The time has come...

thewalrussaid

I have been reading many of the MSE forum boards for about 4 years and have found them very helpful. I have been in and out of debt over the years but never in a serious way.


However in the past couple of years we (DH and I) have been left in debt to the tune of about £14k. Basically we bought a house and got married and got carried away with spending Luckily (well, in the scheme of things) £4k of this is from the bank of Mum and Dad and the rest has just been placed on 0% credit cards with 2 year interest free periods.


I am quite obsessive about tracking all of our spending and I do know what we have down to the last penny on a daily basis. However I also have bad tendencies to splurge slightly here or there and I am hoping that this diary will help me to stay accountable and motivated. Our aim is to pay off all the CC debt within the interest free periods and then start on an emergency fund and overpaying the mortgage.


The biggest snag in the plan is that DH has recently lost his job. Hopefully this won't be a long term situation (fingers crossed) and he has had lots of interviews and an offer so far. However it means that for the time being we are having to cut everything to the bone and live off of savings.

I have been wanting to start a diary for some time but for some reason I have kept putting it off. Hence I thought it best just to get started and stop procrastinating - even if this post doesn't make the most sense!

Next step is to figure out a signature and put down some clear goals.

thewalrussaid

Hmmm I think I have sorted out my signature but not sure if I have started a thread or a diary?! This is harder than I thought...


I will go off and search to try and find out what I have done - is there a special way of going about starting a diary?

cottage_retreatist

hey thewalrussaid!

welcome! You have started a diary!!! They are a thread basically but just posted here in the DFW diaries board!!

Good luck with your debt busting! My OH recently lost his job and it was a harsh 6 weeks before we got his first paycheck - that's the tricky bit - after his final paycheck form his last job and waiting for the first paycheck for his new job - so make sure you're tight with the budget!!!!

Good luck xx

thewalrussaid

cottage_retreatist wrote: »

hey thewalrussaid!

welcome! You have started a diary!!! They are a thread basically but just posted here in the DFW diaries board!!

Good luck with your debt busting! My OH recently lost his job and it was a harsh 6 weeks before we got his first paycheck - that's the tricky bit - after his final paycheck form his last job and waiting for the first paycheck for his new job - so make sure you're tight with the budget!!!!

Good luck xx

Thankyou for taking the time to post on my new diary!

I have just got into work and am hoping for a busy day so that the time passes quickly.

MSE aim today is for a NSD. Other than that I want to finally sort out our buildings insurance claim (need final approval to get the repairs done) and stay on top of the ironing pile by doing some tonight instead of leaving it all to the weekend (exciting!)

Just writing it down makes me feel that I can stick to these goals. Must do some work but will update later

thewalrussaid

i want to try to keep up momentum on the diary but have already felt disheartened I think because this has been a spendy week.

I have had a family birthday this week which meant a meal out and another meal to be hosted on Saturday by me, all this is really not helping keep the grocery budget down. However as we are at the in laws next weekend we should spend less on food next week and be able to live out the cupboards on the whole, fingers crossed! I also have work drinks tonight

But on the positive side I have paid £100 off of the larger credit card :j hurrah!

For the time being I do not want to state any massive goals because whilst DH is out of a job we simply have to survive on the minimum we can take from his company reserves. Luckily whilst a contractor he built up reserves but a) these will not last forever and b) we need to keep what we take out to the absolute minimum to maximise the time we can survive.

Obviously I am very worried but I am trying not to let it bother me because worrying is a waste of energy and I only get upset and start to nag DH which doesn't help him. He didn't take the job offered to him which did make me :mad: mainly because I tend to be quite risk averse and would take anything just to get the money rolling in again. however DH thinks in terms of career and development etc, which is all very well but doesn't help the cash flow in the short term.

Anyway enough rambling from me, work has been very busy this week so hopefully I will be able to stick to posting once a day to keep on track now that a couple of large tasks are out of the way.

Aims for the weekend are to keep spends low to non existent after the massive online grocery shop arrives tonight. The perennial task of keeping the ironing under control and meal planning for the week ahead.

Apart from that the only thing I can do is pay the minimum on the cards and hope for the best.

If/when DH gets a job I think that as much as I just want to hammer down the debt we actually need to prioritise building up so cash reserves especially as the company reserves are being eaten away at currently. As long as the CCs are paid off before the end of the 0% interest period that is all that matters. Fancy plans for overpaying the mortgage etc will just have to wait when we are more stable cash wise.

Anyway enough rambling and musing out loud. More work to be down before going home time!

Have a good weekend all!

thewalrussaid

A new month and I am back.

We have paid off slightly over the minimum on each credit card in March. Whilst DH does not have a job this is all we can do. Fingers crossed for April.

In this month my major aim is to stay within the food budget. What with Easter and Mother's Day right at the start of the budget month (after my salary is paid) I will be very happy if I can achieve this. We set ourselves £250 a month for food and try to cook as much from scratch as we can, however splurging at the supermarket is a major weakness. I suppose this is because food feels like a necessity not a luxury but we have to concentrate on making better choices.

