Mr and Mrs K's New Journey to a Debt Free Life.

Brogden

AlexLK wrote: »

Thank you for the input and comment on the service. I'm more interested by the fact they seem to be the only bank offering a fee free business account than their reputation in the wider world of finance.

At the moment I am also with "Gnats vest", whilst my personal banking requirements are very simple and are completely charge free, they charge quite a bit of money for the business account. Not sure being able to easily transfer between accounts is worth the extra cost either.

I am pleased with my efforts to become debt free, it has required quite the change in lifestyle, not in order to clear the debts as such but to stay debt free. Although, it seems my wife is determined to do whatever she can to undermine my efforts.

I would give the Co-op a go - you don't have to commit wholly to them do you?

If the banking is free that has to be a great incentive. Do not be so dismissive on my point about Co-op's reputation - they do have a point to prove. That may have a lot to do with the reason they are offering such an attractive product and an additional reason to give them a try.

Brogden

maman

AlexLK wrote: »

I am pleased with my efforts to become debt free, it has required quite the change in lifestyle, not in order to clear the debts as such but to stay debt free. Although, it seems my wife is determined to do whatever she can to undermine my efforts.

:TYay!!! I'm delighted to hear that positive statement. Plus you've embraced the need for lifestyle change AND not given up despite MrsK's attempts to sabotage. Did she need new winter gloves this year or is she still wearing the shabby ones from last year?:rotfl:

AlexLK

Brogden wrote: »

I would give the Co-op a go - you don't have to commit wholly to them do you?

If the banking is free that has to be a great incentive. Do not be so dismissive on my point about Co-op's reputation - they do have a point to prove. That may have a lot to do with the reason they are offering such an attractive product and an additional reason to give them a try.

Brogden

Brogden: Commitment to the bank is a difficult one; it would be much easier to commit wholly to one bank as is at the moment. However, currently I am being charged quite an amount to do so. Your comment has made me think I could try the Co-Op for day to day transactions whilst leaving the majority of the capital where it is. Thanks, I would have never considered that had you not mentioned I do not have to commit wholly.

I now understand your comment regarding reputation being another reason to give them a try.

maman wrote: »

:TYay!!! I'm delighted to hear that positive statement. Plus you've embraced the need for lifestyle change AND not given up despite MrsK's attempts to sabotage. Did she need new winter gloves this year or is she still wearing the shabby ones from last year?:rotfl:

Maman: Thank you, I am trying my best even though it often doesn't seem that way.

Looking back my lifestyle has changed an awful lot over this last year or so. I haven't bought any clothes for myself in around a year, guess I'm just lucky that I was never one to follow trends. Apart from a little trim which came up at the right price and was a once in a lifetime NOS item, the cars have been bought no treats, just having essential maintenance as and when. Swapping my everyday Land Rover from a V8 petrol to TDI equivalent has saved around £2,500 in fuel over the year.

Only two things have been bought to add to collections, one of which has quite a nice amount of profit if I chose to sell. On the subject of collections and antiques, I've managed to make quite a bit of money from my knowledge this past year whilst not forming an attachment to the object in question.

The amount of money spent on food has gone down without compromising on quality. Can't say I'm yet one to buy things from supermarkets unless it's unavoidable and I'm sure we still spend more than a lot of families but through planning we are not forever throwing food away. We are eating out less and have set a monthly budget for eating out which sometimes is not spent.

As for my wife, she still manages to find things to spend money on all the time and her favourite thing to do at the weekend is still shopping. She's got a few cards with balances on them but they are apparently "under control". The BMW deposit is still being saved and I've only today refused to use the money put away for our son to pay for it.

Writing all that down does make me realise why we were in debt and needing financial assistance from my parents in the first place.

FlacosFloozie

Well done Alex!
You've really made some big changes over the year and its paying off for you. I know there's still a way to go but I know you can do it and in 5 years time you'll be in a much better position.
Best wishes for 2015!

AlexLK

FlacosFloozie: Thank you.

Unfortunately, as a result of some of the changes my marriage is suffering and I'm mentally not in a particularly good place mainly due to the current relationship with my wife. However, I am aware that I couldn't carry on living beyond my means. Back then no matter my means, I would have lived beyond them which was a rather scary thought for the future.

Financially, I already am in a much better position.

Well done to yourself for becoming debt free and gaining a significant amount towards your house deposit. Hope 2015 (:eek:) is a good one for you.

maman

AlexLK wrote: »

FlacosFloozie: Thank you.

Unfortunately, as a result of some of the changes my marriage is suffering and I'm mentally not in a particularly good place mainly due to the current relationship with my wife. However, I am aware that I couldn't carry on living beyond my means. Back then no matter my means, I would have lived beyond them which was a rather scary thought for the future.

Financially, I already am in a much better position.
.

From what you said, you're standing firm on that one Alex:T. It may not make you flavour of the month with MrsK but you're doing the right thing in budgeting, living within your means on the domestic front and refusing to spend just to indulge her spending habit.

AlexLK

Maman: Thanks. Whilst the financial situation is getting better, I cannot help but be saddened by the state of my marriage. At some point I think I'm going to be on my own, she's already asked to see somebody else. However, I realise that my lifestyle was unsustainable and that I was in danger of truly bankrupting myself at some stage, which I'm sure she wouldn't have been pleased with either.

Have to admit I'm starting to miss not having any holidays. I know it doesn't really fit with the new lifestyle but I think a week away next summer would be a welcome break.

maman

AlexLK wrote: »

Maman: Thanks. Whilst the financial situation is getting better, I cannot help but be saddened by the state of my marriage. At some point I think I'm going to be on my own, she's already asked to see somebody else. However, I realise that my lifestyle was unsustainable and that I was in danger of truly bankrupting myself at some stage, which I'm sure she wouldn't have been pleased with either.

Have to admit I'm starting to miss not having any holidays. I know it doesn't really fit with the new lifestyle but I think a week away next summer would be a welcome break.

Not sure I'm interpreting that correctly.


As for a holiday, that's perfectly doable for next summer. That's an age away. By then you will have cleared your debts then he cost of a holiday would be peanuts compared with what you've paid off in the last year. Start planning!

Mara_uk7

Alex, Why wait till next Summer ? Book something for Springtime, when little K can be taken away, when weather here is still cold and sunshine will be a blessing. That will give you a target to aim for with your debt clearing - 3 months should do it, cos when you turn your mind to it, you really do hit the targets ! A cheapy week in the Canaries or Greece wont break the bank if you go canny .
Sounds like you could do with a nice target to aim for and look forward to

heartbreak_star

Alex, I am so proud of you. I don't think there's anything more I can say really - the post you wrote above is an excellent one and it proves two things.

Firstly, that the little changes you started with have become bigger changes (and have made a huge difference!) and secondly that even the odd slip-up is not the end of the world. We're all human.

Well done for standing firm with Mrs K. despite knowing the potential consequences.

Lots of love, hugs, and festive positivity!

HBS x