My Mega Light Bulb Moment

LightBulbMoment

Hi Everybody,

I have been reading every bodies Diaries now for about three / four weeks and have found them to be an amazing read that has inspired me to join this site and produce my own diary so that I can reduce the amount of debt I have ended up with.

Having read a lot of your diaries it has given me the kick up the backside firstly to actually sit down and calculate the actual amount I owe.

Well it is £32,944.00.

Secondly, I really did not know what the interest rates where on the cards the amounts was on, I know it is shameful. So over the weekend I have looked at each account, established the interest rates on each one and have moved some about as on some of the account I had 0% BT.

So as a result some of the debt is on 0% which is a far better situation than what I was in last week.

I have also created an account on the snowballs site and put in all the figures. It has shown me:
a. which card I need to pay off first or
b. which card I need to transfer to a 0% card if I receive any more offers.

So I do feel like I have achieved something over the weekend.

I have decided that I need goals and aims as I feel this will keep me on the path to reducing this amount and eventually getting shot of it all together.

My goals for May are:

1. Keep my weekly shopping to under £70 a week, this is for 4 adults and two dogs. I want to do this as I feel that we do waste a lot of money on food that is going out of date and does not get used. I need to be more organised and make sure everything gets used in a healthy affordable way.

2. I have so much junk around the house, garage and shed. I am going to list at least five items each day on ebay in May and all the money made will go to pay off the credit card with the highest interest rate.

3. I am going to aim to do a car boot sale on Sunday if the weather is ok.

4. Pay £1000 a month that is including all minimum payment on the credit cards.

I know this is not going to be easy but I really hate being in the position and I just want it sorting out for good.

The really silly thing is I can honestly say I really do not know what the money was spent on.

Take care everybody

Light Bulb Moment

Makalu

Good luck.. sounds like a plan. I felt very motivated reading your post.

LightBulbMoment

Thank you so much.

It is scary but when I read all the other dairies what the other people have achieved is amazing and I just think if they can do it so can I.

So here I go.

BEAT_THE_DEBT

Hello and welcome sounds like you're determined and that goes a long way to sorting debt out x

LightBulbMoment

Hi

Thank you so much. I am very motivated to be honest, I just hope I can keep it up.

I do feel like I have more control over it now, which has come with the knowledge of amounts and interests rates.

I have been sorting out my bedroom today and have come across a bag with 280 US Dollars in it. So I dont know if I should go and exchange it back to pounds and pay it off the card with the highest interest rate.

Light Bulb Moment

27col

That is the saddest thing about so many posters on here. The fact that they often have absolutely no idea as what the money was used to buy.
Good luck with your efforts.

LightBulbMoment

Hi Everybody

Thank you all for your replies. It is really sad the fact that I am not alone in the fact that I do not know what we spent the money on. It really annoys me to be honest.

Well since yesterday, I have listed my five things on ebay, two have sold already which is great. Going to list another five today. So am keeping to that goal.

I have also started to go through our bank statements and see if I can reduce anything at all so that we can keep to paying £1000 a month of the credit cards. First one on my list was Sky. I phoned them last night and our monthly amount was £76. Wait for it. I said I wanted to cancel as it was too expensive so they have reduced it to £37 a month for 12 months for the same package we had. Result, I was well pleased with myself.

I think what this is showing me I had become lazy and very complacent about spending and money. So on to another day. Going to list more items on ebay and sort out the freezer as it is full to the brim so it needs organising so I can organise a food menu for this week and next week. So that I do not over spent on food shopping.

Take care everybody

Oh Could I ask something. I found 280 dollars in a draw upstairs would you advise to change them back to pounds and pay it off the credit card with the highest interest rate or just keep them. Thanks

natsplatnat

Hi LBM, you are going great guns!


re: the dollars - are you likely to need them? Also, the exchange rate has dropped quite a bit recently so if you did want to change them back to sterling I would watch the exchange rate for a while and see if it gets any better. Do you know anyone who could buy them off you (compromise on a rate so you both get a good deal?).

LightBulbMoment

Hi Thank you for your help. I think I have decided to go to the exchange and so what they offer me and go from there. If it is a really bad rate I am not going to bother and just leave them at home until somebody I know goes.

Well, me son loaned £850 off me a good while ago. Since then he has started work and has a really good job. He has purchased his car and does have a lot of money to do what he wants when he wants. So, last night I had the conversation of the loan and when he was thinking of repaying it;) He transferred £250 into my bank account and has agreed to pay £200 a month on pay day for the next three months. So another £250 in the bank so far.

I have a day off work today. Usually I would do some tidying up and then hit the shops. Not today I have done a little tidying up and have hit ebay. Up to now I have 51 items listed on my account. I am going to have some lunch and carry on. So lets hope some really nice people will come along and purchase all of my really nice stuff/ junk. Time will tell.

Hope everybody is having a really good productive day.

Take care

LBM

doingitanyway

Well done. Keep going.

LightBulbMoment

Good morning everybody,

Hi Doing it any way, that you for your support. I am going to go and have a look if you have a diary as I just love reading every bodies diaries they seem to give me a big push and motivate me so much.

Well I listed and listed and listed some more on ebay yesterday. Got up this morning and ten items have sold already so I feel like I am off to a good start. I have not worked out how much I have made yet but will do that later when they have been posted.

I am going to carry on and list my five things everyday for my May challenge.

I had to call into the supermarket yesterday but only purchased bread and milk and did resist the temptation to go down all the other isle as I knew I would buy stuff we really did not need.

I have decided that all the extra cash / saving that we are making will be divided 50% to be put in a savings account until we have an emergency fund of about three months worth of bills. The other 50% will be paid straight of the credit card with the highest interest rate.

I do feel a little exposed at the moment were money is concerned so feel this is a little comfort blanket for me.

I hope everybody has a really nice day today and dont spend to much money!

LBM