Debt Be Gone!

brightnotes

Hi all, looking forward to kicking some debt !!! along with you all! Over the last few years my debt has gradually been creeping up and now is the time for me to get rid of it once and for all before it gets unmanageable.

I'm 27 and work in the entertainment industry but am somewhat stalled career wise given the economy. Have had an overdraft since I started Uni and recently shifted it to a 0% CC in hopes of clearing finally.

Have had quite a hard time with illness for the past few years but finally getting the treatment I need however that did not help with the debt and got into terrible habits with eating out/convenience.

To try and help with the career stall I took a course relevant to my job it wasn't able to get funding help as I have an MA already and work full time. My parents lent me the money but would like to get it back to them ASAP.

Credit Card (currently 0%): £3323.69
Loan from parents (for course fees, no interest): £2650

Income: £1560.67 per month

Outgoings:
Rent/Bills: £757.67
Travel card: £92.00
Gym: £75.00
Phone: £42.00
Contacts: £25.00
Contents Insurance: £8.22

Most people jump straight to my gym membership but I go regularly and it includes the cost of my classes and swimming. Phone I agree is a bit of a ridiculous cost but I have a year left on the contract. Don't even talk to me about the cost of Oyster cards it hurts me deeply.

Honestly, I know full well where my problem lies. I spend a disgusting amount on eating out and groceries, a lot that get thrown straight in the bin.

Am working on cooking more at home (practise makes perfect, right?) and making meal plans. If I calculated how much I spend on lunch at work it would probably give me a heart attack.

Here's hoping now I'm finally admitting this debt is a problem and not just a little thing I can clear anytime that I actually stick to getting rid of it! :j

Bex296

Hello! I'm a newbie too. As someone who had a student overdraft, failed to do anything about it and put stuff on credit cards too... Well done on jumping on this before it gets too huge!!

Meal plans really help, and I've had a spending tracker for the last couple of weeks which has been a bit of an eye opener! Just a spreadsheet on my phone, and I'm amazed by how much I spend on random stuff, even though I thought I was being good. So really recommend that!! For work lunches etc., the demotivator tool on MSE is pretty good.

Re: the gym, even if you go lots that still seems pricey (though I've not lived in London for a few years so that might be reasonable!). If you find a cheaper one elsewhere will you have some negotiating power? Even if you don't want to actually leave you never know, you might manage to get a little bit off!

Also worth talking to the phone company, even if you have time left on the contract. If you tell them you're thinking of leaving because you found something cheaper they fall over themselves to improve your contract- yesterday it took me 40 minutes to leave my contract, which had 6 months left on it, as they were trying so hard to give me a million discounts!

brightnotes

Thanks Bex! I think a spending diary is going to be the best way to horrify myself into staying the course. I find it so easy to fritter money away without evenig noticing - I've lost count of the number of times I punched in my PIN number without checking the balance (funny story, that nearly ended with me paying £50,000 for a coffee in Starbucks at Heathrow when the guy behind the register hit the wrong button!)

The phone I've tried to get down but Vodafone flat out told me I'd need to pay off the remaining contract, so I may as well keep it until next November and the downgrade.

I still think the gym is so expensive but when I actually do the sums it's much cheaper than other options. I take a ballet class once a week, swim three/four times a week and also go to a rebounding class. Also I have a few stone that piled on due to heath issues (which have now been solved) to get rid of and the pool has a steam room/sauna which is a nice treat.

Of course, should I find myself in real financial hardship the gym would be the first thing to go but right now the health benefits outweigh the expense.

Wishing you luck! Do you have a diary on here too? I'm going to go have a nosy and see.

brightnotes

So, since starting this diary I really haven't been very good. I think I'm going to follow the great example of so many others and record my daily spend here.

Today has been a NSD so far and I'm returning a fancy egg cup that was bought as a gift for someone (but going to crochet them a hat instead with wool I already own) so will get £7.50 back for that hopefully, then I plan to go to Sainburys to get my food for work next week.

Gotta get rid of the temptation of buying £10 lunches at work.

My goal will be to spend under £7.50 in the supermarket and keep it as a NSD overall. Does that count? I hope so!

Right now enjoying some lovely free WiFi and a free Gingerbread latte from Starbucks (that I earned with my Sbux card).

Happy saving!

brightnotes

Still not accomplished a NSD yet. Yesterday's didn't work out as the shop had a two week return policy and not the normal month (and I didn't read the receipt carefully enough) and today I had to pick up matches. Also ended up with a few small things from the supermarket but under £5 which is pretty unheard of for me. Seem to spend at least £25 every time I visit!

I have to go into town for work during part of the next three days so thinking NSD could be difficult. Would like to manage at least one this week though and work from there.

Don't know why I find it so difficult not to pick up little bits, a can of juice, a sweet, just something every day. Certainly never used to be like that but I grew up in a place that had no shops and so it was impossible... think maybe that's why my adult life has been a bit of a spendfest, still too excited with the convenience of it all!