Debty Bettys Brave New World

Debty_Betty_2

After a weekend of tears and facing my worst financial fears, I think I have finally had my light bulb moment. I have tried to face my debt before but always found some excuse to justify spending over my set budget and from then on it’s a downward spiral into consumer madness! This time is going to be different. I will stick to my budget regardless. I finally plucked up the courage to tell my BF the full horrific truth about my debts. Although this was upsetting I feel relieved and less alone.

So here’s the damage eek: :eek:

Credit Card 1 £ 2,698 at 6.95% for life time of balance
Credit Card 2 £ 2,663 at 27.9% aghhhhhhhh
Credit Card 3 £ 5,000 at 15%
Overdraft £ 1,500 at 15.9%
Personal loan £20K I know this is around 8.9% (I will confirm)

I have been on the wagon for a week now (on The unnecessary challenge) I find reading all the debt free wannabe threads and debt diaries very helpful and inspiring and so thought that writing my own debt diary would help me stay in control of my spending. I would also love to read if anyone has any comments, suggestions or helpful tips to keep me on track.

Anyway the battle begins and this is the start of DEBTY BETTYS BRAVE NEW (Sensible spending) WORLD.

Debty Betty x

Snow_White_5

Congratulations on your lightbulb moment. Things can only get better from here! It's a hard slog but worth it and even fun at times. Good luck! (Like the name btw)

medman

Hi same as Sw

Congrats, welcome and good luck

loads of support and great ideas on here, don't forget to look at SS's post at the top of the thread for guidance on your SOA

Best wishes

MM

Debty_Betty_2

I will continue to pay the monthly money for my personal loan but other than that i am going to try and block it out of my mind while I attempt to start clearing my credit card debt.

Since my light bulb moment on Saturday................

Monday £7 library fines
Thursday £3.50p towards a shared chinese take away.

YAYYYYYY.....My BF got approved for a 6 K loan at 12% which he will let me use to cover the cards with biggest interest. I will make the payments for this loan each month. I sent the envelope in the post yesterday and so the money should be in his account within 6 days.

Just a quick rant about how much i hate banks the loan was advertised on motley fool .com at 6.1%, the bank turned down the first application for 9k but offered 6K at 12% - Can u believe this is because he is classified as a risk because he has not asked for credit before. Surely he would be more of a risk now they have doubled the interest rate! Nevermind at least 12% is better than my 29% credit card

Thank you Snow White and Med man - i am going to look at SS SOA thread at put one togther soon x

chunky79

:hello: Debty Betty, Welcome to mse
What i am now doing at the moment,
I am keeping a spending diary amazing how much i did fritter away,
I now check my electric meter regular to see where i am wasting.
Wash at 30 degrees removing all stains prior to washing
Dry on the line or airer as much as possible
Plan my meals for the week and only buy what i need sved so far at leats £20a week.

I have more tips but my bath is running and its late will come back tomorrow. Check out the Old style board loads of tips on there too.

Debty_Betty_2

Thanks Chunky - i am planning meals for this week and looking at the old style board. I think this will make it much easier to decide what i need - i will only go shopping once a week now to avoid the temptations and save myself money.

I have got offerered the new job i wanted and i start next month - the money is better and there is a chance of a bonus so YAYYYY i can throw more money at my debt.

Found out last night that i am in time to claim back my half price phone rent. Sent the envelope this morning and should recieve £90 at sometime over the next week to throw at my debt.
Its not all so good on the phone front, i got a contract phone (6 months ago) with a decent voice and text allowance for £30 a month (but half price when you send back the bills at certain times during the year) I am truly ashamed to say that each month i have spend over a hundred pounds and last month over £200. I dont whether things will be different now that i have had my real lightbulb moment - but i am thinking of actually putting a pay as you go chip into my phone to any avoid temptation as i do not want to fall of the wagon again - let me know what you think.

DB x

GirlRacer_2

Oh DebtyBetty I used to be the same with my mobile phone. Since I had my lightbulb moment I have managed to cut my phone bills by half - simply by shutting up!!!!!!

If you think that you have no willpower here, you could put a PAYG sim in and see how you go with that. There's loads of free sims on offer at the moment.

Debty_Betty_2

GR that did make me laugh - I would like to believe i have will power with my mobile phone, but my track record is not very good so i have to remove the chip.

Good idea about free sim card, I have ordered a t mobile pay as you go sim card with free evening and weekend texts if you top up 10 a month! so looking forward to that.

I start my new job next month and am nervous about my spending situation. In the past my weakness with money has been spending on other people or rounds of drinks, lunches, cabs and birthday presents. I am thinking of saying that i am saving with my bf for a deposit on a flat/house - what do you think? - Do you have any other ideas?

I cancelled my gym membership yesterday so that is £30 a month saved.

No spend yesterday

x

Debty_Betty_2

Still no spends for me since my last post. I am doing the unneccessary challenge which gives me £10 a week - I am finding it tough, but it is showing me where my money went and getting me into the habit of thinking before i buy!

Today i went out to pick up some bread for my neighbour and whilst in the queue picked up a huge back of crisps and a drink to eat on the journey home,but the thought of having to write it on this diary made me put it back -i wasnt even hungry it was UNNECCESSARY SPENDING I know its only a few quid but it all adds up and i just wanna be free of this debt.

The 6K loan has just come through for my bf. I know i should pay the credit card on 29% first, but where should i put the remainder of the money- should i pay off the overdraft and part of the other credit card on 15%?

Debty_Betty_2

Hi all

2day has been another no spend day for me.

I am only on week 2 of my no unneccessary spending and mission to clear my debt and i am feeling very depressed. Even if i spend minimal money, i will still be in debt for years I cant believe i let it get so out of control and just ignored it.

Today i checked my allowance with my mobile phone provider and i have already spend £40 over my allocated free minutes. I am so deisgusted with myself after spending well over £200 hundred last month i vowed that i would only use my free minutes. I have turned my phone off until my new chip arrives in the post

Anyway i will try and put my SOA together over the next couple of days and hopefully if anyone is reading you could let me know if there is any other cutbacks I can make.

My lightbulb moment arrived at a very busy time what with hectic full time work schedule and coursework deadlines of Monday of next week. Its been tough remembering to make packed lunches and no takeaways or cabs which were my biggest downfall in the recent past.

Anyway keeping this diary and reading the other debt free wannabe threads is what is keeping me motivated to face my debt - thank u all
DB

southern_chick

Hi Betty

you are doing really well already, don't be too hard on yourself, you have taken the first step towards becoming debt free, it wont be a quick journey but you will get there, just keep posting on here and you will get the support and advice that you need to complete the journey

hang in there

SC XX