New day, new me..

NewDayNewMe

So, here it goes. The journey is about to start.

I'm 29, live with OH, work full time, and have been rather good at spending more than I earn. I've had various bits of debt since I was a student, but turning 30 soon has been a bit of a turning point. My light bulb moment infact.

My debt at present is:

Overdraft: £1950
CC1: £2050
CC2: £1400
Total: £5400 :eek:

How depressing.

I've done the calculations and I should be able to comfortably pay off £150 a month (after interest payments) which would mean 3 years until it is paid off. But with some careful planning I reckon I can get this under 2 years.

The twist in this story which is worth mentioning, is this debt is a bit of a secret. OH knows I have a few credit cards but would be shocked if I told him how much they total. His financial situation is much much better than mine, and although he would probably help me out - I want to do this on my own. And its not like he doesn't help in other ways. More about him in later entries I'm sure.

Back to the story at hand..

I've made lame attempts to cut this debt before and although I've failed each time a lot of lessons have been learnt. The main one being I need short term goals. Goals which mean I can still have a life. So, I'm setting quarterly goals. Followed up by monthly goals.

I'm going to put this in my next post.

parsniphead

Sounds like you have a sensible plan.

Good luck with the journey.

NewDayNewMe

Quarter 1

This is going to be a little tough as the summer so far is pretty jam packed - all pre LBM decisions. Ones which can't be reversed but can be more carefully planned.

Money moments:
Holiday in July - only spending money to pay for now though and have cut one of the day trips, which will save about 100 Euros. We've got an apartment too, so can save on cooking at home some nights.
2 weddings in August - always an expensive and unavoidable occasion but one hotel already booked, and the other one is very reasonable. We are also car sharing for both journeys so that should save a few pennies.
Friends visiting - hopefully OH will front the bill for most of this as they are mainly his friends and there is a slight business motive for him too. We've booked comedy tickets already, as well as gig tickets, but I'm also trying to persuade him a BBQ in the park is better than going out for dinner all three nights.
Friends visiting 2 - these are my friends, but they are easily pleased so should be able to keep this one in budget. And its still a few months until they come so can plan things in advance to keep costs down.

So, taking all this into consideration I'm setting a target of reducing the debt by £525 by the end of September.

This is going to work with the following monthly breakdown:

July - £100
August - £175
September - £250

I just have to make it to the end of next week when I get paid. Onwards and upwards though.

July plan coming up..

NewDayNewMe

As I mentioned previously, the big thing this month is the holiday. 7 days of sun, mojitos and no phone time with OH. Very much needed and I can't wait.

Down to the July financials.

Money left after fixed overheads: £600

Food: £80
Social stuff: £50 (as I mentioned, I still want a life!)
Travel: £10 (we live pretty central so walk most places. So only a minimal amount for petrol for the car which we don't really use).
Holiday money: £300
Overpayment: £100
Contigency: £60

Off to check my clubcard / nectar points / cashback accounts now.

student-mum

good luck on your journey

Seanymph

Do you have anything kicking about you can ebay and put it straight to the debt to give yourself a kick start?

NewDayNewMe

Seanymph wrote: »

Do you have anything kicking about you can ebay and put it straight to the debt to give yourself a kick start?

I did a huge Ebay clearout when we moved a year ago, so not much to be honest. But I am looking into mystery shopping so hopefully that will prove to be fruitful. You are right though, I really could do with a kick start!

NewDayNewMe

parsniphead wrote: »

Sounds like you have a sensible plan.

Good luck with the journey.

Its not very often someone thinks I'm sensible, thank you!

student-mum wrote: »

good luck on your journey

Thank you, I'm going to need it! :beer:

NewDayNewMe

So today I'm having a me day.

This has so far consisted of completing day 13 of the ab challenge and day 1 of a 14 day squat challenge. Can you tell I'm off on holiday soon? Ha. Feel pretty good after it though.

Next will be fruit for breakfast, then I'm going to the park with a book for a little tanning session. The weather is amazing here so I'm going to make the most of it. :cool:

After that I'm going to do my nails and dye my hair and when OH gets home think we're going for a run.

Money to be spent today will purely be for food for dinner. Only need meat so will pop to the shop later to see what I can find. Im thinking meatloaf, as have the vegetables for it, so will just need some mince beef which should only be a few pounds.

NewDayNewMe

So me day didn't go quite to plan. Sun didn't come out and the park was full of noisy people, so I cruised Ikea with my sister. Didn't spend a penny though so all good.

Not much else to report to be honest - money has only been spent on essentials and even said no to lunchtime ice cream, but still went out with everyone and ate a banana.

I did get notification of my ASOS refund today, so will have a whole £12 coming back to me soon. Only small but will deffinately help.

Looking forward to payday on Friday.