Say No to Credit Cards Diary

Say_No_to_Credit_Cards

Hi Everybody,

I am really nervous about joining this site and starting this diary. It is something that I have wanted to do now for months but have always made an excuse not to do it. Any way today is the day I start to sort myself out and say goodbye to the really high level of debt that I have.

I have read and read all the other diaries and found them all amazing to read and have been in ore of the struggles that people have overcome to reduce the total debt each month.

So her I go. My aims for this diary are:
Post every day as I feel it will keep me accountable.
Join some of the challenges which will keep me motivated
Listen to anybody that wants to offer me any advice that will help me on my way.
Account for every penny that I spend, do I need it and can I afford it will be my new thing from now on.


This is the really hard part now. My total debt today is £38864.00 all on 4 different credit cards. I cannot believe I have said that as I have never mentioned this to anybody before and nobody else knows about it apart from me.

I will give you all a very brief out line of my life just to create a picture as I do feel it is easier for people to help. I am married with two grown up kids at home. Both hubby and myself work full time. We have totally separate bank accounts. No mortgage as the house is paid for.

The crazy thing about that figure I do not know what the money was used for which drives me out of my mind.

My challenge for today was to write this post so that I can become accountable for that amount, which I have done for the world to see.

I am going to use this diary to set myself challenges week by week, which will help me to reduce the terrible debt figure.

Challenges for this week are:
Complete a SOA and post on diary. Done
Complete a budget as I really do not have one. Done
Open another saving bank account as I really need to start a rainy day fund so I do not use those cards again. Done
Do a weekly food menu for next week so I can start to reduce the food bill. Done

Challenges for May / June
Reduce the food bill
Reduce my petrol bill
Start to de-clutter the house and sell all stuff on ebay / car boot sales to generate some extra cash.
See if I can reduce any of my DD phone, gas, electricity etc.
Do a spreadsheet for a budget so I can see what I am spending all my money on.

Most of the CC debt is on interest free or very low interest rates so there is no movement there at the moment. This is one sensible thing I have done recently.

Feel free to offer me any advice you feel may help because I feel like I am ready for this and today is the start of the rest of my life that this debt is reduced and I can wave goodbye to each of the four cards that are always in the back of my mind.

Sorry to go on but I am one of those people that if it is on a list I generally do it so from now on this diary is going to be my list.

Take care Say No to Credit Card Debt

Say_No_to_Credit_Cards

I felt so nervous abut pressing that submit button then, but I have done it now, and I feel so much better that I am now on the road to sorting this out.

Say No to Credit Cards

JWPopps

Hi,

It's a terrifying first step but I'm sure you'll do great! The SOA is always a really helpful thing to do, and these boards are so supportive!!

-JW

Say_No_to_Credit_Cards

Thank you for your reply. I am going to do this, reading everybodies diaries has given me some strength to help sort myself out.

I have put together a SOA.

Income 1350

Outgoings

Gas / Electric 124
Water 87
food 300
Petrol 70
House insurance 15.75
Car Insurance 27.10
TV Licence 13.00
Gym 20.00
Hair Cuts 60.00

Total 716.85
Total Left 633.15

My minimum payments on all my C/C 528.00

Total left over 105.15

This is what I am responsible for paying in the house. All car maint and Mot's is left for my hubby. I have decided looking at these figures I am going to make my husband start paying for birthdays and Christmas from now on because I really cannot afford it looking at these figures. If we go out hubby always pays so I have not put anything in this budget for entertainment and this is the reason why.

I have put the minimum payment that was last months minimum payment for the credit cards. I know this will start to come down but I am going to always pay this amount plus hopefully some extra each month.

One more job done, on to the next one now.

Say No to Credit Cards

enthusiasticsaver

I am guessing that the amount has crept up over the years as your income is not that high so after paying the costs you have put there in your basic soa you only have around £100 spare to cover clothes, mobile phone?, car maintenance and presents and other odds and sods. As you are paying 40% of your salary on debt repayments that is inevitably reducing your disposable income.

First, well done on getting the cards at 0% and if you can keep it that way then this will help. Even with low or 0% interest though it will take you more than 6 years to clear it so it is crucial you sort this out now. How old are you and do you have any pension?

I think saving an emergency fund is a good idea although I guess maybe your DH steps in if anything needs to be repaired or replaced urgently? If you have no mortgage and you pay for food and gas and electricity, water and insurances what does your DH pay for? Are you sure it is an equitable split of bills especially if your DH earns more than you?

I would reduce the food spend to £200 or £250 and shop at Lidls or Aldis and maybe cut back to essentials only and let your DH pay for some of it. Your haircuts are definitely way too expensive. I go to a relatively expensive hairdresser and pay £40 every 6 weeks and have highlights done 3 times a year but it does not come to £60 per month. Can you go to a local college and get it done cheaply there?

enthusiasticsaver

The water bill is very high and we live in the south west where it is the most expensive in the country and only pay £59 a month and that is for 2 adults. Are you on a meter? Same with gas and electric. Are you shopping around to find cheaper suppliers?

