Nearly at 20k mark - need to keep focused

autumn2012_2

Im nearly at the 20k mark (down for 26k). We have been paying things off and down over the last 18m and we were doing good however this last month I have lost sight of my goals and started spending again. I know its ridiculous but Iv bought a patio set, new kettle and toaster and a holiday just this month. Iv started eating out alot also which is alot of money when added up. Should I start putting money away in a savings account and pay off a lump sum or pay small amounts off so I dont spend?

MiMi66

What was working well for you to pay off £6000? Try to get that habit back and draw a line under the spending frenzy. I've experienced that too and now reaping the impact. All I can offer is that it's like falling off the wagon and you have to get back on without too much guilt (pointless and miserable making) pay something today. Even if it's just £5, off your debt and grab the debt with both hands, look it in the eye and stay focused!!
Good wishes��

Bobarella

Is there any chance at all that you are self sabotaging? Apparently some people do it when things seem to be going really well...

LuckyPenny

I don't think a savings account is a good idea - you may just go on a spurge. I think it's a bit like being on diet, you have to have little treats along the way or you'll fall off the wagon. Have you been too frugal?

Agree with Mimi66 dust yourself off and do what you were doing before.

crazy_cat_lady

I've just had a couple of weeks where I've gone a bit insane (for me) with my money. Stress makes me spend. I can't be bothered with cooking so start getting takeaways etc, then 'treat' myself to more wool, like I need more to add to my stash of 200... As others have said, don't beat yourself up, just move on and start again.

mrskingandthescarecrow

Hello, try setting yourself an annual goal to reduce your debt balance by X amount. Then as long as you're on track to meet this goal, you know that you can allow yourself to spend on other things guilt free.


I also look for cheaper ways to do things, such as holidays. We went without whilst our debts were at the highest. Now they are much lower, I still can't bring myself to spend thousands on a foreign holiday because it would undo our hard work. Last year we took the kids camping and thoroughly enjoyed it. It cost a fraction of a beach holiday and we had the money in the bank to pay it so there were no feelings of guilt.

autumn2012_2

Thanks guys! Iv been off this for a few days due to work. I have been too frugal I suspect. I never buy myself anything, even the kids get most of their things second hand as I really want this debt cleared within 30 months! Iv been under abit of stress lately with hubbys work - he has a new area manager and safe to say they dont get along so I have taken my eye of the ball abit. Takeaways are a big part of this. I have a slow cooker which I was using for ages (me and hubby work alternate shifts) which helped as I could get mine when I get in from work but lately I havent used it and Iv been ordering takeaway alot! Also we have gone out for a ridiculous amount of meals this month - in fact 1 day we ate out all day and it came to over £100 just for the day! I need to start budgeting again!

yasmin2

Think you need to allow yourself little treats.. First time around, I cut back on everything and then found that I would go and have a massive splurge... undoing the good work that I had done.. Now, I allow myself small treats in my budget and don't feel guilty about it. Yes, it might mean that my debt-free date is a little delayed but I don't feel like I am depriving myself and still focussing on the debt. It's a little weird but as soon as I allowed myself money for treats in my budget, I find that I don't always spend my money..

enjoyyourshoes

Calculate the monthly equivalent of your annual target.

Set up DD to meet this requirement, directly into the creditors account is best.

Do a pictorial of the debt, keep in prominent place and colour in/score off, each month you have 'paid off' an amount.

Try 30,30, 30

30 seconds a day....Reconcile you bank account with all of todays purchases etc (don't forget at start month to account for all monthly SO/DD (and the annual accrual- below)

30 mins a year... cash flow to identify all annual,1/2 & 1/4ly bills, calculate the amount you need to accrue to meet these obligations. Deduct this off you monthly bank reconciliation and put in high interest account.

30 mins per month. Review you financial position including renegotiation of any contracts/utilities/insurances (use MSE web to give you tips) theses should be identified clearly in your diary to prompt activity.

Keep on top pf the finances and challenge all your expenditure, the £1 can only be spent once ! (either on more debt with meals out or debt reduction!)

HelleBelle

I was gonna say Budgeting but you already said it. budget yourself a takeaway/eating out amount every month so you can indulge without guilt but in a more controlled manner.
Don't beat yourself up. Pick yourself up, dust yourself down, sit down and budget. You can do this. xx

andyfromotley

At the beginning of the month when you do your budget send every spare penny to your debt. You wont then have the finds to go on a splurge.

You have been doing great but you cannot keep letting this slip. £100 on eating out in one day will sabotage all of your plans if you keep repeating this.

I listen to dave ramsey podcasts every day which gives me motivation. read Mr money mustache and living stingy.