Not quite sure I'm ready for this?

loveis

Hi all,

I have for many years ignored just how bad I am with money.

I'm not expecting magically for money to fall in my lap. I am also realistic enough with myself to know I won't be able to cut back as well as most of you do.

I pay too much for rent but am loath to move until my BF is ready, (if ever) I over spend on payday and treat my overdraft as real money. This is not something I am proud of.

Since coming back to the site a few weeks ago, I have switched my credit card to a 0% interest card so am on my way to clearing that.

As of this morning, I have applied for 0% interest on an overdraft and a £0 fee account! That's over £45 saved in one hit.

My debts as they stand are

£1750 overdraft
£2866 credit card
£687.50 Npower
£100 BF
£90 o2

I have £1400 coming in each month so this should be doable pretty quickly if I am dedicated. The problem is Christmas. A holiday (flights covered by BF) in Feb and not being able to say no if someone says "wine?"

My only real outgoings are

Rent £650
Travel £150
Phone £36

I just cannot reign myself in so hopefully being here and being honest about it will help. It won't be pretty and there will be days where I'll need a thick skin to get through being told off when I already know better but I will try.

So here goes nothing.:hello:

Mrs_Hainsworth

I know how that feels - the OH and I got into so much debt for our wedding (after promising we wouldn't!) and we're both terrible at spending without really thinking about what we are spending or the debts we already have.

The fact you've posted on here and are looking to tackle those debts is a brilliant start. Best of luck!

natsplatnat

Hi Loveis....


Just a couple of points...


Does your rent include home bills like gas/elec/water etc?


Start a spending diary - see where your money goes. I found setting a budget and withdrawing a fixed amount for 'spends' each week worked (and still works) for me!


All the best - you can get this debt gone pretty quickly!! x

EssexHebridean

Suggestion. Get your bank statements and CC bills etc in one place, and add up every penny you've spent on fees and interest in the past 12 months. Then think about how long the situation has been going on for, and think about all the things that amount could have paid for, or indeed how good it would look in a savings account...That may well help with the motivation to reign in your spending.

What do the debts to O2 and NPower relate to? I'm assuming arrears on bills, and if that's the case then the first thing you need to do is put in place a proper budget, so you know where you stand. Once you have that, you know how much you *should* have as a surplus each month. Assuming that you don't currently have that amount then the next thing is a spending diary as Nat to keep track of where everything goes. Again it might prove useful for you to add up what you're spending in particular areas, if I remember rightly Martin has a "disincentiviser" took on the main site - worth having a play about with as it shows you what repeated habits can cost over a year. (Try a couple of glasses of wine, a couple of times a week, for a start... :eek:)

If those amount are arrears, then once you know your budget balances, you need to get everything onto Direct Debit so you KNOW the money will go out for it on the due date. I have a reminder set on my phone to read meters so I remember to do it, and submitting the readings online as soon as they are taken helps to keep your bills accurate.

Something I found really helpful when we started on the MSE path was to stop thinking of myself as being "bad with money" and starting to acknowledge myself as someone who could make my money work for me - that actually gave a real feeling of achievement and encourage me to keep going. It's not always easy - you WILL have times when you KICK yourself for forgetting something will be being paid out, but the great news is it does get easier!

loveis

Thanks all.

They are arrears but from my previous address, this rent does include gas/electric Internet etc

I have tried several times to start a spend diary but as with secret eaters I end up only writing the stuff I admit too so it's never honest. I hope being here means I'll be more honest with myself. First to go is my daily cup of coffee on the way to the office. I can have one at home it won't kill me. Lol

I will try to think of it more positively than as a person bad with money. I want to be able to enjoy life without feeling guilty about it.

Last night I bough wraps and sweet potato for dinner!(meat free day) and my bf has taken the left overs for lunch. This weekend won't be no spend as I have 2birthday celebrations to go to but I have enough in the cupboard I can make some meals for next week and start a real food plan... Eeek I'm not sure I'm excited or scared about all this!

Mrs_Hainsworth

Ditching the coffee is a good start - it must add up to £10-15 a week. I usually make coffee at home but sometimes I'll pop to Waitrose and get a free coffee (but you obviously need willpower not to spend!)

Enjoy the birthdays but try not to get drawn into buying rounds. If you're having dinner out ask if you can be excluded from a group bill - just say you are watching the pennies for Christmas, your friends shouldn't mind.

bellaboo86

Also if it is just drinks, alternate with soft drinks. Or, if you are like me have soft drinks until a certain time and then start drinking.

Bobarella

Good luck with it Loveis

loveis

thanks so much.
It turned out not to be too bad. a couple of bottles of wine, and the cost of splitting cooking a roast between 4. A good time was had. but quite cheaply.

I don't have lunch with me today though that's a problem. A homemade pie to look forward to for dinner so I won't need much. We don't have a toaster at work. Beans on toast would be brill.

Thanks for the support guys. It helps with ideas, and just knowing I'm not alone in the fight.

EssexHebridean

Good work on the budget night out! :T

The coffee you're giving up - yes, assuming a spend around £2.10 a cup then that's somewhere in the region of £500 a year if you do that most days. Makes you think, doesn't it! As Mrs H says the free Waitrose coffee with their loyalty card is a great idea if you have one nearby, but otherwise why not grab a cheap insulated travel mug and make a cup at home to take out with you?

Lunches - do you have a microwave at work? If so you could grab a bag of baking potatoes (usually £1 for 4 tatties?) a couple of tins of value beans and a bag of grated cheese and that would sort you out for 4 days? otherwise tinned soup can be had for 45p a can and that makes a really filling lunch!

loveis

Oh, you know, I never thought of a jacket spud EH! That's the plan for the rest of the week now. I went with soup and I did treat myself to a roll total of £1 though is much better than the near £5 I'd spend in the cafe or Pret normally if I forgot lunch.

Wow! £500 no wonder I'm always poor!