not quite a light bulb moment...

farnesbarn

So as my new diary title says i have had a not quite lightbulb moment! I have a fair amount of debt which I am not pleased with and would like to get paid off asap. However, I am not prepared to cut my budget to the bone in order to achieve this. I have a very demanding job working with children and am exposed to the worst things that can happen to children. This has made me thankful for my children and their health and the result of that is that I want to give them the best childhood I can. I spend all the time when I am not working giving them my attention and am not ashamed to say I spoil them a little....but I feel I can justify it:rotfl:
A little about me - I am married to my lovely husband and have two daughters aged 8 and 10. My family mean everything to me and probably all my debt is attributable to giving them a nice house, nice holidays and access to all opportunities. For this reason, you could say I don't even regret the debt.;)
However, life would be even better without the debt. And I want it gone! We do have a good income but unfortunately we have a BAD holiday habit and we do like our food!
The family debt comprises -
Tesco credit card no 1 0% £1750
Tesco credit card no 2 0% £6300
Nationwide credit card 0% £470
Virgin credit card 0% £12000

Good news
Pay rise due november
All debt on 0%

My main aim is to cut down my outgoings because i really don't have much time for extra earning. I am really hoping that this diary will really help me to do this! I feel answerable to my diary!

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Lizzie76

Hi! I'm sure they'll be plenty of others who will be able offer you lots of advice as to what to do. However, as a newbie just wanted to wish you good luck in your journey! By the way, I always think that the things I remember the most about my childhood were the simple things (and maybe a few presents I was given - but only because I appreciated them so much as I wasn't given things all of the time), what I'm trying to say is I'm sure you're children will have wonderful memories even if you do have to make some cut-backs.

[Deleted User]

Usual advice, post an SOA, so the good people on MSE can give it the once over and advise you.

http://www.stoozing.com/calculator/soa.php

Make sure to format for MSE, before you copy and paste it.

farnesbarn

Ah thanks lizzie - that is really nice
Bob- good idea just slightly frightened by all this talk of 'formatting'?! I use an ipad because you just have to tap on what you need, I am not overly computer literate ! I am going to look into this.......

farnesbarn

ok - i have done the soa and seen how to format it (surprisingly easy!) but i can't copy and paste it ?! Don't know if its the fact I am using an Ipad? Bottom of the class for me

Maybe I will try on a different computer tomorrow

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Mara_uk7

Ok ... I pad instruction. Press and hold on the page. Hit the copy button
Put the curser in the reply box, get rid of the keypad, hold finger down, then hit paste .... Thats what i did with your post see below


ok - i have done the soa and seen how to format it (surprisingly easy!) but i can't copy and paste it ?! Don't know if its the fact I am using an Ipad? Bottom of the class for me

Maybe I will try on a different computer tomorrow

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Igamogam

Hello Farnesbarn

Your opening post had real resonance with me. I too work in an emotionally charged, stressful job and come home and look at my own children and just 'give thanks'. We have not gone without and our children have had every opportunity passed their way and we all have expensive hobbies. We have well paid jobs, and live in a fab part of the world and with a similar amount of debt on 0%, no real opportunity to greatly increase the income and really need to cut down the outgoings ..............but that is were the similarity ends. I had a LBM and my SOA remains private!

I totally understand the 'no regret' about the debt - we do have a lot to show for it I guess but the LBM for me meant I realised that the 20K or so we owed was never really reducing and we where going to be mortgage free and almost in retirement before it went:eek: The hardest thing indeed has been to cut our out goings and live within our means.....after all that 20K is not our money even thought it felt sometimes as if the banks were 'gifting' it us ( they still try to!)

Try the 'snowball calculator' link here might help with putting things into perspective - well it did for me

Good luck on your journey I will read with interest
*subscribes*

farnesbarn

I have had a very positive day! As a start, I decided yesterday to withdraw £100 from the cash point and make it last the week. I spent just over £25 yesterday on food and dog food. And today I have spent NOTHING!!!:D Had a lovely morning at the beach, lunch at inlaws and afternoon at home. Pretty good start.
According to my soa which I have decided not to broadcast, I have about £550 for debt repayments with my current spends of approx £650 a month. If I can reduce that £400 ish a month then there is another £250 I can throw at it.
I have decided to concentrate firstly on the nationwide card. They are all on 0% but that one is the smallest so it will feel good to get rid of one thing!
Onwards and upwards. I am definitely finding that this is diary is making me accountable for my spending and this must be a good thing.
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Igamogam

farnesbarn wrote: »

According to my soa which I have decided not to broadcast,

A wise move although people do come along and 'see' things in your spending which maybe you havent......................;)

Consider joining some challenges on the forum - Payment A Day ( a favourite) NSD challenge. 1 Debt in 100 days. Just makes all this debt busting a bit more fun because it can get tedious and when boredom sets in old habits creep back and you are back where you started!

If you dont already use them, remember to use comparison sites for insurances renewals and if you sign up to a cashback site then there is always a chance of making a bit of money/saving there too when you take out a new policy. Utilities and phones are always worth looking at too to see if you can save. You have probably thought of/gleened this info already apologies if you are now sucking eggs !

Begin to think how the whole family can get involved and I to have agree with Lizzie76 post regarding the simple things in life.............

farnesbarn

nice cheap day today - working so only spend was £1 parking. Did an online sainsburys shop to get the £15 off and bought all the offers - hoping it will be the full weekly shop for £50 although I am notoriously bad at forgetting essential things when doing food shopping on line!
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farnesbarn

doing very well with my £100 per week budget (only week 2 lol!) Also, did 9 hours (obligatory!) overtime this weekend which I won't actually see the money for until October but nevertheless! Haven' been able to pay off any of the credit cards yet because it is still a week until payday but crucially, I am not overdrawn and hopefully can make more inroads soon.

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