"The best way to get something done is to begin"

Domayne

Congrats on the promotion NCM!!
My advice might be quite terrible...but being really honest...In my CURRENT state of mind...I just want this debt gone and I'm willing to sacrifice my life for a few months to do it...Not that I had much of a life too sacrifice
However, If my debts were a lot higher, I'd be budgeting in a few nights out every month, because I don't think it's good for anyone's sanity to be stuck at home counting every single penny for the long term - particularly if you are young, free and single!
So I say rediscover life and be debt free later...just still have a budget and don't go TOO wild so that you push yourself even further into debt :P
I'm glad you have been having a good week - one thing in life money can't buy is happiness and there's no sense in being the richest man in the graveyard

Non_compos_mentis

Thanks Domayne!

January is officially a freaking write-off! The last week cannot pass quick enough, my spending is £400 - £450 over budget already! four freaking hundred quid! Unbelievable! This is supposed to be the start of even more severe belt tightening! I really need to stop constantly thinking about money. The more I think about it, the more I despair about it, the more I seem to waste it, and the vicious cycle continues. The only sort of bright thing that I can cling on to is the fact that despite the significant overspend, my debts will go down at the end of the month unless I go crazy in the next week!

I finally booked my driving lessons! I haven't joined the gym but have signed up for some swimming lessons! I am a pretty weak swimmer as I developed a massive aquaphobia when I was younger. I hoping the fact that I will have to walk around topless around the pool will inspire me to work on my body as well! I need to pay for both the driving and swimming lessons in Feb so this month's massive overspend does not include it! Seems like Feb is already looking very expensive! What would I do to come in under budget in Feb, oh well!

Enough rambling, time to try and get some beauty sleep - god knows I desperately need it!

NCM

LAM2011

Non_compos_mentis wrote: »

For anyone reading my posts, I have a question for you: would you rather be debt free sooner or rediscover happiness in your life and be debt free slightly later?

Debt free sooner In my situation I have done it the other way round in the past and taken the debt into the new relationship and then when it didn't work was miserable because I couldn't afford to make a better life for myself. Then met someone else was still in debt! BUT finally on the road to self dependence.

Non_compos_mentis

LAM - I can totally understand why you feel that way and to be fair, I think I did go a bit crazy this month. The only fortunate thing is that I will still be able to chuck about £1k towards bringing down my debts. Whilst £1k may seem an achievement, this is c£700 - £1k less than my target for the month!

The trip is definitely off, can't afford it! I have far too many large (necessary) expenses coming up and I want to be as close to debt free as possible in 2014. I will have to find a way of letting my mate know I can't make it.

On an unrelated money matter, I have been really worried about my pension provisions. I don't feel like I am contributing enough! Don't get me wrong, I am contributing - 9% of my income plus 4% contribution from my employer - but it just doesn't seem enough. I started saving at 25 and the rule of thumb seemed to be you need to contribute half your age when you start. Do any of you contribute to a pension plan and if so, how much?

Non_compos_mentis

Been away a couple of days! My spending this month certainly has gone up a fair bit, really need to get the discipline back. I had set myself the following target:

target for the month is as follows:

• Natwest CC 1 - Target of -£902, actual balance -£902
• Barclaycard 2 - Target of -£1,288, actual balance -£1,308
• Natwest CC 2 - Target of -£2,466, actual balance -£2,516
• MBNA - target of -£5,060, actual balance £5,110
• Family loan 2 - target of -£5,281, actual balance of -£5,281
• Barclaycard 1 - target of -£5,675, actual balance of -£5,675
• Family loan 1 - target of -£10,120, actual balance -£9,120
• CO - target of -£0, actual balance -£526
• Total target -£30,792, actual - £30,438

Target has only been achieved because I dipped into the emergency cash pile so I am screwed for the rest of the month!

On a non-money front, I had my first swimming lesson today and loved it! Now I am just totally exhausted, don't think I have been this tired for an exceptionally long time!

I am also having my driving assessment next weekend, really excited about it!

Domayne

Hi NCM! I have no pension plan - we're supposed to be getting one with work this april so..we'll see. Tbh I never thought id live to 65 so never bothered and now its been raised to 68 or something? By the time I retire it will probably go up again to 80 or something and...I don't really want to live to that age so I'm not too bothered and if I do...well ill just be stuffed

catriona79

Hello NCM

I'd rather be debt free a bit later and enjoy myself a bit

How have you been, since your relationship ended? Sometimes you just have to give up and move on, even if it's killing you to do that...

Non_compos_mentis

Hi Domayne,

You are confusing the state pension age with private pension - the current age for when you can draw a private pension is 55 (assuming you have a big enough pot to see you through for the next 30 years).

Additionally, if your employer matches your contributions then it really does not make sense not to contribute at least the matched amount even if you have debts because you get a 125% return on Day 1 without even doing anything plus a compounded return on your investment. This is significant more than your credit card APR. You must be thinking how do you get 125% return, well say you pay in 100 then the employer also matches and pays in 100 and you also get tax relief on the 100 you paid in so the government contributes your basic rate tax which works out to 25. Your pension pot receives a total of 225 when in reality you have only paid in 100.

Finally, you talk about not living to that age or being stuffed - well isn't that a similar attitude you had when you were younger and got into debt? Thinking, stuff it, I am young let me have fun cause I will be able to easily clear my cards as I get older and am working?

Think about it!

EDIT: I must add when I am talking abt debt in my post, I am referring to traditional/conventional debt and not non-traditional debt like PDL, extremely high APR (30%+) debts or worse debts to loan sharks.

Non_compos_mentis

Hi Catriona!

I am pleased to hear I am not the only one thinking that.

I have been up and down since it ended. I have totally given up on her now, no point being with someone who thinks that she deserves better. She still hasn't really told me why she decided to ended and has turned down all opportunities to work things out!

I had to message her yesterday (the first time since it ended) to inform her about the money I had transferred plus the likely repayment. The conversation sort of ended up in a semi-row! Once I have repaid her then I will have no reason to be in touch.

How is your move to London coming along?

NCM

Domayne

Your right NCM - I should be making some kind of provision for retirement but my attitude was never...stuff it im young ill worry about it later...I've ALWAYS had the feeling that ill die before 50 (I don't know why) so I always thought there was no point...I still feel like ill die before 50 but maybe in the slight chance I don't, I should have some backup plan :rotfl: