The Musings and Meanderings of Me

The_Prince

After lurking on MSE for the last five years I have decided to chart my progress and share my experience tacking my financial gremlins, while striving to improve my health, fitness and general wellbeing.

A week ago I turned 28. It’s also the week I was honest with my partner about my financial situation. She cried, I cried and then silence. It’s the first time my mind has been silent for a long time; the calm before the storm perhaps.

At 17 I decided that I wanted more. I had started college the summer before and quickly found the social liberation, after attending a stuffy private school, refreshing. For the first time in my life status meant something. Wearing the right clothes, driving the right car, having the right friends, hanging out at the right bars and clubs . . . it all meant something. I decided that all I cared about was now: your only 17 once! My first credit card was so easy: fraudulently supply the wrong age and “it will be with you in three days sir.” The second was even easier. The third was child’s play.

At 18 I had amassed over £50,000 of debt. How? I have no idea. I had nothing to show for it. Then the letters started. Gone was the friendly tone of the company representatives. Now everything was written in red and every sentence ended in an exclamation mark! “Debt; Credit Rating; CCJ; Default; Late Payment Fee; DMP” . . . My French is OK, my Spanish is mediocre, my Italian is reasonable, but my debt speak was not existent. Then the phone calls started. You get to a point when the phone ringing is white noise. “No he’s not it”. . . “I’m sorry, he’s away at university” . . . “He was last seen crossing the Sahara”. College ended in a haze of fear, debt and directionless musings.

If I hadn’t gone to university I don’t know what would have happened. While my friends partied hard I spent all my student loan servicing my debts. I kept things ticking over. Many of the debts were defaulted, but I made arrangements with the companies – a token payment here, a token payment there. At 22 I finished my degree. Still over £40,000 of debt, but I had a plan. I decided that the only way was to work hard, to work my way out.
As I said, last week I turned 28. I have a good job and earn a good wage; though over £400 a month is sucked up in commuting costs. I have a wonderful partner who I adore. I am incredible happy and feel very lucky to live the life I do. My personal challenge has always been my debt. It’s something I have kept hidden; something I have suppressed; something I am deeply ashamed of. But, for the first time last week I shared it. After the tears a resolution, NO MORE BAD DEBT. My current debt is as follows: HSBC - £9,895.88. Loan from father - £4,295.00 Total debt: £14,190.88.

I hope you will join me on completing my debt free journey (I know I’m late to the party). I also hope to share some of my other passions, goals, successes and failures with you all. I’m useless at keeping a diary so this can be my chronicle. I hope you enjoy reading it as much as I enjoy living it!

crunch_time

Welcome to the party!!! Better late than never!!

Well done for getting as far as you have done and how fantastic to have a supportive partner!!

Have you thought of how you are going to tackle the remainder?

You'll get lots of good advice and ideas from the lovely folk on here.

Good luck going forward. We are all in this together no matter how much we owe or how long it takes us .... No more debt!!

Crunchy cx

The_Prince

Many thanks for the welcome Crunchy.

My approach to debt in the past has been poor. For a few months I’ll spend every spare penny reducing the debt, followed by a period where I make little progress – usually because I have spent money on something I don’t want or need.

However, since I have been honest with my partner we have developed a game plan – one that I can’t deviate from! Our first step has been to give notice on where we are currently renting. We want to get the debt paid off as quickly as possible. Life has been put on hold for too long already. We have lovely relatives who have agreed – at the drop of a hat – to house us until I have eliminated the debt to HSBC. This will mean that the debt to HSBC will be completely paid by the 31st of January 2016! I currently pay my father £100 a month, but intend to increase this payment once I have paid off the debt to HSBC. I plan on having the debt to my father paid by December the 31st 2017.

My debt free date is therefore December the 31st 2017!

Our game plan also involves developing a more frugal, self-sufficient approach to life. We have always been careful with utilities, but have spent excessive money on fast food. We are lucky to have an allotment that we have maintained, but not taken full advantage of in the past. I intend to cultivate this space this year and attempt to grow much of our fresh food – I also hope to use this fresh produce to help out the family members who will be letting us stay with them. I also have three beehives that produced a significant amount of honey last year. I intend to grow my beekeeping venture this year. Watch this space!

On a separate note, tonight I am pursuing one of my yearly goals. I wanted to learn to play the guitar this year so have been teaching myself since January. On a Wednesday night I attend a jam session with another musician to practice. This will be interesting as I have not practices since last Wednesday’s session! I really need to build some practice time into my schedule – maybe that should be a weekly goal.

in_need_of_direction

There's a goals for 2015 thread that may be of interest as it tends to cover things that are additional to financial goals. Btw, well done on the progress so far.

