Small Steps Out Of Massive Debt!

GeorgianaCavendish

Bank Holiday today, not much planned except for chores and listing another few things on eBay. I sold one of the more expensive dresses that hadn’t been getting many clicks. I had been thinking about reducing the price this weekend so it just goes to show that it is worth being patient.

GeorgianaCavendish

The ongoing spring clean (aka Battle Against Clutter!) continues. Every time I think we've sorted out one area of the flat, it seems like the mess springs up somewhere else! It is slowly improving though ... and one advantage of the magical reappearing clutter is that I keep finding new things to list on ebay

Seasidegal58

The good thing is that you're getting some of your money back on the clutter! All the better to wing across to the debt!:j

Have a good weekend!
x

GeorgianaCavendish

Just checking in. Nothing much to report but getting closer to my next payday so looking forward to updating my spreadsheet. I've been doing really well with not obsessing over the figures every day, I'm trying to stay calm and stick to my plan.

I went clothes shopping last week to replace some worn out and (now) badly fitting clothes and get a new pair of shoes for work (old ones are falling apart!) and a pair of sandals. I feel quite anxious about the money spent on clothes, even though it was funded by my ebay sales. It is hard to allow myself to spend money on something that "feels" frivolous and draw a line under that. I'm not sure I like the feeling but I'm trying to sit with it. In the past I would have either paid everything towards a debt, and then had to spend on credit when the shoes fell apart, or I would have been sent into a shopping/spending frenzy and burned through all the money and then started using credit cards. This middle ground of spending some of my money and then holding on to the rest while I decide what to do feels like unchartered territory!

Seasidegal58

Even if you're in debt, I don't think spending on clothes is frivolous if you actually 'need' them rather than 'wanting' them. Here you spent out to replace old and worn clothes and funded the purchases via eBay sales and not by credit card. Clothes do form part of the four 'necessities' - shelter (mortgage or rent), food, heating/water (those utilities bills!), and clothes. The problem is that clothes are looked upon by many of us from a fashion/feel good point of view and buy too many which we don't need, hence fuelling debt problems for some.

I've just spent out on three pairs of identical loafers in different colours from M&S which may appear rather excessive after what I wrote above. Mind you I've not gone into debt for them, plus I find it extremely hard to find comfortable, stylish and well made loafers due to my peculiar feet problems!:eek: They are ideal for both work and play but I won't be buying any more until they wear out! They are oh so comfortable! The last pair I bought before these was half the price but ended up in the dress agency because they were so uncomfortable!

PositiveBalance

GeorgianaCavendish wrote: »

I went clothes shopping last week to replace some worn out and (now) badly fitting clothes and get a new pair of shoes for work (old ones are falling apart!) and a pair of sandals. I feel quite anxious about the money spent on clothes, even though it was funded by my ebay sales. It is hard to allow myself to spend money on something that "feels" frivolous and draw a line under that. I'm not sure I like the feeling but I'm trying to sit with it. In the past I would have either paid everything towards a debt, and then had to spend on credit when the shoes fell apart, or I would have been sent into a shopping/spending frenzy and burned through all the money and then started using credit cards. This middle ground of spending some of my money and then holding on to the rest while I decide what to do feels like unchartered territory!

Seasidegal58 wrote: »

Even if you're in debt, I don't think spending on clothes is frivolous if you actually 'need' them rather than 'wanting' them. Here you spent out to replace old and worn clothes and funded the purchases via eBay sales and not by credit card. Clothes do form part of the four 'necessities' - shelter (mortgage or rent), food, heating/water (those utilities bills!), and clothes. The problem is that clothes are looked upon by many of us from a fashion/feel good point of view and buy too many which we don't need, hence fuelling debt problems for some.

I've just spent out on three pairs of identical loafers in different colours from M&S which may appear rather excessive after what I wrote above. Mind you I've not gone into debt for them, plus I find it extremely hard to find comfortable, stylish and well made loafers due to my peculiar feet problems!:eek: They are ideal for both work and play but I won't be buying any more until they wear out! They are oh so comfortable! The last pair I bought before these was half the price but ended up in the dress agency because they were so uncomfortable!

Oh I understand both of these things!

I went shopping last night for some things that I *really* needed but now that I am much more financially aware, it makes me think twice about making those purchases as well, even though they are necessary! I got things I need at a really good price and I even had the money put to one side for them, but I find myself thinking about the purchases today an justifying them down the phone to my best friend. These purchases don't need justifying!

I also understand the desire to buy more than one of something when it is comfortable and does the job, particularly for an awkward body part. I have that same feeling about shoes as I have wide feet. I just bought a pair of new trainers (again, really needed) and they are comfortable, have all the features I want (a raised bit where the arch of the foot is) and they were on sale at £28 so I am REALLY tempted to go and buy another one for when these eventually die as the similar ones I was looking at were £90! :eek:


Honestly, there's a minimum standard we need to maintain for work/life/not getting arrested for going round naked so you do have to buy a certain amount just to get by. However, it is particularly easy to go overboard in the clothes department from 'acceptable levels' to 'this is gorgeous and fashionable and I want it NOW' and throwing it on a credit card.

Now we are so financially aware and are questioning where every penny is going, it can seem frivolous to be buying clothes, but if they are needed, they are needed.

On the up side, we are becoming more conscious consumers and probably making better choices about what we *need* as opposed to what we *want* and using our money more wisely than before. :cool:

GeorgianaCavendish

May 2019 Debt Total £25,788.52

STUDENT LOAN
£1,838.51 (5 repayments left) Student Loan website has updated with the latest figures and the interest has been calculated to 31 May 2019

PERSONAL LOAN
£3,029.92 (8 repayments left) Excited to get into the 2000s next month!

