Working Hard Debt Diary - Here goes

WorkingHardDFW

I can't believe that we are now a year on from my first post on this site and we've managed not only to survive but to improve out situation enormously.

A year ago our debts were at £52k :eek: which is fairly large by anyone's standards. We had 2 loans, 5 credit cards all maxed out and one £5k overdraft........

Now we have 1 loan, no overdraft and 5 credit cards. Put like that it doesn't sound much but all the cards have come down and there is space on all of them. I've shifted debts around a couple of times to make use of BT's offers on my existings cards (too scared to apply for a 0% deal).

Our debts now stand at £31K so we've cleared a massive £20k in the past year:T :rotfl: :T :rotfl:

Back in November last year we were paying the minimum payments on all our cc's plus interest on the overdraft which was all totalling £1483 pm not allowing for interest accuring but not making much inroads against the debts.

No use of the CC's for a year and focused effort at making extra money and cutting costs mean that from next month we'll be reducing our debt by £1456 each month (after interest) servicing £20k less debt which has got to be FAB.

What have we learnt in the past year:

• to budget, budget and budget again
• to keep a spending diary and use it to help the budget
• to view the DFW process as a challenge and enjoy it - its now become a way of life which has got the whole family on board
• to constantly review what we are doing to ensure we are doing the best that we can
• that ebay is a great way to make extra and declutter the house
• that we can make do and mend if we need too
• that at times its hard, tiring, endless and unrewarding
• that at times its brilliant, rewarding and motivating
• that we have come through this mess of our now making and we are halfway to putting it behind us for good
• that we've learnt the value of money and the reward of savings for things we really want
• to not be complacent and think we are OK since bad habits can still creep back in
• to keep posting on this blog and others to help myself and others
• to enjoy things which don't cost money and those that do!

I may sound pleased with myself and I am but hell if I can't blow my own trumpet on this then who can. Like a few of us we haven't shared our debt issues with others so this forum is really the only place I can say; We've had a hell of year.......here's to getting DF in 2009:beer: :hello:

Glass of red to celebrate tonight._party_

hypno06

A large glass at that too, I should think :T

WorkingHardDFW

Bottle has just been opened. OH is out so a night vegging in front of the TV beckons and probably spent pondering a new DF challenge to get me motivated.

How is the running going?

hypno06

the running is going well, thanks for asking! I can do 5 miles (steadily) without stopping and have been out for a run 4 times this week, so I am putting some effort in!

I have raised £288 so far in sponsorship out of a total needed of £1600 so that is encouraging me to get my trainers on too - lots of people I don't want to let down, but the big thing is that I have committed to doing this marathon and come hell or high water I will do so - gives me something other than work and debt to focus on occasionally

lucielle

That's fantastic news on the debt busting front. 2009 is going to be a brilliant year for you.
L

beanielou

Great news for you.
You pay off more in a month than my monthly income.Sigh.(not meant to sound mean though)

WorkingHardDFW

Thanks for the posts Guys

Wow - 5 miles without stopping is fantastic. When I am in running mode I don't manage that far without a little stop Keep up the good work.

Yeap fingers crossed 2009 will see us debt free Lucielle.

Thansk Beanilou - Yes we do have a huge amount of debt repayments pm but likewise we do have a huge amount of debt still however much it has come down.

hypno06

Hope you enjoyed that glass of wine last night - it was much deserved

I agree, 5 miles without stopping is not bad at all after such a short time - but remember we have to do 26 miles to get round, and not that much time to train for it :eek: Perhaps I can be like that guy who does it in a diving suit - 5 miles at a time, over a period of 3 or 4 weeks

My DFD is currently Feb 2010, but this does include my rather ambitious plan to pay off more than I actually earn every month (who needs food anyway!). If I could squeeze it in to December 2009, I would be elated.....somehow though, I think this is being a little over-optimistic!

WorkingHardDFW

I know you like a challenge and I'm sure you could achieve it no problem:D

hypno06

there's still over £40k to find - some challenge :eek:

(but one I might be prepared to take on!)