No more overspending

alice_kate_2

Just did some calculations of where we finished Feb and then I can compare to where we finish March as I think this will be the best way to see clearly how much our situation has improved given the state of our overdrafts.

I'm not including the car or mortgage in any of this!

End Feb (before payday): £15476.29 :eek:
Beginning March (after payday): £13060.61

This paid off our overdraft so if we end up back in them which we will just to cover bills this month this might go up a little bit

This is including the loan which is £6922.36 which is manageable at the moment, so for the purposes of managing the debt in chunks I a going to remove this from the equation.

So:
Starting point - end of Feb before payday = £8553.92
Current after Feb payday = £6138.25

My goal is to end March on £7000 max (taking into account the fact it will increase from now due to overdrafts) so we will have paid off around £1500 this month - fingers crossed!

I'm also going to do a VSP to start trying to build up an emergency fund.

alice_kate_2

I've just paid off my CC - £674.88

alice_kate_2

Feeling a bit frustrated today. H spoke to his boss briefly about the fact the promotion was meant to give him more money, he's working harder than ever and being paid less than before. Boss basically just said 'tough'. Not happy at all! H seems to think he might change his mind but it seems unlikely!

Anyone got any ideas on how to approach situation?

alice_kate_2

Yesterday I had a NSD and will again today which is good. My shop at Aldi provided plenty of food for lunches so H is taking lunch from home so saving us lots.

H is still grasping the idea of saving money - he came home with two dessert treats yesterday! Sweet of him but expensive at £2 a pot. He seems to be on board with the spreadsheet though so happy days .

I'm still toying with the idea of a weekend job and have been offered a few trial shifts but still not sure as it would mean working 7 days a week, sometimes a day in the office and then a shift in the pub afterwards!

luckofthe_irish

Apart from the fact that you are a couple and I am a singleton I can completely relate to this!

For my age and the fact I have no dependents, I earn a good wage every month but somehow end up in my overdraft to the tune of at least £100 every single month plus relying on my credit for the last two weeks before payday. I always think I am being careful and that I don't spend very much money... and then magically I have absolutely nothing left!

I am starting my journey at the moment, so will be reading yours with interest. I am finding it so tough to get motivated when friends don't seem to have any of the same issues (although I am sure this is different behind closed doors) and I am just not sure how to even get started!

Good luck on your journey, you have started out magnificently!

alice_kate_2

luckoftheirish - it's so frustrating isn't it! No idea where it goes.

Today's NSD didn't go as planned as I spent £1 on butter! Forgot I had ran out lol.

My car MOT is due this month also which I received an email notification today. I've got a free MOT voucher so will only have to pay if it needs any work. Fingers crossed! I've booked it in for 3 weeks time.

March is a tough month for us – we have a lot going on.
Mothers day, two of my brothers birthdays, and OH brother and sister birthday!

I’m also going away to Centre Parcs next week for a long weekend. That has been paid for so just need to budget spending money whilst I’m there. Luckily the friends I’m going with aren’t ‘big spenders’ (hugely different to another group of our friends!) so I don’t think we will spend too much.

I’m anticipating that I’ll end the month about £400 overdrawn, unless of course anything else crops up. Much better than last months £1000! And I have paid off my credit card completely so overall I’m feeling positive that I’ll be in a better position. Even if I end up more overdrawn my credit card is paid off and card cut up so that’s something I have definitely achieved

We were meant to be going away for Easter Weekend but we have cancelled that as can’t afford it. No money lost

scotdebs

Hi Alice Kate just had a wee read through your diary and wanted to wish you all the best on your debt busting journey... And offer a wee word of caution DO IT NOW - me and OH were in v similar place to you about 12 years ago........ we are now in our 40s with a cc debt to match that figure :eek: like you it went on dinners out, nights out, random spending. Etc etc good salaries back then - even better salaries now but the spending has increased along with the income..... So get on top of this now and when your my age you'll be saving for second holiday home having only a few years left on your mortgage and be able to enjoy all the things you deserve from working hard and earning good money ............ You can do this:T

alice_kate_2

scotdebs wrote: »

Hi Alice Kate just had a wee read through your diary and wanted to wish you all the best on your debt busting journey... And offer a wee word of caution DO IT NOW - me and OH were in v similar place to you about 12 years ago........ we are now in our 40s with a cc debt to match that figure :eek: like you it went on dinners out, nights out, random spending. Etc etc good salaries back then - even better salaries now but the spending has increased along with the income..... So get on top of this now and when your my age you'll be saving for second holiday home having only a few years left on your mortgage and be able to enjoy all the things you deserve from working hard and earning good money ............ You can do this:T

Hi Scotdebs - thanks so much I'm feeling positive :j

That's what we're trying to do - we could carry on as we are just making minimum payments and still buying what we want but long term we will seriously regret it so that's why we need to take action now

All the best with yours - I'm subscribing to your diary

luckofthe_irish

alice_kate wrote: »

luckoftheirish - it's so frustrating isn't it! No idea where it goes.

Today's NSD didn't go as planned as I spent £1 on butter! Forgot I had ran out lol.

My car MOT is due this month also which I received an email notification today. I've got a free MOT voucher so will only have to pay if it needs any work. Fingers crossed! I've booked it in for 3 weeks time.

March is a tough month for us – we have a lot going on.
Mothers day, two of my brothers birthdays, and OH brother and sister birthday!

I’m also going away to Centre Parcs next week for a long weekend. That has been paid for so just need to budget spending money whilst I’m there. Luckily the friends I’m going with aren’t ‘big spenders’ (hugely different to another group of our friends!) so I don’t think we will spend too much.

I’m anticipating that I’ll end the month about £400 overdrawn, unless of course anything else crops up. Much better than last months £1000! And I have paid off my credit card completely so overall I’m feeling positive that I’ll be in a better position. Even if I end up more overdrawn my credit card is paid off and card cut up so that’s something I have definitely achieved

We were meant to be going away for Easter Weekend but we have cancelled that as can’t afford it. No money lost

It is extremely difficult - I always intend on spending nothing and then all of a sudden, bits here and there are needed or I see something in shop/online and somehow justify it... and then live on my credit cards until I get paid again.

I am 100% taking inspiration from you - you are doing so well. Congrats on paying off the CC and cutting it up! Fabulous news.

I have subscribed to keep up with your journey. To finance my house move next month I need to save over £1000.... It is not achievable but I will do my best! Start with £7 today, need to do better than that!

Thanks for the inspiration!

Claree__x

alice_kate wrote: »

Feeling a bit frustrated today. H spoke to his boss briefly about the fact the promotion was meant to give him more money, he's working harder than ever and being paid less than before. Boss basically just said 'tough'. Not happy at all! H seems to think he might change his mind but it seems unlikely!

Anyone got any ideas on how to approach situation?

Unfortunately I don't think there's much that you can do other than see it as a step up to the next position which will [surely!] bring in more money - it's a rubbish situation, though.

Well done on the credit card, it's definitely an achievement and reduces the temptation too so way to go.