way of life change

Caspercat84 · 22 January 2017 at 8:47PM

HELLO EVERYONE!

I have been looking on this site and forum for well over 12 months but finally decided to join the forum and get involved in the money saving/debt clearance talk!
Im 32 and have been in debt since I was 18. Old habits die hard and I have a horrible cycle of paying off debt with more debt whilst simultaneously running up even more debt. A never ending cycle and I worked out over the years I have probably spent and paid back well over £40k. A truly scary figure.

Ive started to address the reasons behind my constant spending and living well beyond on my means and this year has heralded a bit of a change of mindset. I know it wont be instant and I will struggle but I have got my finances in check and what is more important is I have removed temptation by cancelling all credit facilities (overdraft and any useable credit cards or store/catalogue facilities). I have a balance on a credit card with 0% for 39 months, and I burnt the pin letter so I don't know it, haven't entered it online anywhere, and I gave my mother the card (trust me getting that back from her would be banishment from my family). I am lucky in the fact that I have not severely damaged my credit rating over the years, having very understanding parents who have paid it for me and I have paid them back, but being a secretive and sneaky person and spending more.

I managed to purchase a house last year, something which I do not want to lose and has made me feel very accomplished and privileged to get (I was gifted the deposit from my father). So I have got all my debt on 0% (through a combination of credit card from myself, my mum and money owed to her) and am paying them back at a rate of £700 per month or more and working it out I could pay it all back within 3-4 years (currently have a total of £30k of debt between money I owe parents and my own creditors)

I have embraced frugal living finding it a welcome challenge making things stretch and I am realising how wasteful I have been which is shameful really when there are people living in genuine poverty. so I am going to make this the year I sell all the stuff I don't need, NOT replace it with more, appreciate what I have and USE IT!! whilst also making my money stretch a far as I can. I intend to try and get a little saving pot, mainly a buffer for any emergency bills rather than keep relying on my parents, and show more financial independence.

I look forwarded to reading and chatting about your tips, and inspirational stories.