This is Not a Rehearsal Anymore!

Rosylee

So I started with this title because for so long I think I have been rehearsing being debt free, but never actually making it to opening night!

I have never done a journal and I am not entirely sure that what I have to say is interesting enough for others to read or indeed if I am strong enough to leave myself open to people's views...the "warm and fuzzy" ones, the "tell it like it is" ones and the plain old mean ones. That's what you sign up for, though, isn't it, when you put it all out there.

But having rehearsed this show for so long, I am ready to finally dazzle my audience with the most amazing performance of my life, and best of all, it will become a show that runs daily, with consistent ( I hope) performances from yours truly. I may miss my lines from time to time, that's OK, the show must go on.

I don't intend to rehash the history of how I got here. It involves a wonderful cocktail of ignorance, emotional immaturity, stubbornness and a generous dose of stupidity. Nevertheless, I have over the years, racked up a lot of debt, tried to deal with it by making more debt (consolidation loans) and discovering that Peter absolutely hates me always borrowing from him to pay Paul!

In the midst of the storm, with my head barely above water, I was blessed (and I do mean blessed regardless of how it came about) with a sum of money that allowed me to make a real dent in some of the debt which I would never have been able to get down due to the high interest, giving me breathing room for the first time in so long. Now I bet you are wondering, how did she get the money? Well nothing very sinister I hasten to add. My bank (HSBC) has apparently made a mistake with many customer loans (I did not know this at the time), so out of the blue I received a letter saying it was refunding me a large amount of money. Not enough to pay all my debt, I would need a lottery win for that, but enough to get me started.

On the whole the money went to debt repayment, with a little to help the old salary which was never enough to pay for everything and as I said, Peter was getting sick of Paul. Looking back ( it was only 3 months ago!), I know I could have managed this money better, there was frivolous spending here and there but I did not do too badly on the whole. It did give me the impetus I needed to feel as if I could stop rehearsing and get on with the darn show!

Enter YNAB at the end of September, having heard of it here on MSE. What a revolutionary concept, I was fascinated, I had used Toshl before but that was just tracking my spending, it certainly wasn't helping me to spend my money on what I should be or giving me real tools to get out of the mess I am in.

Is it ironic that the very thing I need to help me is going to require me to spend money to get it? Maybe, but I think it is the single most important thing I can do to help myself and so yes, I have a category called Ynab software and when my free trial is up, I will buy it.

I had never contemplated trying for another credit card (its been years since I applied) to get a 0% deal as I was sure no one would accept me, but using the MSE eligibility checker, I saw I had really good chances of being accepted...and took the plunge. I have been able to move my very high credit card debts to two 0% cards for 3 years. Again, just a little more wiggle room.

I have a long way to go. I have to cut spending because there just is too much debt still to be able to save for hose rainy days as Ynab suggests. I have realised I just need to start with one thing that will help me not make more debt. So while I cannot do all that Ynab suggests just yet, I can start with one thing, my rainy day fund. I might not be able to save much just yet, but I will make a start.

I am performing to an audience of 1 (me!) that's OK, but maybe you will pop in from time to time to see how it's all going.

The show is about to begin. Places everyone!

GoingToDoIt

Bravo! We await part two...

Rosylee

So I have about 5 minutes to go before I start work. It's going to be a busy day, as always, but mitigated by the fact that I work from home and don't actually have to get dolled up. I certainly don't miss the daily commute.

Today will be a NSD. I have around £500 in the bank, but this is all earmarked for the last of the bills and my rainy day savings. The grocery budget has been well and truly spent (I shop monthly). The freezers are full, so OH shall be cooking from stores.

Breakfast is the most challenging thing. DD does not eat cereals, so its bagels and bread and pancakes... I really must buy these in bulk and freeze them.

