hate it when people are shocked

freeisgood

My parents drummed it into me from a young age, if you want something save the money up first. My parents never bought anything on credit, they never had credit cards.
I learnt well. I never had pocket money but got my first job at 16 cleaning, so I could start saving. When a student and skint, I got the most menial jobs (cleaning etc) just to cover bills and live within my means. Jobs my friends would never bother with, when they spent all their cash on booze and clubbing. I left uni without being even in my overdraft. When I bought a car I saved up for it before I bought it. Same with my computer, I used the library for the internet, till I could afford a computer.
If I really want something, I save for it or get one second hand. or use freecycle Etc.

It is such a precious life lesson to learn to live within your means. I have moderate savings. I am only in my late 30s never lived though frugal years.

If I had your level of dept, I have to be honest, I really would have difficulty sleeping at night, just from the stress of a burden like that.
It is also so liberating never having to lose sleep at night over money. I highly recommend it!

Brightspark87

freeisgood wrote: »

My parents drummed it into me from a young age, if you want something save the money up first. My parents never bought anything on credit, they never had credit cards.
I learnt well. I never had pocket money but got my first job at 16 cleaning, so I could start saving. When a student and skint, I got the most menial jobs (cleaning etc) just to cover bills and live within my means. Jobs my friends would never bother with, when they spent all their cash on booze and clubbing. I left uni without being even in my overdraft. When I bought a car I saved up for it before I bought it. Same with my computer, I used the library for the internet, till I could afford a computer.
If I really want something, I save for it or get one second hand. or use freecycle Etc.

It is such a precious life lesson to learn to live within your means. I have moderate savings. I am only in my late 30s never lived though frugal years.

If I had your level of dept, I have to be honest, I really would have difficulty sleeping at night, just from the stress of a burden like that.
It is also so liberating never having to lose sleep at night over money. I highly recommend it!

Hi, this is great for you and I am very pleased you have lived your life without taking on debt for whatever reason.

However, I feel that sometimes, much like domestic abuse, you have no idea what goes on behind closed doors and that everyone has different emotions and feelings. ( I should know I have had both debt and abuse issues).

You are lucky you had firstly supportive money savy parents and also the drive personally to never get in this situation.

Not all of us are so lucky as to have had this great experience and I really do not feel that saying to OP what you said is helpful.

Perhaps you could do more help by sharing how you manage your way of living to ensure that you have never had a debt problem>?

PinkPoppies

freeisgood wrote: »

It is such a precious life lesson to learn to live within your means.

I think you are preaching to the converted on this board freeisgood

Have a quick look at all the debt free wannabe diaries; so many people working so very hard to do just as you suggest, often under tough circumstances.

SpendyMcSpendalot

First post here.
I live in Canada and currently outside of our mortgage I owe almost GBP8K on a line of credit (I don't know if you have them over there but they are bank accounts with a predetermined amount you can overdraft into.
My debt is mainly associated with buying stuff today that I can't pay for upfront.
My 3 children are older- 22, 20 and 17 and are all students who live at home (one in a Master's degree, one in final year of university and one in her last year of high school)
I am a home daycare provider and with the 5 kids plus my family of 5 our grocery bills top GBP175$ weekly. My daughter is on a wheat free diet which means none of the cheaper pasta options.
We have reduced our tv coverage, I try not to crank up the heat too high but it gets pretty cold here.
We repair appliances instead of replacing them wherever possible (even if I would really like a new stove/oven)

freeisgood

Brightspark I thought I did indeed include some guidence on how I manage not to get into debt. I wasn't giving a lecture but telling my story. In fact anyone could apply what I said right now, to their present and future,so as to not get into any further debt.

NB In fact my parents were strict and quite miserly most of their life. I would have probably been beaten up if I got into serious debt!

I apologize if I have offended anyone I obviously have. Pink Poppies, I was refering to the OP thats why I posted on THIS thread. The OP who does not think that 40K debt is an issue. (I know people struggle, I have been on this board for years. I have emptied my savings account for my mates that were in dire need many a time)

dealer_wins

£40000 of debt = £5000 maybe £10000 a year net income lost in interest payments.

Go through your working life like this and you are costing yourself over a quarter of a million pounds in net income!!

GwylimT

We don't have any debt at the moment, in the past we have had a mortgage and a credit card, but the card was always paid in full each month. Our combined income £43k per year, well really we could probably discount my wife's £12k as most of that goes on medical care. We would much rather live within our means than buy unnecessary luxuries and put things like the security of our children's home at risk.

jaydeeuk1

When I was in over £20k of debt, I had a crap salary and was stuck in a £3000 overdraft every month. Interest made up about 75% of payments. For nearly 10 years I was in the red paying it off the hardway (has never heard of a DMP or an IVA back then!). Struggled by and managed to clear my debts, and then within a month get invited to be a director and a better wage, that if I was on whilst in debt I wouldn't have had a problem. Money is one of those things you can never have enough of when you really need it, and when you do finally have it you don't really 'need' it.

gfplux

Do I think £40000 is a lot of debt, yes I do.
I have nothing to add to what has already been said except I do want to repeat that £40k is probably costing at least £4000 a year in interest. Now THAT I find very, very painful.
Perhaps midlander you could tell us what the yearly interest bill is, perhaps that would be shocking.

midlander81

Hey, folks


This thread seems to have picked up again! Not bad considering I initially posted nearly a fortnight ago!


I have enjoyed reading all of the responses but I must say that some of the ones that I have received today have left me feeling a little...well... disappointed.


I certainly didn't expect everyone to tell me that my debt wasn't an issue and I fully expected and appreciated the comments from people who felt that my debt level was shocking. I never felt that I was being judged by any of the earlier comments... up until today.


I post on this board for advice, moral support and guidance. Some of the comments today have made me question if this is a wise move. Telling me that my debt level would ' keep them awake at night' and " The OP who does not think that 40K debt is an issue" - I have NEVER said that and the fact that I am posting on here should support that!


Hope that this doesn't appear over sensitive. I am a tough cookie but feel that some of the comments today have been a little judgmental and high handed.


I will respond individually to any comments that I feel warrant a response.


Thanks to everyone who has support supportive comments