Tackling my Debt and Simplifying My Life

[Deleted User]

Hi,
I am a long-time reader of the forums and have attempted to start a diary previously which fell by the way-side (illness, family bereavement, work commitments being some of the reasons).

I have attempted to tackle my huge debts problems before but have never effectively dealt with the causes of the problems.

In recent months I have started to address the root causes of my debt problems and have also taken the huge step of admitting my problems to my parents. They thought DH and myself were well off, nice house, cars, holidays etc. Little did they know these things were all on credit cards and loans etc. I was so ashamed admitting the problems to my parents, they were shocked at how well we'd hidden things but are now supportive.

I think I have approx £30k of debt, which takes my breathe away when I write it down, but it is real and me and DH have gotten ourselves into this mess over the past 15years.

Its going to be a long, slow process but I am determined to deal with things, and hope to come out the other side with a healthier outlook on life and attitude to money.

I have spent the last few months reading lots about minimalism and simplicity and this is the way me and my family are heading. I think I have tried to 'buy' the perfect life over the years. This obviously hasn't worked, the debt has caused major stress and I can honestly say has brought me little happiness.

In my attempt to life a simpler life I have started to de-clutter at home and have practically lived on e-bay, selling all the things I bought to make my life perfect (not). This continues and we feel so much happier having more space at home, fewer reminders of our costly mistakes and all the proceeds are making a substantial dent in our debts.

I would love to hear from anyone who has done or is in the process of doing similar.

Now off to complete my SOA so I can keep track of things from here!

Heffi1

Well done on having the talk with your parents, I bet you feel better for it now though. Good luck on your journey, I shall subscribe and keep you company if you would like that.

Ammeretto

Hi
well done on making a start.
im pretty much in the same situation. over the past 13 years my OH and i have accumulated over £30k worth of debt.

I have subscribed and look forward to joining you on your journey

[Deleted User]

Thank you very much Heffi1 and Ammeretto, so pleased youre both subscribing, I've got a feeling its going to be a long journey- your company will be much appreciated.
Are you keeping similar diaries? If so, I'd love to subscribe (could you tell me how I do it??).
GL

[Deleted User]

Further update on what I have done to tackle debt so far:-

1. We put our house on the market at the beginning of June, we have a large mortgage which costs us £900 per month. We hope to move to a cheaper home and cut our mortgage payments by half each month.
Unfortunately although we have had three viewings we have had no offers, we may need to look at reducing asking price.
We currently live in a detached house, which is by no means a palace, its small but in a really nice area. We hope buy a terraced property in a nice area- I would like small and cosy, as long as myself, DH and DS 11years are safe, warm and happy then we'll be happy. We hope bills will be cheaper there, will be closer to town so hope not to use the car as much.

2. We have really started to clear the clutter, attic is almost empty now, have done several car-boot sales and e-bayed lots, all of this money has gone off our credit cards.

3. Have made the decision to sell the family car, we hope to get approx £4500 and intend to buy a smaller, older one for about £1000. My car is leased from work, but tax and payments are quite steep, car is due for renewal next year so I intend to see if I can come out of the scheme at work (apparently easier said than done).

4. By trying to simplify my life I have been reading lots about minimalism and simplicity- this is the way I want to go- not be seduced by all those adverts that promise the earth, buying more 'things' will not solve my problems.

So far, so good. Just need to keep my motivation for our new lifestyle going.
Will post next about how I have minimalised my clothes, shoes and other possessions (also made some cash by selling them).
GL

[Deleted User]

Really pleased to report a NSD - first for a while. Hope to have more of these soon.

Seriously thinking of reducing the price of house- no blooming interest

[Deleted User]

Had to spend today 😢. Just bread, milk and dog food but any spending stresses me at mo.
Also need to get birthday cards for my father and brown paper to wrap those e-bay things.
On a brighter note, not spending my lunchhour browsing the shops- less temptation. My plan is to enjoy half hour doing something nice like reading my book or taking a walk, today though I've caught up with some paperwork, which is more productive than spending on credit cards (I've given mine to mum in case temptation does arise).

Have been mega organised and put a casserole in oven on timer for tonight, so I should return home to lovely cooking smells.

DH and I plan to go through finances again later to see where else we can save.

Back to work for me!!
GL

Jox

I'll subscribe too (click on "Thread tools" to subscribe).

Good luck with the simplification of your life!

Looking at other's with their big houses, cars, holidays, clothes, shoes etc can inspire envy and longing but it doesn't bring happiness and the owners are probably in big debts too!

Avoid magazines and tv adverts if you can

The simple life is the happy life

[Deleted User]

Well today has been a great NSD- plus spent the afternoon at my parents helping them clear the clutter and they've been kind enough to let me keep all the stuff we've sorted, I'll be a busy girl listing everything on ebay tonight and tomorrow. Any proceeds will go towards credit card payments.

The weather sounds like it will be awful tomorrow so I am planning on spending the day listing on ebay.

Still working on my budget and snowball calculator.

Hope everyone is having a good weekend x

[Deleted User]

Sorry- thank you Jox- you are so right about about adverts.
So glad youre subscribing. do you have a diary?

cwal

Hi goodlife 10,

I hope you don't mind but I think I will subscribe to your thread too, your diary really resonates with me!

I have spent years trying to 'buy' the perfect life but anall i've ended up with is a house full of stuff and a hefty credit card bill and am now spending lots of time on ebay trying to sell it off!!

I think the simple life is a good thing to aim for, I've realised stuff doesn't make life perfect and the stress of paying back what you've spent takes any enjoyment out of it. Good luck with your debt free journey, you sound like you are taking lots of positive steps.