2018 I WILL be debt free!

fatrab

Don't beat yourself up. You are heading in the right direction.


Reduce your overdraft each time you get paid. It doesn't matter if you reduce it by £50 or £500 but make sure you reduce it.


Don't expect this to be sorted out overnight. Think of it like gaining weight and then having to lose it again. The weight doesn't just appear there one day, it builds up over years of bad eating habits and lack of exercise. You lose it over time by eating healthily and focusing your energy in the right areas.


Baby steps. Small things make a big difference over time.

Debtnomoreplease

Day 5-5/518. Feeling a lot more positive today-yesterday was awful, but probably due to lack of sleep! I totally need my sleep!

I'd like to thank those who have taken thine out to write on my post and continue to encourage and not judge-much appreciated.

Been for a walk today, so more than I've done in the last couple of day, and was nice to get some fresh air.

£50 spent-ugh, but needed petrol and a small shop of bread, milk etc. Hoping for a another NSD tomorrow.

Back work next week, so need to plan this weekend-food, lunches etc. No spending at lunches and popping to the local bakery etc! That few pounds a day certainly adds up-quickly!!

I'm going to make sure I write in here every day, as it keeps me in check.

I've ready some more diaries today and I love reading people debt coming down-can't wait for my updates at the end of the month!

enthusiasticsaver

Making better choices is how you get your finances fixed. Think about what you are buying and whether you need it or want it. Hopefully the wish to get out of debt will be worth the short term pain of foregoing the expensive coffees etc until you have repaid the overdraft/ cards.

enthusiasticsaver

The good news is that this is easily fixed. £700 per month should see you debt free this year but I would pay £50 to each of the credit cards monthly and £600 off the overdraft. Try not to think of that £2500 overdraft as your money. It isn’t. If you can reduce the balance to less than £2k overdrawn in January just before you get paid then reduce the limit. Same goes for Feb, reduce the limit as you go so you are not tempted to spend. That £60 bank charge would be better spent as one months debt repayment on a credit card or coffees once it is paid off.

Debtnomoreplease

Day 6-6/1/18. NSD so far-need to keep it that way!

Been for a walk this morning to try and clear head, just money going around my head-constantly! I'm reminding myself that it didn't get into debt over night, so know this is going tit ale some serious graft and dedication. I had a concert ticket for a local gig at the end of the month, but now decided I'm not going to go, as it will just be more expense when I'm there. The ticket was £27, but a friend has said she will buy it off me, so that will be £27 back and dread to think how much is of spent there. I can't expect to treat myself whilst I'm in this mess, so need to be strict. If i 100% focus and get as many shifts as I can, I should be debt free by summer-at least!

Main focus-overdraft, need to smash this to pieces and never ever go back there!

Still continuing to read diaries on here, which I'm finding hugely inspirational-and it's stopping me going out and spending money-bonus!

fatrab

It's good that you're focusing on the situation now. You can see where you are heading. You've just entered the tunnel but there is light at the end.


I used to live in my overdraft constantly. I was £3000 in the red just before payday every single month.


I now have an emergency fund of £840, no overdraft and a plan in place that should see me debt and mortgage free before I'm 50. Hopefully before I'm 48 if everything goes to plan.


Do yourself one favour. Set a target and when you hit that target then treat yourself. Maybe say when you've reduced the overdraft to £1000 that you'll go to a gig again or book a night away somewhere. You still need to live and have something to look forward to.

enthusiasticsaver

Well done on selling the ticket. As you say it would have been more expenses, travel, food out etc etc. Once you are debt free have a monthly entertainment budget for things like that. Good choice.

Debtnomoreplease

Thank you fatrab. Your post has boosted me this afternoon. Knowing that you've cleared £3000 from living in your overdraft like me, and to have such great savings-amazing!! Well done, must be a huge relief!

Thank you enthusiastic saver, I know I'll be gutted on the night, but it's simple I can't afford. Therefore, sacrifices have to be made and I know once I'd got there, all common sense money wise would of gone out of the window. I'd of woken up the morning after regretting all the money is spent, so defiantly the best decision.

Day 7-7/7/18. I spent £2, needed some pasta and sauce for this week. Back to work, so lunches need to be made everyday. I find pasta Abit boring, but it's cheaper than sandwiches and buying sandwich stuff etc. So that will do me the week. I've got porridge in already, so that's breakfast sorted. Just need to plan teas, as this is a quick downfall when I can't be bothered to cook after work. Will see what's in the freezer etc and get organised. Meal plan I think.

As lovely as its been to be off work, it'll be nice to get back into a focused routine and the busier I am, the quicker the weeks go which mean quicker pay days and more paid off debt. :-)

Reminding myself several times a day- stay positive, it's fixable and can't be made right. This time next year, I will be debt free with great savings-I have to be, as the energy and effort it takes being in debt is not at all an experience I want to gain again-ever!
Early night needed, ready for a productive week ahead!

Tahlullah

I think you are doing great. You had your light bulb moment, set about paying down your debt and when advised to take a different path regarding the overdraft, you listened. All of this points towards success. The only downside is that success is not instantaneous. You will get there but it can be a long road travelled.

This is why I do agree with the suggestion that you should book small celebrations into your life / time-frame / schedule. Even if its go for a nice coffee once a week to keep you sane and on track.

One thing you will have noticed in reading the diaries, is how the self inflicted austerity can be so damaging. So the advice to treat yourself isn't a flippant one. Try to look at your weekly spending and saving goal and see if you need to do something weekly, fortnightly or monthly. Just do something' or when you fall off the wagon, you will fall hard.

Tx

fatrab

Wiping out my overdraft was as good a feeling as paying off my credit card will be next month I hope!

Tahlullah has explained what I meant about little treats now and again way better than I did

If you have a slow cooker, or can borrow one, they're great for easy cheap meals that cook themselves while you're at work. Just make enough for 3 or 4 portions and you're sorted. Google is your friend for recipies