What have I been doing for the last 10 years???

katsclaws

Your take home pay is fairly high yet in another post you say you don't have much to do at work. Could you change jobs or career. ? It sounds as if you need more challenges at work/

debtfreewannabe321

I hope tomorrow is a better day (((big hugs))) we all have down days on this bumpy journey. We've all given you advice but you don't need to take any of it if you so wish I have had tonnes of advice on my own diary. Some i've welcomed and used and some i've dismissed because I didn't feel it was the right way for me. Please don't think we're all having a go, we're not and we want to help is all. Please keep posting it really helps you to stay on the straight and narrow.

I think you need a goal of some sort. I remember starting this journey with £17k+ of debt and thinking "I will never get there" only towards the end did I decide I needed a goal, something to look forward to. Mine is buying a house, yours can be whatever you want. It really does help with focusing you, so please think about it

Domayne

Thank you all so much for your words of encouragement, it really means a lot to me. :grouphug:
I've been having a few down days lately, but I think I've pulled myself out of it now! At least I hope so - I think it had something to do with not smoking and really wanting to but not wanting too...if that makes any sense, Its been 8 days and 11 hours since my last one! :j I'm not counting the minutes...I have a nifty new app on my phone which is spurring me on by telling me that so far, I've saved £60.72 :j
Muffintops - Your post was really beautiful and actually brought a tear to my eye because it really resonated with me and made me think. You pretty much hit the nail on the head on a few things - My debt doesn't scare me at all. I know I can pay it since I've done it quite a few times already and I know my job is stable so I have the means too...I'm just getting frustrated with myself because for nearly 10 years, I keep paying it, then piling the debt back up and paying it again...its become like a circle, which I REALLY want to break and actually put my money to some use...such as get a mortgage, eventually. I've been thinking about that a lot lately and my sister has been encouraging me to save so that I can buy a house next to her lol, I really do want to do that for my myself as well though, I'd love to be closer to my sister and my beautiful lil niece! so I think that's my plan...pay this off and start saving for a mortgage! Luckily houses in Milton Keynes are a lot cheaper than in London...but I'm probably still a few years off! I have come up with a plan though, and I know some people will disagree here and tell me that I shouldn't start saving while I'm still in debt but I want too and I can while still paying quite a bit off of the credit card each month! I've opened an ISA which will start taking £400 by standing order from my account on 01.01.2014 So the new plan is -

Monthly Incoming - 1,750

Outgoings

Rent - 250
Travel - 136.80
Saving for niece - 50
Pups insurance - 17.18
Phone - 40 (Up for renewal on 16th December, will look at lowering it!)
ISA - 400
Credit Card payment - 400

- 1,293.98

Leaving me with 456.02 - I've decided to cut my spends again, from £70 to £50 - I probably still won't use all of this, for the last few weeks I've been ok on around £20-£30 but the surplus can just build up in the spends account and I can use whats left at the end of the month to throw at the credit card
That leaves me with £256.02...Again, I know I'm probably going to get some stick here but that will be for holidays next year (Don't shoot me!) I have a family holiday to Turkey coming up in August and It will be my 30th In October and I'm looking to go to Cuba...I don't really like celebrating my birthday...whats to celebrate about getting old?! But I figure 30 is a big one and you gotta do something right? xD This weekend another friend asked me if I want to go away with her in June...not sure where we are going or whats going to happen there, but 3 holidays in a year needs to be saved for...Might not be a perfect plan, but I think it will work for me without me feeling deprived! When the credit card is payed off, that will be another £400 going to the ISA...
As for the game...Its really funny you should say that LOL, I have a friend on there and one day she said something to me like 'Do you think we spend so much money on clothes for our avatar because we're too fat to find pretty clothes that look this good on us?!' and...I think she was right, thats exactly it. I am a pretty big girl and I find clothes shopping utterly depressing because nothing looks good on me...yet I love fashion. When I first started working in central london, I'd go to topshop or oasis everyday in my lunch break and buy clothes in sizes 8-10 thinking one day they would fit (I was a size 16 then...I'm an 18 now ) I don't even want to know how many £1000's I wasted doing that! In the end I threw all of those clothes away never worn, Not sure exactly when I gave up on myself...Think around the same time my ex gave up on me lol (Jan 2012) and as sad as it sounds, I don't want another relationship. I've spent the last 10 years in a relationship with the 2 guys I've mentioned on here and somewhere along the way...I've COMPLETELY lost my way and who I am so I think 2014 will be the year that I find myself again and do things for ME, like lose weight (God help me - There's a LOT to lose :eek:) pay the debt/save/go on holiday and just...try to learn to be happy!