Waiting for my first direct debits for the 2 new CC's to go out at the end of the month. Well the Barclay one anyway as I have had a statement for them. I double checked and even phoned to make the sure DD was in place for the first payment as I had read some horror stories on here where people lost the promotional rate due to not realising that the first payment had to be a manual payment. Fluid has not yet produced a statement, I check online every couple of days, though the man I spoke to said it would be produced around the 27th of this month. But it never hurts to check...all the time, just to be sure. Have become somewhat neurotic about this...really don't want to mess it up.

Well that's about it for now, time to get to work.

Rosylee

Well it's been a good morning so far. My work expenses paid in... £208.65. Yay, I have been waiting for it to come so I can assign it some jobs. While I wanted to send the whole lot as income for next month, I decided to hold onto the £58.65 and use this to top up the grocery budget and all my rainy day funds (RDF). The reality is that there are still 2 weeks to the end of the month and the grocery category is depleted, as is the odds and ends category and I am just worried I will need to get the odd loaf of bread and milk and then not have any money and then I have to move them out of the RDF because there is no wiggle room left in any other category. So I have to be realistic. I sent £150 over to the next month which is an amazing feeling. Usually all my money gets spent, and by this time, I am flat broke. To know I still have £714 in the bank and of that only £300 or so is actually for debt and bills is an amazing feeling. The rest is RDF ( I decided to only pay the minimum on the credit cards for the next 2 to 3 months to give me time to put something into the RDF).

It seems counter intuitive to save while having so much debt, but at the same time, if I send all my money to repay debt and then I need to pay something unexpected, I will only incur more debt. This is only the first month so we shall have to see how it goes

Today my OH has his job interview. I really, really hope he gets this job. While the money is obviously important, the main thing is that he needs a job to feel good about himself again, to feel as if he is contributing. But mostly that he gets to do something he enjoys doing. He has had little success with jobs which is a shame as he is such a hard worker. If only people will give him a chance.
I know they can only go on the interview, but not everyone is great at interviews. And there are so many candidates all going for the same job. I know times are tough for everyone. I try to believe that if it is meant to be it will happen, but that is cold comfort when you don't get the job. It is soul destroying going for interview after interview...psyching yourself up, selling yourself, only to be told there was someone more suitable. Don't get me wrong, I am sure that person needs it just as much as we do, maybe even more, but it doesn't stop you wishing it was you instead. I am really praying he gets the job. Its perfect for him and us as a family and a really good salary too.

Well off to another day at work. I do have to be grateful for working from home. It has its disadvantages but its also really great in many other ways

Rosylee

Hello Diary


Had a job finding you! There must be an easier way, surely.


Well nothing spectacular to write about today. OH had his interview but advises that he does not think he is going to get the job. He says there were 20 candidates, and while he has transferrable skills, he does not have experience in the area he was applying. So very disappointing. So the job hunting goes on. He got a letter from the tax man saying he owes £700 - how the heck does that happen - he wasn't exactly earning mega bucks in his last job?! I've told him to make contact but he insists on waiting until he goes for his fortnightly signing with the Job centre. I can't see what help they will be - will keep nagging him. I am quite good at that!

I am so glad its Friday. Hopefully work will be at a relaxing pace today as I am just not up for too much stress

Thank goodness OH will be doing all the cooking - he is a godsend and his cooking is far superior to mine anyway.

Its a NSD today which is good. The bank account is quite static at the moment. The two credit card payments aren't until 27th of this month so the money is just sitting there waiting for the direct debit.

A bit annoyed with Littlewoods... I returned an order, a bottle of perfume (they sent the wrong one) and a jumper (we ordered two for size and fit), but somehow only the perfume was credited. The jumper seems to have gone missing and they were in the same packet. I gave them a call and so they are looking into it. In case you are wondering I am not making more debt. I am using my "reward" points to make these purchases - have so many that I have been able to pay for everything in full. I do have to use them because as soon as the account is paid up I will be closing the account. So in effect its my own money missing and I want it back. I am using these points to buy things for Christmas or things we need - these are the last purchases I will be making. When the reward points are gone, the spending will stop, quite simply

Right, off for a spot of breakfast before work starts in 30 minutes.

