Here goes my SOA...

FBaby

Don't despair. You have identified clearly where you have gone wrong, and the good news is that once you curve on these spending, your financial situation will look much less scary.

My experience is that once you know what you need to cut, it is easy to do and often even go to other way around when you start feeling anxious as soon as you spend money on something that is not essential!

One bit of advice that helped me was to stop going out on those wandering shopping trips, either during lunch time or week-ends. Only go to the shops to buy very specific things that you have assessed as required before and counted within your budget. It's amazing how temptation can convince you you need/deserve something that you don't miss at all if it is not there is front of you telling you 'buy me, buy me'!

[Deleted User]

sophie.christie wrote: »

Yea thanks for that, I'm doing my best it's a start and a huge step for me, and much less confusing than it was yesterday.

We can't advise you were to make cuts, if we don't know how much you are spending, on different areas of buying.

We can't assess how much can reasonably be cut from "Day to day stuff", unless we know what it actually consists of.

Skinnylatte

Thank you guys, I am feeling a bit better and haven't spent a penny since yesterday lol.
If I had a wardrobe full of designer clothes and handbags it wouldn't be so bad, the truth is I don't know where the money has gone. although I did work out today that I am paying over £200 a month in intrest on my credit cards alone, £2500 a year - how stupid is that!!

Seen_the_light

I think [EMAIL="you@ll"]you'll[/EMAIL] find the term we use here is 'Light Bulb Moment' - rather than 'stupid'! And most of us have had one ourselves! (oh and by the way, having lurked around the forums for a while I've concluded that Bedsit Bob's bark is worse than his bite, LOL!)

Skinnylatte

Seen_the_light wrote: »

I think you'll find the term we use here is 'Light Bulb Moment' - rather than 'stupid'! And most of us have had one ourselves! (oh and by the way, having lurked around the forums for a while I've concluded that Bedsit Bob's bark is worse than his bite, LOL!)

Light bulb moment, I like that, and your name 'seen_the_light' I think/hope I finally have :j

Bedsit Bob, you are correct in your questioning, it's just I don't at the moment know, but 'invisible spending' is my issue. So far this month (ok it's only day 4!) I have spent

£51.11, and all of that was on Saturday £6.14 in Aldi on washing powder, bog roll & conditionaire needed all that
£10 given to my son which he probably spent on rubbish.
Took my daughter shopping and spent £28.98 on shoes for her, £4.99 on lunch (for us both so not bad!) and £1 charity donation.

I am going to do this for the whole month and then analyse what I've spent, although this won't be a typical month as I know I will spend less.

I'm working away this week and my son is staying at his Dad's so will be a cheap week for me (no food and travel to work to pay for:j), I also have stuff on ebay, but still don't know where £650 for the rent will come from on 20th.

Thank you, just writing it down makes it feel better, I think I'll start a blog :rotfl:

zenshi

I'm like you, my money just disappeared with nothing to show. General living I guess so I started a spending diary! Am in my third month and it makes very interesting reading :eek:

Joining the NSD challenge has also made me stop and think...do I really need this today? Or do I need it at all?

Skinnylatte

zenshi wrote: »

I'm like you, my money just disappeared with nothing to show. General living I guess so I started a spending diary! Am in my third month and it makes very interesting reading :eek:

Joining the NSD challenge has also made me stop and think...do I really need this today? Or do I need it at all?

Are you now spending much less and what did you find you spend most of your money on?

Skinnylatte

Well last night, after reading about 1 DFW member applying for a new 0% credit card I decided to do the same, and was accepted, although I only got a credit limit of £1800. But that means I can move £1000 from my highest card at 25%, and £700 from another, plus the card that I am clearning also has a 0% offer on right now so I can move money back onto that. meaning that in a few days I will have shifted £3100 of my debt onto interst free!! :j:j I've no idea how to work out how much that will save me but I think it will be a few £100. I am moving £1040 from a card with an % rate of 24.9% £700 from a card with a rate of 19.9% for 15 months, and £1500 from 19.9% for 6 months.

So now I will have to redo my signature, and my snowballing sheet, and my 1% challenge, but that's all great because the more I concentrate on this the more I'm in control.
I am now PROUD TO BE DEALING WITH MY DEBTS :T

I haven't told anyone about this, do other people find it better to tell freinds and family, I'm not sure I'm ready for that, the only people I have told so far are the 1800 who have read this thread, but that's OK as I don't know you :rotfl:

S x

Jack8171

Great work with the 0% credit cards!!

Strangely my wife knows vaguely there's a budget and I'm working through it okay, and my parents almost nothing, but I have a couple of friends at work who know lots about it so I can celebrate with them the milestones. Like the furniture loan that ran out last month. Another £26 a month to the good.

Good luck!! Sounds like you're doing great.

Sellurgranny

Well done Sophie on tackling your debts, I dont know about you but I felt almost euphoric when I started getting to grips with them. I mention my debt busting to friends/family members but tbh they don't seem interested so I don't bother now. I just enjoy the feeling that I get from getting to the end of the week/month knowing everything that needs to be paid, has been paid on time (so no late charge fees). In addition to making sure that everything is paid, being cautious with my budget has mean't I can afford to throw surplus £££ at my debts. Something I never thought I'd be able to achieve on my part-time wage.

I now do a weekly budget and give myself self amounts of money for various things, petrol, groceries and 'spending money'. Its working brilliantly.

In addition to saving money by budgeting your income, dont forget there are lots of ways to create money, ebaying, cashback sites, surveys sites etc. I use this extra money I make to put extra towards my debts.

Anyway, good luck with your debt busting xx