New Diary - New Hope
edited 26 April 2020 at 9:45AM in Debt free diaries
113 replies 9.3K views
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I am just starting on the DMP route as I have tried (and failed) to tackle the debt or BSN (big scary number) as it is known in our house on my own I now recognise I need help and am working with Step Change to get everything in place. I have subscribed and will be following with interest xx
Debt Dec '19 - £30,678
Debt End of March '20 - £29,877 - 3% paid off
Entering DMP Land and hoping the scenery is nicer than where I am coming from!
Thanks jwil, everything seems to be ticking along at the moment
Thanks BB, it's not always easy is it facing up to debt, especially when you total it all up and see the overall number! But what I can say is that my quality of life now is so much better than it use to be, I feel unrecognisable to the person I used to be and am determined never to go there again.
I think my target is to work towards going self-managed for my DMP and have decided I will look at that in another 12 months. At the moment I like the security of someone else managing that for me but I want to eventually start building a F & F settlement fund and saving for a deposit to eventually move. I'm still living in the family home but ideally I would like a fresh start and somewhere I can call mine.........................but that's all a long way off, number one target is to get rid of debt
So I know I have not updated for a while, so I thought I would provide a little update on how things are going. Summer holidays were tough financially not sure how I made it through but we did, kitchen is nearing completion, this has cost me more money than I had anticipated although its worth it.
Struggling with my budget a little so I have re-done my SOA and I am going to try the new budget this month and see how it works, I have also opened a Monzo account and set budgets for different categories, I am planning to leave all bills in my main account and transfer money to Monzo account for food, petrol and clothes etc, I am hoping this way I can keep a tighter control on money.
My debt total is down to £32,961.11 so not too far off the next mark, I was hoping to be under £30,000 by the end of this year but that is not going to happen and is going to be the end of January/February 2020.
I have lost a stone in weight but have stalled and not managed to continue the weight loss although I sure I can get back on it if I focus my mind.
My DD has started secondary school and seems to be settling so that's fantastic.
I will try to update more frequently, but I think at times I get frustrated, although I can see the debt total going down I want it to go down faster so that I can sort other financial things out like trying to buy my ex out of the house. I think its the uncertainty of the future playing on my mind at the moment and I don't seem to have many options.
The only way forward I suppose is to keep on plodding and enjoy the life I have instead of wishing for a different one.
Definitely feeling like I am in control of my budget this month, it feels good to be in control again.
This month is always a particularly difficult month, I'd love to say I have money saved for Christmas but this pot has been raided on more than one occasion to fix the house and is something I have already started addressing for next year, last month I started the 1p saving challenge so I should have just over £600 by next year.
I feel ok about this though, I have been honest with some family and said I just cannot afford it this year so we are cutting out the unnecessary presents for adults and have agreed to buy food and drink together and enjoy each others company.
Looking ahead to next year, I'm looking forward to the debt being under the 30k mark, this will feel like a huge achievement would love to be under the 20K mark by the end of next year but think this will be to much of a push for me but never say never!! I have asked about progression and a pay rise at work so who knows!
This year has been about survival in terms of money, fixing the house and learning how to be a single mother. I think most importantly it’s been about me getting to know myself again and improving my mental health after a very difficult marriage and separation.
Christmas has been difficult financially as the house repairs (which feel never ending!!) have sucked dry all my pots but I managed to supply a good Christmas for DD and not accrue any debt and I have done a budget today for the rest of the month until I get paid at the end of Jan. It’s going to be tight but I can do it. I have also started saving for next Christmas already.
2020 is the year of paying the debt down further, I have an aspirational target to get it to 20k. I also want to improve my physical health and lose some weight, I’m a little overweight but I suppose I feel the need to take care of myself and I know good physical health and exercise improves mental health.
My DD and I are planning to do a ‘20 things to do in 2020’ this is to keep us focused and make sure we do things together to create memories. I know they will need to be low cost but I think being on a budget has definitely made me more creative!
We’ll roll on 2020……whatever it throws at me I know I will be ok. Have a good one everybody!!