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It's not a lot, but it's enough

edited 30 November -1 at 1:00AM in Debt Free Diaries
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SpekySquareheadSpekySquarehead Forumite
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edited 30 November -1 at 1:00AM in Debt Free Diaries
Good day to you all.

Can I start by saying I feel a bit embarrassed about starting this diary. Not because of my debt, but because in comparison to other peoples situation I seem to be in a better position to clear it. However I’ve been considering starting a diary like this for a while as I feel it’s really been getting me down, like there’s a huge black cloud following me everywhere I go. I feel I think about money – or more specifically my debt - all day, every day, and hopefully having a place to come and post of my attempts to reduce it will help keep my chin up and motivate me.

A bit about me. I’m 25 and I live with my mum for now and I have a steady and comfortable paying job. I was in a relationship for 8 years and we had a joint savings account with a view to buy a place. When that relationship ended, I went off the rails. I blew my half of the savings while at the same time took out a credit card telling myself I’ll use it to increase my credit score by only using it to buy petrol and paying back at the end of every month. That didn’t go to plan. I know have 2 credit cards (just recently paid off my third); Tesco Credit Card - £2,614.19 and Barclaycard - £693.88. Both of which are 0% interest for now.

The thing is, I know that my debt is manageable. I’m not spiralling out of control with interest. I don’t have a mortgage. I don’t have any kids. My expenditure is relatively low. I can and I will do this!

Although this is a Debt Free Diary, I have a view for this to become a Saving Diary once I’ve cleared these cards. I want to feel the way I felt 3 years ago with no debt and thus no worries. To be happy again.

My plan to clear this debt was originally to still try and maintain an element of my lifestyle that got me into this mess while being sensible. At the end of each month, any remaining money in my account would be transferred to my credit cards, this is already on top of my direct debits to meet the minimum repayments. However I found that this technique gave me too long a leash and I wasn’t being tight enough. This month I actually have a stag do in Amsterdam (paid for by said credit cards) and with no savings, I had to use money from this months wages for spending money, leaving me skint for the remainder of the month, but goes to show that I can stow away a large chunk at the start of the month and force me to make the sacrifices. So that’s the plan, so put away a sizeable amount at the start of each month, the day I get paid.

Thank you for reading and appreciate the support.

Peace and Love!
:jDebt Free Date: 29/09/16:j
Follow my diary HERE
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Replies

  • Kitten868Kitten868 Forumite
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    I don't think this board is for one type of person. I think it's for anyone in debt. I think it's about training yourself into the right mindset to get out of the hole and not make the same mistakes again. So welcome.
    How long have you been 'off the rails'? The nastiest bit is how much longer it takes to pay back compared to how long it took to spend!
    Do you have any timelines or goals in mind? :)
    Loan 1 £5600/£8000
    Loan 2 £1400/£5800
    Total £6800/£13800 49% PAID
  • SpekySquareheadSpekySquarehead Forumite
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    Thank you.

    It started in June 2014 and you’re soo right, money is so easy to spend. As easy as handing over a card and entering a 4 digit number or card details online. It just got out of hand and I really hate myelf for it.

    I don’t have a set goal actually, good point. I’ll need to do some serious thinking about that to give me something to work to.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • Kitten868Kitten868 Forumite
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    Well mine is vague and impossible. £4K in 4 months. While on maternity leave haha I want all my credit cards and all but one of hubbys gone. I think it's more like £6k. But I like to over reach myself. It's hard to fail but it encourages me to try harder during and after. I don't cut myself any slack this way.
    It is better to be realistic with a real budget. Depends what suits you?
    Loan 1 £5600/£8000
    Loan 2 £1400/£5800
    Total £6800/£13800 49% PAID
  • SpekySquareheadSpekySquarehead Forumite
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    Photogenic Debt-free and Proud!
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    Over stretching is something I'm familiar with from work. I set myself a target, give it to my boss to approve and then they stretch it further, so I understand your logic. Might be one I should adopt in my personal life too actually. Thank you.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • SpekySquareheadSpekySquarehead Forumite
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    Photogenic Debt-free and Proud!
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    Today was a No Spend Day! Keep thinking about this little diary and it perks me up and helps motivate me. I feel good about this situation.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • SpekySquareheadSpekySquarehead Forumite
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    Photogenic Debt-free and Proud!
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    Just received an email from our receptionist to say that it's one of the girls in the office birthday this week, her 30th, and to give any contributions across by the end of this week. £10 I hadn't accounted for.

    My payday is the last day of this month which seems just ageeees away :(
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • Kitten868Kitten868 Forumite
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    £10 for a colleague! That's scandalous! Come your birthday you'll be able to clear your credit card if they all fork out like that!
    How much do you want to save up? X
    Loan 1 £5600/£8000
    Loan 2 £1400/£5800
    Total £6800/£13800 49% PAID
  • SpekySquareheadSpekySquarehead Forumite
    3K posts
    Photogenic Debt-free and Proud!
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    Kitten868 wrote: »
    £10 for a colleague! That's scandalous! Come your birthday you'll be able to clear your credit card if they all fork out like that!
    How much do you want to save up? X

    I know, it's been the 'standard' since I joined here last year.

    I am firstly desperate to clear this debt as a priority and thereafter I'd continue to put away as much as possible each month into a Help To Buy ISA.

    Reading the various threads on here, I am looking to make more of a lifestyle change that'll last, not just quick fix.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • SpekySquareheadSpekySquarehead Forumite
    3K posts
    Photogenic Debt-free and Proud!
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    Easter Sunday has been a date in my social calendar for years in which my friends and I always get together for a nice day/night out. Cost me £50, which in comparison to previous years is pretty good going.

    I've now got £20 left to do me until payday on Thursday which is fine as I've got a half tank of petrol and the cupboards and fridge are full.

    Desperate for payday to come to get that feel good feeling of paying off some of the debt, can't come quick enough.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
  • SpekySquareheadSpekySquarehead Forumite
    3K posts
    Photogenic Debt-free and Proud!
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    Checked my online banking and that £20 I thought I had was showing as my balance but my available money was £0.00 with no pending transactions! Not wanting to go into my unplanned overdraft I moved over £60 from my savings and now my available money is £18.00. Extremely confused and I keeping an eye on my account to see why this is and what is due to come off.

    Apart from that. Today will be a NSD as I brought my lunch in with me today and no costs tonight.

    Work - gym - chill. In that order. Check back tomorrow with details on how I've split my pay.
    :jDebt Free Date: 29/09/16:j
    Follow my diary HERE
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