Coming Clean

rainbowskies

Hello!

This may be my first post with my newly created account however, I wouldn't say I'm new to this forum. I have been drifting in and out over the past year or so. The reason why I didn't create an account before was because I felt I had nothing of value to contribute. During this time, I did act upon advice given to others. I transferred my debt to 0% interest cards and cancelled a few useless direct debits (gym, phone insurance, etc) however, that's about all I did.

I continued spending without really thinking about it. It seemed almost harmless buying coffees, magazines and taking a taxi from time to time. However, a few pounds here and there added up. That's my biggest problem. I tend to spend frivolously and I don't really have anything to show for it. I just feel like I'm been kidding myself all this time and it was only a few weeks a go that I took a long, hard look at my finances.

Fortunately, I've not missed payments, made late payments, had defaults or CCJs. I just need to become disciplined with my spending!

I was going to start this in the New Year. But then I'm always pushing things back and have decided, there is no time like the present. So here goes!

I am 24, single with no kids. I have a full time job (£17'500) and I'm also studying with the Open University. I'm also (lazily) setting up a website for my illustrations. I hope to freelance soon. I have cut all my unnecessary spending down and only pay the basics.

So my debts are:

Natwest Overdraft: £1497.42
Natwest Credit Card: £1694.11 ( paying £50 per month ) B/T'd to Barclaycard (0% until December 2016)
Natwest Loan: £8,169.14 ( paying £355.18 per month )
MBNA (0% until Octtober 2016) Credit Card: £1250 ( paying £50 per month )

Aside from the £355.18 and 2 x £50 which I'm already paying, I can throw an extra £500 a month towards this debt.

I think I would prefer to pay off my overdraft first and get back in the black before I shift my focus to the Natwest credit card. Payday is on the 25th of every month and even with my full salary going in, I will still be in the red even before my monthly expenditures. It's quite depressing to look at, really. I am aiming to reduce my overdraft to £1000 come 25th November and then to £500 in December. Hopefully, when January's payday comes around, my overdraft balance will be £0.

Then I can start hurling money at my credit card and get that down to £0 before closing it down.

It's gonna be a hard slog but it will be worth it in the end. Also, sorry for the long post!

GOALS

[STRIKE]1. Overdraft[/STRIKE]
2. Barclaycard
3. Natwest Loan
4. MBNA Credit Card

rainbowskies

So this week, I need to ensure I eat a good breakfast in the mornings! When I don't have time to eat breakfast, I tend to buy overpriced snacks from the vending machine at work. I also need to make sure I take a packed lunch with me rather than buying it from the canteen at work. Like I said, those few pounds each day, add up! I also need to take a bottle of water with me rather than buying a bottle of Coke from work. That alone will do wonders for my health and purse!

I also need to park my car in a residential area near work and walk the 15 minutes to the office. I have been spending a fortune in parking and this has to stop now.

What else? Oh, definitely no going into town after work. I tend to window shop a lot which ultimately leads to actually shopping.

My first week where I'm actively being conscious of how much I'm spending or rather, not spending! Wish me luck!

misstara

Hi rainbowskies

Like you, I drifted in and out of this forum for a couple of years and made some small changes but never really followed them through. I finally started a diary last January and it was possibly the best thing I have ever done. The amount of support on this forum is amazing Good luck with it all.

Kitten868

Hiya,

I'm new too but a bit opposite of you - 25 but married with kids but good luck with your journey. I think it's tricky as its a way of life not a simple fix. It takes time so you get fhe time to work out how to not do it again.

Xx

fuzzyduck22

Hiya

Thats a great amount you have available to pay to your debts each month . Good luck, its a long slog but one I am sure will be worth it

rainbowskies

Thanks, Kitten868 and Fuzzyduck22! The well wishes are much appreciated!

Dexsmummy

Well done for getting everything written down and having an actual plan. Stick with it. I am also starting out this week with trying to reduce my debt so I'll be following your posts. Good luck
:T

beanielou

You seem to be off to a great start
Keep going & keep posting!
As has been said you have a fab amount to throw at your debts every month

rainbowskies

Dexsmummy wrote: »

Well done for getting everything written down and having an actual plan. Stick with it. I am also starting out this week with trying to reduce my debt so I'll be following your posts. Good luck
:T

Thank you! Good luck to you as well. I shall keep an eye out for your diary and subscribe. The hardest thing is to take that first step and we have both done it. We can spur each other on!

rainbowskies

Thank you, beanielou. I'm quite fortunate to have a fair amount to throw at debt. Will do!

rainbowskies

Okay, so today was my first official day on this journey. I'm happy to announce it was a NSD!

I made sure I had a good breakfast at home, made a packed lunch to save myself from having to buy overpriced sandwiches and parked in a residential area and walked the last 15 minutes to work. The parking alone saves me £5 a day / £100 a month which is totally insane!

I have also cut up my MBNA card. I have debt on a 0% deal and I don't want to complicate things by using that card which is why it's now in itty bitty pieces on my desk. I've also gone through my purse and found quite a few vouchers for Boots and Tescos! I will try and use them but I won't let them tempt me to spend if I don't need the product/food.

Feels good!