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I need a kick up the backside

Steve1963
Steve1963 Posts: 44 Forumite
in Debt-free wannabe
Some months ago I came on here, said I had had my lightbulb moment and was starting work on my £25000 credit card debt. Went OK for a couple of months but now I owe £31000 and have yet another credit card (6 in total). The cause of this "lapse"? I now own a shiney MGB and have just had a holiday in France. Worth it? God knows :confused:

So I have used the snowball calculator today and budgeted so my debts will be clear by November 2011 ( a year later than originally planned).

As my oldest son will be leaving school in 2011 I really would like to have some spare cash by then to support him through uni or whatever he chooses to do.

I thought I was so motivated last time. This debt free business is obviously not as easy as it looked. I'm sure I'm not the first to lapse but I'd be grateful for any tips on how to stay focussed.

Cheers

Steve

(Feel free to abuse me, I respond well to pain;) )
«1

Comments

  • blackangeluk
    blackangeluk Posts: 837 Forumite
    Hi Steve, consider yourself kicked!

    I think almost everyone on here will have fallen off, but I think the secret is to visit here daily and keep a spending diary. I noticed when I stayed away for a few days my spending habits were reverting to pre LBM and even if I just read, and didn't post, then it gave me the inspiration to keep going.

    You may surprise yourself that you can pay the debts off even sooner than you think with some ideas from here.

    No abuse I'm afraid :rolleyes:

    p.s. would your new LBM allow you to sell the MGB?
  • Steve1963
    Steve1963 Posts: 44 Forumite
    Selling the MGB would involve surgically removing my wife from it! But I guess it remains an option if our income doesn't keep up with the bills.

    Steve
  • Jacks_xxx
    Jacks_xxx Posts: 3,874 Forumite
    Consider your bottom well and truly booted sweetie-pie! :D


    Now you know you need to


    Get real...


    Get a plan in place...


    &

    Get that :eek: debt under control!


    So


    Get cracking (like a whip!) ;)


    Love Jacks xxx :D


    P.S. A full SOA asap please. :p
    Not everything that can be counted counts, and not everything that counts can be counted. Einstein
  • baxgttdi
    baxgttdi Posts: 388 Forumite
    lol, booted and whipped before 6am and all in pink heh
    LBM 2 - 27.05.09. Debt was £33224 + 1100:eek: OD.
    Car - was - [STRIKE]20867[/STRIKE] - now - Gone! :T Zopa - was [STRIKE]6800[/STRIKE] -now - Gone loan - was [STRIKE]1687 [/STRIKE]- now Gone! :T Student Loan - was [STRIKE]1850 [/STRIKE] - now gone!! - Barclay Card was -[STRIKE] £2000[/STRIKE] now - Gone OD - was 1100 - now - 900 :mad:
    Total - £0 :rotfl: + OD = 100% paid!!!
  • hypno06
    hypno06 Posts: 32,296 Forumite
    10,000 Posts Combo Breaker
    OK, so the lightbulb was one of those really cheap second hand ones, that had not much life in.

    Now you have got a new long life energy saver lightbulb that will keep shining brightly until 2011.

    My debt is planned to end the same time that my eldest does her GCSEs and I really really want to stick with this for the same reason - to be able to support her and her brother through further and higher education (if that is what they choose) so it is a great motivator.

    Print out the snowball calculator and challenge yourself to be ahead of the calculations!

    Join one of the many challenges on here - I am currently in the challenge to raise an additional £1000 in 4 months. There is always a similar thing running - you can use the additional cash to reduce the debt quicker or to pay for holiday/Christmas/fluffy dice for the car or whatever.

    and keep posting on here - the support here will get you through the tough times!
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
  • GettingThingsDone
    GettingThingsDone Posts: 1,341 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    MGB? why? :)
    Official DFW Nerd Club - Member no. 208 - Proud To Have Dealt With My Debts DEBT FREE DECEMBER 2008!!!
  • ltm07
    ltm07 Posts: 966 Forumite
    Chin up Steve. Don't know if your workplace does any type of savings plan that comes straight out of your wages. We have 2 10 year plans,one for ourselves & the other one for DD. A total of £6.92 comes out of my wages every week & by the time DD is 18 she should have a nice little nest egg to help set herself up for the future. As it comes straight out of my wages i don't realy miss it & if we put the same amount into a savings account for her we would have probably spent it all by now!
    Debt at LBM(July 1st 07)-£35,053.92 Debt on 1st Anniversary of LBM(July 1st 08)-£33,170.11 (31st January 09)-£32,318.73Paid off so far £2,735.19(7.8%) Average paid off p.m. £143.95 L/H supporter 115 DFD target February 2018 DFD March 2028. PAD(Started 28/12/08) £253.77 £10 a day Feb £110/£280 WEDDING Paid off £1,585.96 Saved Up £925.40
  • Spirit_2
    Spirit_2 Posts: 5,546 Forumite
    1,000 Posts Combo Breaker
    Kick.Kick.Kick

    Now do your SOA so that the wise people on here can help to trim your bills.
  • climbgirl
    climbgirl Posts: 1,504 Forumite
    Well and truly kicked! A good bit of unnecessary spending there.... :o

    If you're serious about becoming debt free you have to accept that it's going to take some sacrifices. Instead of thinking "I want a holiday to France, I'll just go and pay for it later" start saving for the holiday and pay in cash. A novel idea, I know! But you have to stop just buying things when you want them and start waiting until you have the money to pay for them. That holiday will cost you so much more than you paid by the time you pay all the interest on it....

    Start thinking about every single penny before you spend it. Only buy what you actually need, not what you want. Really question whether you need it or not. If you do, ask if you can afford it. If you can, find out if you can get it cheaper.

    Because you are in debt, every time you spend money you are effectively borrowing to spend (because you're spending money that could have been used to clear some debt). Thinking about that will really help you question whether you need to buy something or not.

    It's a damn hard thing to do and requires a lot of sacrifice and a change in attitude towards money. Good luck!
  • Jacks_xxx
    Jacks_xxx Posts: 3,874 Forumite
    baxgttdi wrote: »
    lol, booted and whipped before 6am and all in pink heh


    Hey...Start the day as you mean to go on - that's what I say! :p:o

    Love Jacks xxx :D
    Not everything that can be counted counts, and not everything that counts can be counted. Einstein
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