Fixing Today for a Brighter Tomorrow!

SavingAFuture

I've been in debt for the entirety of my adult life, through student loans, overdraft and then credit cards… There is no real reason for it other than living a lifestyle outside of my means and being overly generous with my friends and family. I love to treat other people to meals, days out etc. Particularly my partner who doesn't earn as much as me. I don’t want to disappoint.

It's not all bad though - in the midst of this we have managed to buy a flat where we live together with a reasonable monthly mortgage payment. Last summer we got engaged (woohoo) in New York (where I took my partner on holiday for his 30th birthday - a trip I could not afford).

I came back home with grand wedding dreams and realised if I had even a chance of making this a reality, I would need to seriously knuckle down and sort out my finances.

My total credit card debt was as follows:

CC1 £2120.60
CC2 £3329.99
TOTAL - £5360.59

In the past year I have made great inroads into this balance - mainly through careful budgeting, although I have had a small pay rise and used my annual bonus to clear CC1. That was an amazing feeling.

The balance as of today:

CC2 £2035 on a 0%

My wedding is in June of 2019 so I have one year to clear this balance. It is totally achievable but the reason for starting this diary is that as I get closer to my goal, instead of feeling more motivated, I'm beginning to flag. I've completed one year of living frugally and saving every penny - it starts to get a bit wearing. I am tired of giving away MY money today for things that I did or ate or used 2 years ago. I have to constantly remind myself how depressing that is so I never get in this situation again.

I went through my credit card statements line by line so I can see exactly what I'm still paying for.
It's painful! But in 12 months time I can't wait to proudly announce I am DEBT FREE.

Any advice you can give to keep me on this path would be massively appreciated.

Best Wishes,
SaF x

Working_Mum

This is all part of growing up and maturing I am afraid SaF - staying motivated loooooong after the initial buzz has worn off!

You should be proud you have got this far and in a great timescale! You know you can do this!!

There is a weekly thread in the Debt Free Wannabee forum which details what frugal things everyone is doing - that is quite motivational.

Have you made a "100 square" and split your outstanding debt into 100 chunks and used it to chart every 1% you pay off - I did this for a pesky HoF balance and found it v motivational!

Have you pulled the reins so tight that you have no fun/splash money to fritter away completely guilt free?? I have a few quid stashed away for when I feel "blergh" and need a little pick me up/coffee/cake type stuff!

I would suggest keeping reading threads here - keep counting your blessings and you'll smash the debt in good time for your wedding!!

Just think how awesome it'll feel starting married life debt free and with savings on the horizon because you're not funding debt or paying for a wedding!!

Keep on trucking!!

Starmummy

I've found my diary the only thing that has kept me in check. I'm also with you on how depressing it is to see your money disappear to pay for something that was enjoyed so long ago you can't remember it.

Congratulations on the engagement, I love a wedding and June is such a beautiful time of year for it.

Take care
SM

pidge04

You have done well so far!
Not too long to go now and think about what it is going to be like to be debt free!!

SavingAFuture

Thanks for dropping by guys! It's so nice not to feel alone.

Working Mum - I have set myself up with a "100 square". Such a fab idea. I'm quite a visual person so seeing that fill up will help keep me on track. I can be super stubborn when I want to be!
I think I'll also take your tip about popping a few pounds away for those days where you just need a little something to get you through.

Starmummy - thank you for the congratulations! It's very exciting and even better to know I can do it debt free (fingers crossed). Wishing you all the best on your journey too. Good to know your diary is keeping you motivated.

pidge - thank you for the support. Somehow I am going to become a saver not a spender!

pidge04

Good for you!

My spending was addictive but now I am a bit addicted to seeing the debt go down.

I think stubborness is a great quality for this business of debt busting .... go forth!

All the best.

SavingAFuture

This week I have been doing all the good things. I've managed a couple of NSDs by taking lunch to work and avoiding the lure of hot drinks at my weekly hobby. :T
Tea at 70p twice a week is quite a scary amount over the course of a year…

I had a £12 off grocery shopping voucher too, so I've used that to stock up the freezer. Hoping this will take us to the end of the month.

Next week I am off on a little mini-break to Dorset. I know, I know….I shouldn't be holidaying while I'm paying off debt. However, I always feel it is so unfair to my lovely OH to have to suffer for my poor money management. We've downgraded from the summer holiday abroad he was hoping for to a 5 night camping trip at £20 per night.

We already have a tent, air bed, sleeping bags, (and basically all the camping equipment you can think of) from previous trips so we'll just need some extra gas for the cooker and we're set.

There's a supermarket just down the road so we can shop daily and cook our own meals, including packed lunches for days out. It's not my dream holiday but sometimes you just need to get away and relax. I do love nature and walking so we're going to make the most of the nice weather we've been having and get outdoors on the trails and beaches. Luckily we enjoy each others company!

I just have to stick to my spending money budget of £20 per day. My downfall is that every time I see a nice pub, I feel compelled to go in to see what beers they have on! Maybe I'll have to stick to a half. :beer:
It'll be better for my health anyway… :rotfl:

See you on the other side gang,
SaF x

beanielou

You can do it

enthusiasticsaver

Are you saving up for the wedding too? That is often a cause of debt when people overstretch and book the fancy hotel, limos, overseas honeymoon etc and are still paying for it 5 years later.

SavingAFuture

Yes enthusiastic saver - we are saving towards the wedding at the same time.
This is definitely slowing down progress because I could be using the savings to pay off the debt, but suppliers want you to have cold hard cash available to pay deposits etc.

Luckily, I am not doing this all alone. My OH is contributing significantly and we are being realistic about what we can afford. Church wedding, simple reception for 60 guests and we've called in all the favours from friends and family to get a videographer, invites, evening food and a band.

I absolutely refuse to go into more debt over the wedding. If I keep committed to my plan then the wedding will be paid in full AND my debt will be cleared meaning I can start married life debt free and with more disposable income than ever before (so we can start to save for a house, but one goal at a time!)
I only wish I had my epiphany sooner and wasn't trying to save and pay off debt all at the same time.
But that's why I'm here. To keep on track and keep accountable.

In holiday news, I've taken £100 out of the bank and will separate this into £20 per day when we're out and about, leaving the rest locked away in the car. Any day that I don't spend it all will mean I have more to spend the next day.

I've been studying recently too for my professional qualifications at work. Hoping a pass will mean a payrise. Exam tomorrow - Eek!! So I really can't wait for a little break!

Puddleglum

Good Luck with the exam tomorrow. - Keep us posted!