Rosylee

What a relief....its the weekend!!!

Well today was supposed to be a NSD but I decided to take advantage of Quidco's cashback offer and get DD's Christmas present early - she wanted a pair of Nikes that she designed herself. I had the money saved up, well had to WAM £15 from the birthday fund which I shall return at the end of the month as I did not have quite enough in the Christmas fund. But that's OK, rolling with the punches.

That is her main gift taken care of. Having just the one child is a relief as I just have to worry about her. Already bought OH's present with my Littlewoods rewards - some perfume pour home, a Taylor Swift CD (DD), a jumper for OH.

All of our family live abroad (but we do of course miss them) so there is just the three of us at Christmas. DD has been diligently saving with Go Henry and come 1st December she will have saved £75 towards Christmas presents for us and her closest friends. Last year I paid for all the gifts courtesy of Littlewoods (for which I am still paying!!) and I said to her that she needed to take responsibility for her own spending this Christmas as they are not my friends. So really proud of her for saving, and pleased with how Go Henry has helped her to achieve this.

Go Henry is a great "bank account" and I love how I can monitor her spending, assign her tasks for extra money, and generally teach her good money management as I don't ever want her to get into the mess I am in.

Growing up, the only way we had things was on credit and that's what I learned and I thought that when you worked, it was the grown up thing to have lots of store cards. If only I knew then what I know now.

So I am determined my DD (13 years) learns good financial habits to avoid a financial mess. I had to laugh when I was showing her my budget and she noticed that my expenses exceeded my income (I hadn't adjusted the RDF funds yet) and I explained that this was how unwise I had been and she just could not understand how someone would spend more than what they actually have...lets hope she keeps that attitude. It must be the maths student in her!

I am finding this diary quite helpful and even if its just me, myself and I , I am enjoying putting my thoughts to paper in a nice safe way.

Well have to run, it's intermission folks!

Lizloz

Rosylee wrote: »

Hello Diary

Had a job finding you! There must be an easier way, surely.

Hiya, I had the same problem, so I subscribed to my own diary, then in your User CP, look under the subscriptions tab and it will be there.

Hope this helps and good luck on your DF journey! x

stoplurking

Good luck with your latest production "Rosylee gets Debt Free"? I love the sound of YNAB, it's very popular on these forums, but I don't have a PC so I think I'm not able to have it. However, even though it's against what YNAB says, I think I'd have to get rid of that naughty little understudy, Argos. Just to tick one debt off, you know.
Break a leg Rosy, you'll do this, for yourself, OH and DD. x

catriona79

Hello Rosy,

Well done on moving your debts to 0%! Bet that's brought the debt free date closer? This forum is amazing for gold nuggets like that.

I can see you're YNABing already, many of us do! I have to say that I am glad that I've got it for tracking my spending, but have yet to use it to actually inform a spending decision :eek: but I'll learn!

I'll be cheering you on from the first row!

Rosylee

Lizloz wrote: »

Hiya, I had the same problem, so I subscribed to my own diary, then in your User CP, look under the subscriptions tab and it will be there.

Thanks! this is very helpful. I have subscribed to my diary

Rosylee

stoplurking wrote: »

Good luck with your latest production "Rosylee gets Debt Free"? I love the sound of YNAB, it's very popular on these forums, but I don't have a PC so I think I'm not able to have it. However, even though it's against what YNAB says, I think I'd have to get rid of that naughty little understudy, Argos. Just to tick one debt off, you know.
Break a leg Rosy, you'll do this, for yourself, OH and DD. x

Thanks so much. Yes, Argos will be paid at the end of this month; I cannot wait.

As for YNAB, yes, you do need a PC to download the software. It is a shame, that's the only thing that makes it not so convenient for people.