Free by Fifty - well that's the plan!

FreebyFifty_2

Well I have finally decided to take the plunge after lurking on here for years. I have all the information I need from this site to sort myself out but have been lacking the drive and determination.

In fact I have been drifting through life for the past few years in all areas and I have lost control of my money, weight and wine consumption!

I have finally reached the point where I am fed up of running out of money part way through the month (despite a good income), clothes feeling tight and feeling groggy of a morning and really want to do something about it.

So I have made a start and although I feel slightly uncomfortable posting my details for others to see I know from reading so many other inspirational diaries it helps keep people on track. I also know how supportive people are to each other here and I am hoping I will get some of that when I need it. I know there will be difficult times ahead.

I will be 50 in 6 years time :shhh: and want to start that decade in much better shape on all fronts. Free from the extra weight and more importantly free from the debt - the latter being a frightening amount equating to my annual net take home pay :eek:

So what have I done so far?

I have signed up to the Drink Awareness site and am logging my consumption. I am aiming to do a couple of weeks completely alcohol free and then remain within the recommended limits. I am currently on day 6 of no drink and I am finding it easier than I thought. Already my sleeping is much better and my head is clearer which is spurring me on.

I have signed up to The Biggest Loser site for 3 months. I know not the most MSE of things to do but I find the graphs and charts really motivational. I have already covered the cost of the 3 month subscription through not drinking for the past 6 days. My first weigh in day is next Sat.

I have installed an app to monitor my finances and have added all my regular income and expenditure. It is great as I can see exactly what my balance will be at any point in the month. Although I can already see that June is going to be exceedingly tight due to some one off expenses

If I can just break even and not add to the debt it will be a significant step forward.

Right I think that is enough for now. Not a riveting read but I have made a start.

I am off now to 'what's the cost' to see what my DFD is likely to be. Then I will start setting my budgets so that from the end of June I can start tackling the debt.

Sanchsoot49

Good luck with it all FBF. I will keep coming back to see how you are doing!

You sound very determined and focussed

FreebyFifty_2

Thank you Sanchsoot

I had not planned on posting again until tomorrow BUT I am so excited!

I have added all my details into a snowball and by just paying the minimum amounts I will be debt free by fifty. I am amazed as I thought with the amount I owed it would take a lot longer especially considering I have been in debt for nearly 10 years. However the exciting bit is that if I over pay by £85 per month I can take a whole year off that :j

That amount should be doable and will give me an added incentive to really cut back on the wine so I can make the overpayment

I am off now to start setting budgets to see what other areas I can cut back in to help with overpaying as I can see how every little amount really does make a difference. I can see playing with snowballs being my new hobby!

Nikky2003

Good Luck FreeByFifty, now subscribed :j Nikky xx

Indebted2U

Good Luck and really well done on the drinking front. I'm sure your body and wallet will thank you for it. Subscribed.

FreebyFifty_2

Welcome Nikky and Indebted2u - be prepared for a long journey. Well at least I hope it is otherwise it will mean I have fallen off the MSE wagon.

I did my budget last night and going forward I should have a spare £70 per month to throw at my debts. I would like to make it more but to be honest that will be a great starting point having any money money left at the end of the month.

I currently have £1.85 to last today and tomorrow. I am so sick of making the pennies stretch at the end of the month. Fortunately the only thing I need to buy is milk so that's doable. I am getting through gallons of tea as my wine replacement which leads to an increase in 'spending pennies' but don't mind those as they aren't adding to debt and show I am at least hydrated

Last night I cut up all my credit cards except one with a small limit and nothing on it. This will be my emergency card as I have no savings to fall back on and need the re-assurance that there is something there. It has a horrible APR so there will not be the temptation to use for general spend. It stays tucked safely away in a cupboard.

Well I had better get to work. The weather is vile here so would rather stay tucked up at home playing with my budgets!

Sanchsoot49

Hi FBF

I know what you mean about stretching the pennies at the end of the month and its no fun is it.

Keep going though, better to elasticate the pence than increase your debt

FreebyFifty_2

Unfortunately I have been adding to debt and stretching pennies

But no more! after having played around with budgets I have decided to try the following approach:

Draw out in cash weekly grocery spend money as per budget.

Transfer monthly money for going out, clothes, toiletries, haircuts etc into second current account.

Transfer monthly money for Christmas, birthdays, kids activities and vets bills etc to savings account

The rationale is that if I have only a certain amount of cash for groceries then I will have to shop wisely. I normally do online shopping and fall prey to the save £10 on a £60 shop or doing a mega shop when I am flush at the beginning of the month which sees me buying more than I need so that I can save iykwim.

As I am on a diet I am eating a lot more fresh produce which just won’t keep so I think it will be better to buy little more frequently and hopefully take advantage of reduced items :T

Any money left over at the end of the week (let’s hope there is) will carry forward and reduce amount withdrawn for the next week. Any grocery budget money not spent at the end of the month will go towards creating a buffer in my current account. Once that buffer has reached £150 any money left over will go towards further additional over payments on cards. It may take a while but that is my first money challenge to myself and I think I will add it to my signature to motivate me.

I know it’s not recommended to save when in debt but I really want some reserves for re-assurance and although I have the one emergency credit card left I want to shift my mentality away from having to use any credit at all.

I don’t currently put any money aside for clothes etc and therefore have resorted to credit when the school shoes have worn out or trousers suddenly 2” too short (I am a single mum with 2 teenage children). From now on I will put aside a monthly amount into my second account for things like this and going out etc.. Periodically I may then sweep any surplus into paying off debt. Optimistic thinking there

Finally I will start to save for Christmas and Birthdays. I know it is half way through the year so won’t have achieved it all but will be a huge improvement on previous years when Christmas has jumped out on me by surprise

Gosh this is a long post but there is so much rushing around in my head! Am sadly really excited by all this

I just wish it was the end of June so I can set all of this up. Unfortunately due to big expenditure in next few weeks due to my bad management I can only do the grocery challenge this month. But hey at least it's a start and more importantly I am back in control :T

Am off to update my sig.

joanne109

Hi FBF, as our circumstances are so similar I've subscribed to your thread. I am also overweight (find me on the weightwatchers thread) there's also an alcohol cutting down/giving up support thread on here which I have joined.
My aim is to give up booze completely, but as they say, it's one day at a time.
I'm 50 in October but hoping to be debt and mortgage free by 60!

I'll keep an eye out for you and try to encourage you along the road

Joanne

FreebyFifty_2

Ooh may pop in to the cutting down on alcohol thread. Last night I listed all the benefits I have noticed so far, I have a dozen already and it's only been a week of not drinking. It certainly is acting as a motivators to keep going.

I signed up to the drink awareness site which is really good. Only now it keeps asking me to log my units so I can track them. I don't think it can believe I have managed to drop the levels so significantly

On the money front I have set up all my budgets which should see me not only living within my means but also making more than minimum payments

If I make it through June with the very tight budget then the other months should be a doddle

FreebyFifty_2

Today has been a difficult day for a few reasons, none of them actually to do with money and I really really really fancied a glass of wine and a big piece of pizza.

But I resisted and it's grilled chicken with avocado and a cup of tea. It may not satiate my cravings but my body will love me for it and it's no good caving in at the first difficult time. I am at the beginning of a loooong journey so need to learn to deal with the harder times.

Pay day tomorrow hallelujah :T