The_Prince

A goals thread sounds right up my street! I will take a peak at lunchtime -- if I can pull myself back to the office on this beautiful day.

I'm already regretting my choice of user name. It's like getting a tattoo while half-cut, it seems like a fantastic idea at the time and then you wake up with what looks like a cross between Elvis and a cow on your arm. My user name is based on something I'm known for by friends, not the Internet. It's certainly not connected to Disney, the Royal Family or the musician . . .

Bobarella

Subscribing now. You have done incredibly well in my opinion to shift as much of the debt as you have. And to now have the end in sight.

Wantobeasaver

Well done on what you've achieved so far :T hopefully with your partner's support you'll knock the rest of the debt out of the park!

The_Prince

Many thanks Bobarella and Wanttobeasaver! The words of encouragement are much appreciated.

Yesterday evening we undertook our first online shop with Sainsbury’s. I have to admit to being more of an Asda person – I find the stores easier to navigate – but I use Sainsbury’s for my petrol and the occasional quick shop. Every time I shop at Sainsbury’s I’m given a fistful of receipts with offers and bonus nectar point opportunities, but I always drop them in the bin on the way out. However, after taking a closer look on Monday I realised one entitled us to free delivery and £15 off our first online shop! Isn’t that just free money? So a quick squiggle with the mouse and our shop is being delivered this evening . . . much cheaper than usual.

It’s interesting, I was reflecting this morning on my first post about telling my partner about the debt. The tears were not because I was in debt; they were because I hadn’t had the guts to share my problem with her. We have been together for a long time. Longer than many married couples. She was the person who originally stopped my self-destructive debt cycle, back when I was in my late teenage years. Hiding things is insidious: you think it will not cause any harm, but the very act of hiding something starts a snowball of deceit, mistrust and resentment. For many people that snowball can quickly become an avalanche and there’s no dodging that. You end up at the bottom of a mountain picking up the pieces. I will never keep anything from her again.

Tonight I am planning my first run of the year. Healthy body, healthy mind and all that. Last year I did well with the running (completing a 10K and an off-road 15K), but since October I have not done anything. So today I’m wearing my running gear under my suit to make sure I go – I feel like Superman! I’m thinking about tracking my times. It may even give me a kick to know you lovely people are following my progress! Hopefully I’ll be alive tomorrow to update on how it goes.

The_Prince

Today I can hardly walk. When I do walk I look like a Cowboy. But, I did manage to run a very hilly three miles yesterday evening. Even better, I didn’t stop once – though I wanted to on numerous occasions. It certainly wasn’t the fastest three miles I have ever run (I guess it took me about 27 – 30 minutes), but it felt amazing to be running again. The weather was fantastic for it. I also spotted plenty of interesting little birds, as well as plenty of cats stalking them! I’m going to try and run again tomorrow.

This morning my partner gave me an iced smoothie to take to work. Strawberries, raspberries, soya milk, muesli, yogurt and ice. I would thoroughly recommend it! We recently purchased a NutriBullet to encourage us to be healthier. In all honesty it sat in a cupboard for the last month, but we are determined to start using it every day. I don’t know why I find it so hard to get my 5 a day (or is it 7?).

Bee Update: The bees absolutely love this fantastic weather. They are all out foraging and sunning themselves. That reminds me, I need to make up some frames for the hives this weekend!

This evening I’m heading over the allotment to see what I need to do this weekend. I may even take some pictures.

Other goals for the day: practice guitar and start to brush up on my Italian (30 minutes each ideally).

Igamogam

The_Prince wrote: »

Yesterday evening we undertook our first online shop with Sainsbury’s. I have to admit to being more of an Asda person – I find the stores easier to navigate – but I use Sainsbury’s for my petrol and the occasional quick shop. Every time I shop at Sainsbury’s I’m given a fistful of receipts with offers and bonus nectar point opportunities, but I always drop them in the bin on the way out. However, after taking a closer look on Monday I realised one entitled us to free delivery and £15 off our first online shop! Isn’t that just free money?

Yes it is - now use it wisely to knock your debt down

Take a look at some of the challenges on here - makes debtbusting a little bit more fun.

You will be 'wombling' next.

Love the the idea of bee hives - have always wanted my own but feel I cant give them time at the moment. Certainly something to aim for. Quite few people around here have them so no lack of expertise when it comes to it.

Happy debtbusting journey:D

Bobarella

Well done on your run. That's great. I find exercise so important to a positive mindset. I walk or cycle around 8 miles per day and it keeps me sane.
Glad you made a saving on your shopping too. Good new start.