Debt Free Wannabe - The Struggle is real!

steveo1982

Hello all,

Firstly my name is Steve and I am a debt free wannabe.

I have always struggled when it comes to money. I spend more than I earn which has led to many sleepless nights. I seem to be incapable of saving money. I wont wait for the things I want and use credit cards, loans and finance to get them sooner.

This has led me to now needing help as after 16 years of this I have said enough is enough. I can no longer be reckless with money as I now have a family to consider.

My goal is to have a single debt of only the mortgage and that is it.

Currently I owe the following:

£1000 overdraft with RBS.
£8100 personal loan with RBS. (This has been refinanced multiple times and a 3 year loan has turned in to over a 5 year loan).
£5700 on a Barclaycard credit card.

I have been in my overdraft since I was 18 and I now think enough is enough. My loan also has 22 months left to run.

I have been a long time reader on the forums and never posted until recently. I appreciate and welcome all advice and will gladly accept personal messages of advice from people in relation to my quest to be debt free.

Thanks for reading and see you on the forums.

Steve

redpete

steveo1982 wrote: »

I can no longer be reckless with money as I now have a family to consider.

Take this seriously - every time you want to spend on something you don't need think about what you are taking away from your family by spending.

BEAT_THE_DEBT

Hello and welcome

ratrace

Hi Mate welcome, as you have been a reader on these threads I would suggest to start by doing a Soa, this will enable you and us to see where you could cut your spending back and identify areas that need addresing

Its really great you taken the first step by coming on here and asking for help good luck

eskbanker

steveo1982 wrote: »

I have been a long time reader on the forums and never posted until recently. I appreciate and welcome all advice and will gladly accept personal messages of advice from people in relation to my quest to be debt free.

That's not really true though, is it - you posted on this board nearly two and a half years ago when your debts were way smaller, what did you do with all the advice you were given then? Sorry if that sounds harsh but you need to think about what would make it any different this time round....

steveo1982

eskbanker wrote: »

That's not really true though, is it - you posted on this board nearly two and a half years ago when your debts were way smaller, what did you do with all the advice you were given then? Sorry if that sounds harsh but you need to think about what would make it any different this time round....

It had been that long since I even visited the site that I had forgot I posted that. Thank you for reminding me of this.

Since I posted that message I have had two children. Wife went on maternity leave and as a result of stat mat pay drop ended up using the credit card far more than I intended to do hence why I am now back on here looking for help and advice on how to get rid of this and other debts.

I have learned the error of my ways when it comes to spending and I am fully committed to clearing my debts. We will not be having any more children so the issue of family income dropping due to stat mat pay will no longer be an issue.

Yes I admit that I have been stupid when it comes to money, Yes I admit that I worry about an amount of debt that pales in comparison to a lot of other people on here but I have set my goals and will not stop till I reach them.

I am sure there have been plenty of other people in the same position as me who have succeeded. I don`t mind the harsh criticism and I accept it as it helps me to "wake up and smell the coffee" and realise the error of my ways. I just want to be on here in a few years time being able to say I did it and give hope to on here.

ratrace

steveo1982 wrote: »

It had been that long since I even visited the site that I had forgot I posted that. Thank you for reminding me of this.

Since I posted that message I have had two children. Wife went on maternity leave and as a result of stat mat pay drop ended up using the credit card far more than I intended to do hence why I am now back on here looking for help and advice on how to get rid of this and other debts.

I have learned the error of my ways when it comes to spending and I am fully committed to clearing my debts. We will not be having any more children so the issue of family income dropping due to stat mat pay will no longer be an issue.

Yes I admit that I have been stupid when it comes to money, Yes I admit that I worry about an amount of debt that pales in comparison to a lot of other people on here but I have set my goals and will not stop till I reach them.

I am sure there have been plenty of other people in the same position as me who have succeeded. I don`t mind the harsh criticism and I accept it as it helps me to "wake up and smell the coffee" and realise the error of my ways. I just want to be on here in a few years time being able to say I did it and give hope to on here.

Mate you dont have to justify yourself to nobody, we all have times in our lives when things change and that unforfunately puts a strain on the budget.

Your debt is your debt it dosent matter how big or small it is, if its effecting your and your family's life then its a problem that needs to be tackled, and lets be honest no ones going to pay it off for you except you.

Thats why i said in my last post you should do an soa to see where you can cut back, we are all on here because at some point we have or still are in debt, so your not alone

[Deleted User]

eskbanker wrote: »

That's not really true though, is it - you posted on this board nearly two and a half years ago when your debts were way smaller, what did you do with all the advice you were given then? Sorry if that sounds harsh but you need to think about what would make it any different this time round....

Wow - harsh!

[Deleted User]

Hey Steve,

I am in the same boat as you minus the mortgage.

I have been spending way over my means since I first got credit at the age of 18, always been trying to pay it off but always get distracted from it & end up in a worse state debt wise than what I was originally.

I have started probably about 3 or 4 DFW diaries & I am determined that the one I am on now will be the last.

At the end of the day we both need to realise it is not good to be living the way we are is it? Do we really need the things we are spending all this cash on? I know the answer for me is no!

It is just so hard to change habits of a lifetime, well I think it is for me anyway.

I am used to just buying what I want when I want it with no thought as to how much is this actually going to cost me in the long run, all of those bargains that I got have probably cost me double or even triple the original cost by the time all that interest is added.

I am sure we will get there!

Anyway good luck, will subscribe to see how you get on.

Dxxx

steveo1982

ratrace wrote: »

Mate you dont have to justify yourself to nobody, we all have times in our lives when things change and that unforfunately puts a strain on the budget.

Your debt is your debt it dosent matter how big or small it is, if its effecting your and your family's life then its a problem that needs to be tackled, and lets be honest no ones going to pay it off for you except you.

Thats why i said in my last post you should do an soa to see where you can cut back, we are all on here because at some point we have or still are in debt, so your not alone

I am working on my SOA at the minute and will get that up as soon as I can.

I know deep down the debt will go. I just got to a point that I was stressed / worried and felt the need to speak to someone who is in the same boat as me.

steveo1982

Deleted_User wrote: »

Hey Steve,

I am in the same boat as you minus the mortgage.

I have been spending way over my means since I first got credit at the age of 18, always been trying to pay it off but always get distracted from it & end up in a worse state debt wise than what I was originally.

I have started probably about 3 or 4 DFW diaries & I am determined that the one I am on now will be the last.

At the end of the day we both need to realise it is not good to be living the way we are is it? Do we really need the things we are spending all this cash on? I know the answer for me is no!

It is just so hard to change habits of a lifetime, well I think it is for me anyway.

I am used to just buying what I want when I want it with no thought as to how much is this actually going to cost me in the long run, all of those bargains that I got have probably cost me double or even triple the original cost by the time all that interest is added.

I am sure we will get there!

Anyway good luck, will subscribe to see how you get on.

Dxxx

Thanks Dolly.

I just need to be strict with my spending and as disciplined as I can be when it comes to money. A lot of the debt has been "need" as it was for food, petrol etc and very little "want". In the past when I was young free and single I could spend what I wanted, when I wanted and not answer to anyone. Now I have a family it changes your perspective on life and that you want to give them everything you can.

I know it is an uphill struggle and small changes will make a big difference but we will all get there. I will subscribe to your diary as well so best of luck to both of us.