New to this site...where to start

NodebtLil

Hi All,

I have finally accepted that I have a problem with my debt, I can see people have tools which appear to imply they have a plan and are tracking down thier debt against targets so they have an effective debt free aim date etc. I am someone who needs to measure that I am doing well to remain motivated, e.g. every penny off teh debt somehow showing up.

Any advice on where to start?

Thanks all,
x

garycarter79

have you had a look at your credit report? That was our first step. It shows you everything in black and white.

Chrisblue1962

Welcome NodebtLil

You've already done the hardest bit but there's still a bit more to do...:D

You need to get an honest, unvarnished idea of how things stand NOW so that you can plan the weeks, months and possibly even years ahead.

Don't worry, there are loads of good folks on here who happpily lend a helping hand with advice and tips

You need to get a bit of information, namely

• Credit report - free from Noddle, which is free to join.
• Bank, utility and credit card Statements
• A list of ALL your typical monthly bills and spending
• Details of all wages / salary / benefit income

Frrom this you can then build up a picture of your monthly Income versus monthly Outgoings and where you may need to reduce spending and / or increase income.


Hope this helps.

NodebtLil

Thanks guys, I appreciate you taking the time to read and respond. I've now done the calcs and I am overspending by approx 14k per annum.

I also got the noddle report that you suggested and it bizarrely had several credit accounts relating to my mum at my mums address. I've asked for them to be removed.

I've just started to review all of my credit cards, doing some shuffling. Going to target paying off 1000 per month.

I'm reading so many motivating posts!!

Feeling inspired.

Thanks again

NodebtLil

Hi All,

Decided to start a diary, bit nervous incase I come across as an overspending, frivolous lunatic, but feel if I even just make one little friend through it to spur me on then it's worth it.

Had lunch out with friends yesterday at which we normally exchange children's Christmas gifts. I normally spend approx 40 pounds on each of their children, 3 in total. I think gifts is an area I'm really going to struggle with as I am known for treating friends and family and i would hate to see the little look of disappointment on their faces when they do not get the fab gift they expect. On this occasion I said I would get their presents to them next week as I hadn't sorted them out. ( I was poorly over Christmas). I'm now doing a bit of an ostrich on this so I just need to buy them something. I would normally check what they would like first.

Did the food shopping today and spent 122, our budget is 100, I'm thinking about returning to online shopping so we can be clear about the cost upfront and can reduce accordingly before committing to purchase. (Not helped by the 2 pieces of m&s carrot cake I bought!) I did however avoid the candle and a picture frame that was calling to me.

Received 2 pairs of shoes that I ordered, I'm sending one back (I know I should send both ,:( so that's 59 pounds saving that I would have spent prior to joining thus forum.

Needed to book our childcare for an extra hour tomorrow due to husbands work. Normally I would just cover the cost but today I passed on the bill to him for the extra hour, I hated it but glad I did it afterwards. Avoided me spending another 13 pounds I would have spent before this.

Anyone got any good ideas on birthday card purchases, I like to get all of mine at the start of the year. I went to the main, &s till with a load of cards today and the little card stamp booklets (you get a stamp for each card you purchase and when you have 6 stamps you get a free card) I had 3 full stamp booklets which gave me 3 free cards but to my shock and horror the cashier said 'we don't do that anymore, we stopped in November, I replied asking if customers had notice of the scheme changing and she just said yes they could use them to the end of Nov. I think the comms has been poor here. Little scamps!

I will give today a 5 out of 10 compared to my usual spending, it could have been much worse. I have a huge mountain to climb in changing my spending habits.

night all

Saver-upper

Welcome NodebtLil .Well done in your determination to take on your finances head-on.Already you are adopting the right mind-set and habits (sending back items not required,etc).
I am not exactly sure how people work out their debt-free date,but I had a quick look around,and found this very short thread.I thought there might have been a formula/calculation,but can't find it:
https://forums.moneysavingexpert.com/discussion/5095245

Good luck in your journey.I shall follow your diary,and be cheering you on.

NodebtLil

Still on track.

Highs
Was away with work, would normally have ditched the free hotel meal and ate outside of the hotel but ate at the hotel instead. Yesterday was a no spend day.

I thought I owed the hotel for a stay there last month which I hadn't paid but they said it was settled so no cost there.

Lows
Just having spending withdraw symptoms

Night all