Say_No_to_Credit_Cards

Good Morning Everybody,

enthusiasticsaver - Thank you so much for posting on my diary, it really is appreciated because I really do need all the help I can get. I am 48. Pension wise my DH has set up a joint pension and he pays into this and has done for a long time as well as his works one. So that side of my life is very well covered.

I would like my own emergency fund to use if I really really did need it. Again HD has a good emergency fund for us to use for anything of £4000 in a accessible savings account.

As for the shopping bill we have four adults and two dogs living in the house. I do know I can reduce it as there is waste in the house and this is one of the first things I intend to sort out. I think with careful planning I could reduce this by £15 / £20 a week. I was thinking of taking £240 out of the bank on the 1st June and having it in a sort of kitty in the kitchen for food for the month. This way I know exactly were I am and I don't think I will spend as much. If anybody has found this works please let me know.

The water in this house is not on a meter and that is how much it is a month. It really would not be worth getting a meter as we live in a big three bed house with four adults. I think I would look into a water meter when the kids have moved out but not before.

I changed Gas/Electric supplier about two months ago to a far better deal than we were originally on, so that has already been done.

As for the cost hair cuts. At the moment I tend to pay for my sons hair to be cut as well as mine. He is at Uni at the moment and it is something that I have always done. He is going into his final year in October so after that this amount will reduce when he finishes and gets a job.

Today I am going to do a menu for the week so when I go shopping I do not over spend. I have set aside £60 for the week. £15 each does not seem much for a week, so I am going to have to find some bargains. Let the challenge begin. Any good healthy ideas really would not go a miss.

Oh also before I go to work I am going to join the payment a day thread and have decided to pay all the odd amounts out of my bank account each day of CC1.

Any way I am off to work have a great day everybody

jwil

Good luck.

My (rated) water bill is the same as yours, it's crazy high

lindez

Good luck with say no to credit cards your diary, I am sure there will be lots of help and ideas to support you. I only joined the forum a few months ago, so I am reading diary's for inspiration and support for myself. I to have joined the pad challenge.

Say_No_to_Credit_Cards

Hi Everybody,

Well Saturday came around very fast this week, which is great.

lindez - It is so nice you dropped by. I am just sat having a cup of coffee so will go and have a look for your diary, as you may give me some ideas. We all need to help each other along.

jwil - Thank you for dropping by. Water rates are a total pain. However, it really would not be worth us going onto a water meter as there is four adults in the house. Maybe one day.

Well yesterday I done a meal plan for the week. This is something I have never done before so I felt quite organised for once. I went to the supermarket and only bought what was on the list which really is not like me at all. I am going to start the food budget from 1st June and have set it at £240 for the month.

Another thing I have done over the last few days is start sorting out all the stuff that we no longer use or have a need for. Each day I am trying to put at least 5 items on ebay. Up to now I have sold four things with a total profit after fees and postage of £32.48 which I am more than happy with.

This has got me thinking and I have got a target for each month to earn an extra £200 per month from ebay, car boot sales, overtime at work. I will then use this money to make an overpayment each month. So let the challenge begin. It will clear all the stuff out the house we dont use and generate some cash, a win wind situation.

So today and tomorrow I am sorting out the garage and hope to go to the car book sale on Monday, weather permitting.

Any way must dash as I have a garage to sort out.

Take care

lindez

Say_No_to_Credit_Cards wrote: »

Hi Everybody,

Well Saturday came around very fast this week, which is great.

lindez - It is so nice you dropped by. I am just sat having a cup of coffee so will go and have a look for your diary, as you may give me some ideas. We all need to help each other along.

jwil - Thank you for dropping by. Water rates are a total pain. However, it really would not be worth us going onto a water meter as there is four adults in the house. Maybe one day.

Well yesterday I done a meal plan for the week. This is something I have never done before so I felt quite organised for once. I went to the supermarket and only bought what was on the list which really is not like me at all. I am going to start the food budget from 1st June and have set it at £240 for the month.

Another thing I have done over the last few days is start sorting out all the stuff that we no longer use or have a need for. Each day I am trying to put at least 5 items on ebay. Up to now I have sold four things with a total profit after fees and postage of £32.48 which I am more than happy with.

This has got me thinking and I have got a target for each month to earn an extra £200 per month from ebay, car boot sales, overtime at work. I will then use this money to make an overpayment each month. So let the challenge begin. It will clear all the stuff out the house we dont use and generate some cash, a win wind situation.

So today and tomorrow I am sorting out the garage and hope to go to the car book sale on Monday, weather permitting.

Any way must dash as I have a garage to sort out.

Take care

Hi say no to credit cards, I have not plucked up the courage yet to start a diary, though hopefully one day I will. I am reading diary's for inspiration and helpful ideas. Well done on your ebay sales x