Lunch has been prepared and packed today, however it won't be a NSD due to a trip to the dentist.

I also want to aim to post to my diary at least once a week - the whole point was to keep me on the straight and narrow!

thewalrussaid

Still plodding away, DH yet to be offered a job but has three 2nd/3rd interviews next week so fingers crossed this may be the week for a job offer!


Without his salary it is hard to make major inroads into the CC debt. However I have got a slight pay rise and bonus which will be included in April's pay day (a week on Tuesday yay!) so if/when DH gets a job we will have more to throw at the debt each month.


I think knowing that the bonus is in my next pay has led to over spending. Nothing major just splashing out here and there in the food budget. We have to much in our freezer that really this is just supreme laziness and a lack of planning.


Aim this month is to keep food costs right down, use what is in the freezer and just buy fresh fruit and veg and milk weekly.


So today we went food shopping using a voucher that was a wedding present (voucher was for M&S prob was not meant to be spent on food!) as my parents are over tonight for homemade fish and chips. Scanned barcodes with Shop & Scan - am hoping to build up enough points to et some vouchers for paint to finish off the decorating.


Off to see my cousin for lunch tomorrow and to parents on Sunday. So not an altogether cheap weekend but there is money in the budget for this.


Booked a hotel this week for work Christmas party and managed to get cash back. Whilst it is not v frugal booking a hotel I was pleased with the cash back.


I suppose the issue is that if DH doesn't get a job we cannot in any way, shape or form continue as my salary just will not even begin to cover the majority of our minimum outgoings. So whilst we are surviving on the minimum we can to avoid taking too much from his company too fast, I am not chucking everything as the 0% debt as cash is what is required right now.

thewalrussaid

Trying to post daily now.


Today was a totally epic fail!


Went to lunch with family which was fine. However when we got back to parents my mother told me of a gin offer at Mr T's (I am rather partial to gin). So off we went to buy the gin offer. Whilst there started thinking I should bring something a bit more substantial to Mother's tomorrow for Easter lunch. Anyway ended up buying a decent champagne and a decent chardonnay.


So all in all not a good day spends wise (kept thinking "the bonus will cover it" doh!) however have enough gin to last a month or so, so overall hopefully it will be a money saving day (hmm as if!)

thewalrussaid

Yesterday was a NSD at parents for Sunday lunch which was lovely. Today is another NSD.


Have spent the whole of today doing boring chores - I have written out a meal plan for the rest of this week and the whole of next week and written my shopping list for the intervening Saturday. MrT gave me a £5 off £40 shop voucher so I will be off there bright and early next Saturday.


Packed lunch for tomorrow all ready and waiting to go
Tuna/broccoli bake cooked and ready to go in the freezer
Dinner prepped for tonight


Now ironing to do.


I have been playing around with my spread sheets and next month should be able to get the debt below £9k if not counting money owed to Mum and below £13k if it is included. It would have been lower if I hadn't of felt like I had to take some nice wine on Sunday to the meal. My Mum doesn't expect it but I feel as though I should show my appreciation and not take her for granted.


So this week shouldn't be too spendy - am aiming for the following;


Tuesday and Wednesday - NSDs
Thursday - small planned spend in Sainsbos using vouchers
Friday - evening out after work with friends but food looks cheap so budgeting £20 for food and drink (this is in central London)


Also planning on changing back some foreign currency - this should give me £50 which unfortunately will go on a filling
but on the bright side at least it won't be coming out of the rest of the budget.:)

thewalrussaid

So once again I have gone awol, I find it hard to post regularly, I suppose I want to find a balance between keeping a diary and not sharing too much.


Anyway, good news DH has been offered a job, just waiting for the contract to come through but the salary is good so this is a turn up for the books. I don't think I will be able to relax until he passes his probation.


I have looked at the figures and have decided that in light of recent events we should continue paying over the minimum on the 0% credit cards but put the majority of savings away in cash. My first aim is 3 months of expenses in cash savings - about £13k. We have £5,400 saved already so aim to have everything cleared and saved by April 2015.


Signature updated for today.


Online shop ordered for the weekend - it helps to keep me on budget.


I have been dreaming of retiring to the sun today whilst stuck at my desk. One day I hope to make that dream a reality


Also must sort out that foreign currency tomorrow!!

thewalrussaid

OK so it's payday.


OH has not yet started job as he is still be screened - they are very thorough! Start date was meant to be 2nd of June (Monday but we shall see).


Fingers crossed that June will be the last month requiring living off of savings.


Budgeting went a little haywire towards the end of this month due to night away in Kent (we did take a packed lunch ) and ensuing shopping trip for clothes that were very much needed!


I am currently lying in bed with a terrible cough and trying not to let it weaken my resolve, at times like this I just want to be lazy and order a takeaway however much common sense tells me this is a big waste of money! It is payday though...


I have some plans for what to do when OH starts earning again but do not want to jinx anything by counting my chickens before they have hatched. Just glad that everything is on 0% credit card till Dec 2015!