Good luck
Really? Gosh I've got a lot of work to do then! HeadAboveWater have you trained your teens not to graze in the fridge? (My youngest emptied two shelves when he visited yesterday - but he's just started living independently so may not be managing his budget too well yet).
I agree about the reduced sections - though the problem there for Dallas may be getting to the supermarket at the right time. Having a big freezer helps as well, so it's possible to stock up on whatever is cheap when it's available - in a shared flat I doubt Dallas has access to lots of freezer space, which will make it harder to maintain a balanced diet when only buying reduced items.
For us, Tesco's reduced far better than Asda. The later in the day you go the better. Close to closing time is perfect, but then you're left with the pickings too. After work usually works for us pretty well.
If the supermarket is 'on the way home' it maybe would be handy for OP to nip in maybe every other day to get stuff for the next 48 hours. Only problem is, you go in to shop for 1 item, you come out with 1 bag!