Starting out

Bluelala

Hello,

I first posted on here at the weekend after having a bit of a shock when my husband admitted he had racked up £11k of debt, effectively doubling what I thought was our debt.
Thankfully having sat down & worked our finances out we can pay our mortgage, bills and minimum payments and hopefully be able to make additional payments of about £200 a month (not even starting on things we can sell & various other ideas)

Does anyone have any tips/ advice/ help they could share with me as at the moment I feel very overwhelmed and anxious at the the thought of the next five years of scrimping and watching every penny (especially as we have 2 young children)

I must say however I have seen a lot of inspiring threads which makes me realise that we can do this and I am enjoying exploring some of the other boards with great ideas for various money saving/ making ideas.

Thanks for any help, it would be gratefully received!

crazy_cat_lady

When I first went into my DMP in April 2010 my kids were 5 and 1 - my DH was off work long term sick and I had been off on maternity for 6 months not long beforehand. It felt really bleak. But do you know what? I've survived, and it hasn't been unbearably awful. We've had to watch ourselves and be aware of what we spend and why, but we've still had money for treats and days out. And being in a financial crisis made me so much more aware of how to look after my money and how much I was frittering away.
I am 4 months away from being debt free and I literally cannot wait. Not so I can blow it and go back to the life I had before, but so I can save for a luxury holiday which is something I have always wanted to do.
Do you have a spending diary or budget sheet? That would be my biggest tip for you.

Bluelala

Thanks for your reply crazy_cat_lady, and congratulations on being so close to being debt free! Honestly I can't tell you reassuring (& inspiring) it is to hear stories such as yours, especially at this time when I feel like things are really bleak.
I've drawn up a budget sheet but will try a spending diary too, thanks!

crazy_cat_lady

Stick with it - it gets easier as time goes on. I'm not proud that I got into debt, but I am proud that I've sorted myself out and I've seriously learned a lesson.
Start a diary on here as well, it will help you. And if you do, let me know and I will come and cheer you on. Mine is just ramblings but I have a few lovely friends on there, with good advice and support. And have a look through other people's diaries as well - there's some inspirational stuff on there.

cybertortoise

Hi Bluelala.


My advice would be have a look at what you are spending now in which areas as you may find that some can be cut back pretty easily. And some things you can do without ever having. It will be tough but the more you can cut back and pay to your debts the faster this situation will be turned around. Just make sure you can cover your essentials and go from there. Maybe getting an SOA posted will help people offer more ideas to tweak your budget.


Good luck with everything.

hiddenshadow

In addition to the above, I highly recommend setting yourself mini-goals/milestones, and having corresponding rewards for them. If you're really cutting back in order to pay off debt, it can feel like a slog, so treating yourself to a dinner out/movie/nice haircut/some other reasonably cheap treat once you hit a milestone (whether that's £100/£500/£1k paid off) can really help keep momentum going.

rockm87

Hi and welcome!
yes to all the above, here is the SOA to complete and post for some more tips http://www.stoozing.com/calculator/soa.php

Look on the old style money saving boards for tips on meal planning etc, and join a challenge or two to push yourself (and its fun too)

I completely endorse following Dave Ramsey (free podcasts and videos online) and Mr Money Mustache for getting inspired too.

Best of Luck!!

LittleDutchgirl

It does get easier!
The first few months were definitely the toughest. I made a budget (and spreadsheets) but forgot some things that crop up every year. I also had to allow enough money for treats/rewards. I spent a lot of my life lurching from crisis to crisis and believing that I didn't earn enough money. However a bit of organisation and I could see the way ahead. After about 3-4 months I could see the totals coming down and that was a massive boost. There have been tough days but after first few months the sense of accomplishment kicked in.
Good luck and keep posting.
The DFW board is full of lovely people with great ideas and experience.
LDg

Chrysanthemum5

Hey I don't have tons of advice as new myself but wanted to say good luck and send a big hug x