Keeping At It

menina

Hello! And a very happy 2014 to everyone! (I know it's a bit late, but I'm just back from my holidays).

A bit about me....

I have been awful with money my entire adult life. In fact, since the age of 18 I have never not been in debt (and I didn't start at university until I was 19, so can't even use that as an excuse!) Although it still feels uncomfortable to do so, I have tried to confront the reasons for my recklessness with money. On a light note, a love of foreign travel and good times have contributed massively. I also bought a property on a 95% mortgage and the bank loaned me the 5% for a deposit (sounds crazy I know, but that was in the previous 'property bubble.') On a darker note (the uncomfortable part) I have had (and still have to a degree) some emotional issues which I tried to 'balance' by spending money. So for me, my money issues are deeply entwined with pretty much every area of my life.

By January 2013, I had my light bulb moment and decided enough was enough. By the time my payments were made each month, I barely had any money left and the thought of how much I was wasting in interest was driving me mad! I started my debt free diary (I Refuse To Be Skint Forever!) and my moneysaving journey began. Back then, I was £25, 804 in debt. This was on an unsecured loan, 4 credit cards and 2 overdrafts. Today, I am £15, 544 in debt. This is on the unsecured loan, a 0% credit card and a barclaycard.

On the surface, it may seem that I've done quite well. However, my loan payments total around £3000 a year. I also received a £7000 inheritance. So overall, I have only paid £300 off my debts through my own activities the whole year! It has felt that I've been pretty frugal much of the time, but I am clearly spending more than I would like. On the plus side, my finances are way more organised now, I don't have debt in so many places and the only thing I pay interest on is my loan.

More about me...

I am in my early 30's, married, no children, living in London. I work full time and have recently started a new job. I am trying to pay off my debts, whilst still having a life and that is what this diary is all about

xx

dottyanne

Hi menina, happy 2014.

I think you've just done the same as me - given yourself a new year kick up the bum ! I'm going to clear my c.cards thus year, not massive about 6k but still want rid, started by transferring as much as poss to 0% and am also ebaying like mad BUT the hard part is stop frivolous spends, which is sometimes easier said then done !! Good luck..

jackieblack

If you post an up-to-date SOA, some peeps might be able to make suggestions that could help

Keeping the momentum going can be really hard, maybe a financial 'spring clean' might help?

menina

I think you are right dottyanne! It was definitely the frivolous spends which blew me off track in 2013, in my case 3 holidays and Christmas. At least I know what to watch out for this year I suppose! Good luck with your debt clearing, sounds like you are off to a flying start with all the ebaying.

jackieblack- that is a great idea re: the SOA, think I'll get onto that later tonight.

xx

menina

Statement of Affairs:

Rent 980
Sky 65 (TV, phone, internet) Locked into TV until June, at which point I'll reduce it a bit.
OH mobile 40
My mobile 17
Contribution to payment for owned property 125
Professional subscriptions 25
Gym (me) 55
Gym (OH) 55
TV license 12
Electricity/gas 31
Loan 375
0% credit card minimum payment 30
Water 22
Pet insurance 6
Dental insurance (OH) 10
Travel card 137
Bank account (includes insurances) 15

Basic salary- 2468.

Basic salary- bills= 438

So my plan so far is:

Reduce my sky services in June once I'm out of contract. Phone them to see if I can pay my phone off for the whole year as this should shave off a few pounds overall.

Find out when OH's phone contract runs out to downgrade him to a better deal.

Obviously the big outgoing every month is the £375 loan payment. I tried moving it to a different bank on a different rate but wasn't accepted, so I feel I'm stuck with it for the time being. It will be paid off in a little over 2 years. Maybe if I saved like a demon, I could have enough to pay it off by the end of this year.... Now there's a thought!

jackieblack

menina wrote: »

Statement of Affairs:

Rent 980
Sky 65 (TV, phone, internet) Locked into TV until June, at which point I'll reduce it a bit.
OH mobile 40
My mobile 17
Contribution to payment for owned property 125
Professional subscriptions 25
Gym (me) 55
Gym (OH) 55
TV license 12
Electricity/gas 31
Loan 375
0% credit card minimum payment 30
Water 22
Pet insurance 6
Dental insurance (OH) 10
Travel card 137
Bank account (includes insurances) 15

Basic salary- 2468.

Basic salary- bills= 438

Ok, so you never buy clothes? presents for anyone? and you don't appear to eat
I think we can see where some of the unexplained spending goes

Can I suggest using the SOA calculator here http://www.stoozing.com/calculator/soa.php

menina

jackieblack wrote: »

Ok, so you never buy clothes? presents for anyone? and you don't appear to eat
I think we can see where some of the unexplained spending goes

Can I suggest using the SOA calculator here http://www.stoozing.com/calculator/soa.php

A very valid point! Thanks for the link, I will give it a whirl. I am terrible for making overpayments on debts at the start of the month and then needing to spend the money later on! This will definitely help with that

menina

Right! I need to get my moneysaving head back on. I can't carry on as if I'm still on holiday, drifting around spending money. London is an expensive place to be doing that!

Plan for the day:
Go for a run with the dog after I finish writing this.
Change baht back to £
Go food shopping
Buy a travel card
Buy the essential stuff we need for the flat (can't do anything if I'm not organised....)
Don't buy stuff in the sales. (Will be the most tricky, I love a bargain!)

Hope everyone is enjoying their Saturday

menina

Morning and happy Sunday!

Did all the stuff on my list yesterday, apart from the food shopping, which I will do in a minute (with my £10 Tesco gift card partly )

Met up with my best friend and ended up going for afternoon tea which was £20. Also went for a walk around the sales and bought nothing so I'm happy with that.

I don't have any grand moneysaving plans or goals at the moment. Until pay day (24th) I aim to spend as little as possible. A bit of a money detox!

xx

Non_compos_mentis

Well done on taking positive steps towards addressing your debts. This really caught my eye:

menina wrote: »

Don't buy stuff in the sales. (Will be the most tricky, I love a bargain!)

It is only a bargain if you need it.

NCM

menina

Still got 3 days off until I have to go back to work

Get paid in 4 days

Plan for the day:
Take dog for a run after I finish here
Buy rubber gloves and scourers to get the toxic oven pride off my oven which I put on yesterday!
Go to larger branch of Tesco to buy home cooking ingredients not available in the local.
Buy the dog a collar.
Buy a £5 kettle from Asda (we don't have one!!)
Sort out OH's dental insurance (needs amending to cover private care) am hoping for some cashback somewhere....
Start studying for the msc I started this week.

I am such a list maker! I must apologise as I'm sure that this blog makes for a highly boring read at the moment.... I hope to lose the lists once I'm organised again in a couple of days.

xx