Chrysalis - I agree its hard to understand what people mean through text alone sometimes. I know no-one here was bashing me personally though...I think sometimes things are hard to hear when you KNOW that the person is right, yet feel sort of powerless to control yourself? Or things are already out of control and you don't know how to stop the ball from rolling? I do appreciate all the comments/advice, even when I don't take it, Its really nice that someone would take the time to try. I will keep posting, It seems to be helping keep me focused :heart2:

Queenidiot - Thanks for stopping by and reading my drivel! :rotfl:I'm glad my comment was of some help...It is always easier to give advice than take it though isn't it? xD I am trying...I'm still on the straight and narrow, Haven't blown money on...anything this month really, I think I've found a strategy...just hoping I can stick to it! :rotfl:

Hi DFW! :kisses3: Today is a good day! Feeling happy and positive now I have some semblance of a plan! Just hoping that I can stick to it :rotfl: I do really appreciate all of the advice that has been given to me here, even if I don't take it all on board...You've also done AMAZING to clear 17k!!! :eek: I've found your board, I'm looking forward to reading through your new adventure of saving for a deposit...and hopefully joining you on it soon!

Also - apologies for the wall of text! :rotfl:

Domayne

Hi katsclaws - didn't mean to skip your post
Your right that I should probably change my job...The problem I have is that I'm not qualified for anything. As bad as it sounds, When I was in school, I just didn't care. I couldn't wait to get out of there and ended up leaving with 2 GCSE...B in english literature and double C in science, ...does that count as 2 or 3? I didn't bother with college/uni and spent 2-3 years being a party girl before my mum made me get a job or get out lol all I've ever done is security though...I have no confidence to apply for anything tbh, and another thing is that I get nearly 30k a year for effectively doing nothing...I don't see what position I could get for around the same pay with next to no qualifications? I should probably do some kind of course and get some more qualifications, I've just never known what I wanted to do

Domayne

After doing a bill check on billmonitor.com it basically told me that I'm on the lowest phone contract for what I do...which is use the web, alot....it gave me a recommendation of an o2 contract that was a few £ less than what I pay now but only 1000mb...which might seem a lot but since im on my phone 4-5 hours a day, its not really much at all and I need my unlimited I have currentl ..so im confused. but I dont think I can get my bill down? technically my phone bill is £33 thats without VAT and any other charges, £40 is the average each month

MuffinTops

Hi Domayne,

I'm so glad you appreciated my post, thank you.

I don't think you need to deprive yourself to get debt free and saving for holidays etc sounds like the right thing for you. I get the impression that in the past you've deprived yourself for a while, paid off the debts and then done something like book a couple of holidays which has created a debt again? This time, saving for things you want and paying off as much as you can to clear the debt sounds to me like that would work well for you. How great to go on 3 holidays next year and at the end of it have no extra debt.

Saving for something before you get it is the best outcome possible I think so you really sound like you're steering in the right direction now which may not be the best debt solution in the short term, definitely sounds like the best solution for your sanity in the long term!

One of my best friends lives the same way. He has lots of holidays and buys anything that is important to him (which is where he's careful as he doesn't waste money) and yet he has a really good amount put aside for a deposit on a house when he's ready to buy one. That, to me, is what a happy life is all about. Finding that balance. He also makes the money he spends work for him. Cashback accounts and airmiles on credit cards etc, which takes him being organised but once in that zone it's just second nature.

So, as long as you're moving down the debt clear path and saving for the things you want then that, to me, sounds like a good place to be! You sound happier with those decisions for you too, so hopefully you've found what works for you.

Well done on reaching 9 days of smelling nice! That's a great achievement. That app sounds great too!

Domayne

So I've been in hiding for a while as I have found myself failing in my resolve to not smoke Started a bit over a week ago and it seems to be an on and off thing...smoke one day, not smoke the next. Although for the last 3 days I've been smoking non stop and find myself back at square one again. My friend suggested that I stop trying to stop until new year and just give myself a break but I keep thinking about how much money I will waste between now and then and I don't want to wait 3 weeks to try again.
I Haven't been off wasting loads of money though! Managed to pay off £529.41 off of the credit card in November, taking me from (£3707.13 - Including the £84.42 interest) to £3177.72 :j :j Can't wait to be in the 2k's at the end of this month!
Still have £430 in the current account after payday last Friday, That's with ALL of my xmas shopping done!! Except for my mum who doesn't want a gift - Just money so she can go shopping for herself in the sales and some food/drink things.
From my personal spends, I have £54.63 left to last me til next friday - I didn't go with my plan of giving myself £50 a week and stuck to the original £70 but that was only because I had to top up more csc and spent £32.11 - Bad Dom!
All in all though, I don't think I'm doing *too* badly, but I will be a lot harder on myself after new year I decided to keep the Netflix and lovefilm subscriptions because honestly, I have gotten ALOT of use out of them in the last few weeks - Netflix for the movies and lovefilm for the TV shows and really, it works out much cheaper than buying dvd's and boxsets every month!!

Domayne

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1893.08
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1893.08

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40.6
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 136.8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 17.12
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - monthly saving to niece
Haircuts................................ 0
Entertainment........................... 280 - to include all personal spends + subscriptions etc
Holiday................................. 350 - ISA starting 01.01.2014
Emergency fund.......................... 50
Total monthly expenses.................. 1174.52


Assets
Cash.................................... 601.64
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 601.64

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................3177.72...84.42.....23
Total unsecured debts..........3177.72...84.42.....-


Monthly Budget Summary
Total monthly income.................... 1,893.08
Expenses (including HP & secured debts). 1,174.52
Available for debt repayments........... 718.56
Monthly UNsecured debt repayments....... 84.42
Amount left after debt repayments....... 634.14

Personal Balance Sheet Summary
Total assets (things you own)........... 601.64
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,177.72
Net Assets.............................. -2,576.08

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Just for fun because I'm bored 0.o I worked out monthly pay on the basis that I get £873.73 (to be exact) every 2 weeks, divided by 2 x 52 and divided by 12 to get my month total!

bsms1147

Sounds like you need unlimited internet on your phone - should be able to get that for around £12 a month, 30-day rolling contract. So that's another ~£30/month saving you can make.

GiffGaff: £12/mo - unlimited internet, unlimited texts, 250mins (1 month contract)
3: £12.90/mo - unlimited internet, 5000 texts, 200 mins (1 month contract)
3: £15/mo - unlimited internet, 5000 texts, 5000 mins, 5000 3-to-3 minutes (12 month contract; £18/month for 1 month contract)

bsms1147

Lots of numbers, but bear with me.

Ensure you're paying a fixed amount on your card, not minimum payment. As an example,

If paying minimum payment:
This £3,177.72 debt
will take 81 years and 8 months
and cost £17,625 in interest.

So hopefully that £84.42 is fixed, since:

Making a fixed payment of £84.42:
This £3,177.72 debt
will take 5 years and 2 months
and cost £2,029 in interest.

It looks like you have around £630 a month of leeway. If you could throw half that, so ~£300 a month more than the £84 you pay currently, meaning paying off around £400 a month

Making a fixed payment of £400:
This £3,177.72 debt
will take 9 months
and cost £268 in interest.

In fact all you might need to do is divert your ISA fund (£350 a month) towards your debt instead (paying a total of £434.42 a month to your debt), and do this for just 8 months. Your debt will clear and you will save nearly £2000 in interest. This is a far greater return than you will get on the money had it have gone into the ISA, since you're paying interest at 23% and likely to have only got around 2% or less in the ISA.

One final note, throwing both the ISA money and approximately half your remaining available £634 a month towards the debt, still leaving approximately £70 a week to live on, and meaning you're paying £750 a month off the credit card, you would be debt free in 5 months and again you would save nearly £2000 in interest.

As for some final motivation, once the debt is paid off you will then have £750 a month additional money (since it's not going on paying debt), all of which could now go into savings. Just one year after you are debt-free that would be £9,000 in your savings account, and in two years from now, from this very moment in time and including the five months spent paying off your debt, you would be debt-free and have over £14,000 in savings.

This could be a house deposit.

Hope that helps.