MBNA £4,981.81 Just squeaked under 5K this month! :T
£499.54 ~ 6.9% (expiring 1 Jul 2019 regular rate 23.9%)
£4,482.27 ~ 6.9% (expiring 2 Dec 2019 regular rate 23.9%)
It took ages for my statement to be uploaded this month, I think I might have to change the date I do my monthly updates

PAYPAL £1,320.00
£1,320.00 ~ 17.9%

BARCLAYCARD £6,063.80
£6,063.80 ~ 6.9% excited to get into the 5000s next month!

LLOYDS £3,506.60
£983.10 ~ 0% (expiring 16 Nov 2019 / regular rate 28.2%)
£1,493.50 ~ 0% (expiring 27 Dec 2019 / regular rate 28.2%)
£1,030.00 ~ 0% (expiring 29 Dec 2019 / regular rate 28.2%)

TESCO £775
£775.00 ~ 0% (expiring March 2020 / regular rate 34.9%)
I updated before my direct debit had been applied to this account, so I have an extra £25 reduction to report

HSBC £4,272.88
£2,009.08 ~ 0% (expiring 31 Apr 2021 / regular rate 22.9%)
£2,263.80 ~ 0% (expiring 29 Sep 2021 / regular rate 22.9%)

A few issues with slow statements this month so I've updated the figures here rather than do another breakdown on the same page. At least the issues were in my favour and I've paid off a little more than I had calculated

GeorgianaCavendish

Seasidegal58 wrote: »

Even if you're in debt, I don't think spending on clothes is frivolous if you actually 'need' them rather than 'wanting' them. Here you spent out to replace old and worn clothes and funded the purchases via eBay sales and not by credit card. Clothes do form part of the four 'necessities' - shelter (mortgage or rent), food, heating/water (those utilities bills!), and clothes. The problem is that clothes are looked upon by many of us from a fashion/feel good point of view and buy too many which we don't need, hence fuelling debt problems for some.

I've just spent out on three pairs of identical loafers in different colours from M&S which may appear rather excessive after what I wrote above. Mind you I've not gone into debt for them, plus I find it extremely hard to find comfortable, stylish and well made loafers due to my peculiar feet problems!:eek: They are ideal for both work and play but I won't be buying any more until they wear out! They are oh so comfortable! The last pair I bought before these was half the price but ended up in the dress agency because they were so uncomfortable!

Thank you SeasideGal! I have also been known to buy one in every colour when I find something that I really love

You've hit the nail on the head, spending on clothes has been one of the (many) factors that contributed to my debt so trying to find a way to be ok with buying clothes without repeating those excessive spending patterns is a bit of a head trip. I am trying to reconcile that spending that money on things was ok and that it is not coming at the expense of my debt free date.

PositiveBalance wrote: »

Oh I understand both of these things!

I went shopping last night for some things that I *really* needed but now that I am much more financially aware, it makes me think twice about making those purchases as well, even though they are necessary! I got things I need at a really good price and I even had the money put to one side for them, but I find myself thinking about the purchases today an justifying them down the phone to my best friend. These purchases don't need justifying!

I also understand the desire to buy more than one of something when it is comfortable and does the job, particularly for an awkward body part. I have that same feeling about shoes as I have wide feet. I just bought a pair of new trainers (again, really needed) and they are comfortable, have all the features I want (a raised bit where the arch of the foot is) and they were on sale at £28 so I am REALLY tempted to go and buy another one for when these eventually die as the similar ones I was looking at were £90! :eek:


Honestly, there's a minimum standard we need to maintain for work/life/not getting arrested for going round naked so you do have to buy a certain amount just to get by. However, it is particularly easy to go overboard in the clothes department from 'acceptable levels' to 'this is gorgeous and fashionable and I want it NOW' and throwing it on a credit card.

Now we are so financially aware and are questioning where every penny is going, it can seem frivolous to be buying clothes, but if they are needed, they are needed.

On the up side, we are becoming more conscious consumers and probably making better choices about what we *need* as opposed to what we *want* and using our money more wisely than before. :cool:

I think you are so right PositiveBalance, I am definitely a much more conscious and demanding shopper! I would previously take all the tags off as soon as I bought something, now I leave them on while I think about it for a few days and if I'm not sure then I take it back. I'm also much fussier about the quality of things I've bought and if I feel that something isn't right, I'll complain to customer services. I got a replacement for a dress that had seams coming down after a couple of wears and a refund for a top that faded & bobbled badly after the first wash. I would never have bothered with this in the past!
I've also been making use of cashback sites where I absolutely have to buy something, so at least I get a few pennies from that!

GeorgianaCavendish

Looking at my May debt totals, I think it is safe to say that my monthly repayment figures are stabilising and that going forward, I can expect the total debt to reduce by £1050-£1100 per month over the next 24 months.

I think that there will be fluctuations as I do need to take into account ending promotional rates on credit cards and potentially not being able to shift all these balances to another 0% deal, and I'm also taking into account the end of my loans and being able to put the money that goes towards those repayments towards my credit card debt. However, I'm generally happy with a DFD of 31 May 2021 and I'm trying not to over commit towards repayments now at the expense of my emergency fund and a sustainable quality of life.

GeorgianaCavendish

Just updated the figures in post #1098 ... all these slow statements have messed with my calculations, but at least it went in my favour and I had repaid a little bit more than I thought. I'm very happy to get the MBNA debt under 5K! :T