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Venturing Out of the Vault (of Debt)

edited 28 March 2019 at 2:09PM in Debt Free Diaries
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  • poppytattoopoppytattoo Forumite
    78 posts
    Fifth Anniversary 10 Posts Combo Breaker
    Hey Pip Boy 111!
    I've subscribed to your diary - just been having a read and your thoughts about debt and money and the way your view is changing really resonates with me. I got into debt at 17 and I've never got out of it (25 now). It really didn't seem a big deal until about a year ago, when I finally realised how much it was and how much it was affecting my life. Growing up my mum and dad were always in debt and to be honest I always thought that only super rich people didn't live in their overdrafts.

    Good luck with it all. Sounds like you're doing really well so far!
    Debt-free wannabe since Jan 2018.
    As of May 2020:
    Car repayments:£9606/£15895.40,
    CC1:£5221/£5000,
    CC2£5,636.70/£5716
    Dental fees: £350.25/£1558,
    HSBC dc loan:£4378.72/£11767.81,
    Overdraft: £992.47/£5994.95
    Total debt: was £39220.58, now £26185.14

  • Good luck to you on your journey.
    Barclayloan £17.975 Mortgage £37.626 Savings £2,665/£1000.:j:j:j

    No CC or finance


    Every cloud has a silver lining!:beer:
  • edited 6 April 2019 at 9:12PM
    Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    edited 6 April 2019 at 9:12PM
    Thankyou Vaders Dad and Poppytattoo.

    Poppytattoo - I think that's really the biggest change, the mindset. In the past I've never thought of it as an issue. If I didn't look at the figures, it didn't exist. As long as the minimum was paid each month all was good. What changed my mind was reading these forums (which i found through the MSE weekly e-mail). Ironically, when i was on a low wage and we didnt have tuppence 'apenny to rub together, my attitude was one of reckless abandon. We had no money, so we may as well use credit to buy stuff that made life more enjoyable. Now i have the income to support that stuff, i don't do it anymore. Partly because i'm paying the debt back to get rid of it, but mainly because I've realised that all those things are long gone now but the debt remains. Ergo they did not equal lasting happiness. Sure, we still use some of the funds for enjoyment, why else would we go to work? But now it's much more weighted in favour of "doing" things rather than "having" things. I'm not saying we've gone all "new age" and shunned all material possessions, but having the latest phone doesn't create memories and experiences with the family that last forever. Nor does it give you a contented feeling when that money could have been used to make life better for everyone.
    TLDR: growing up :rotfl:
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    Good day today. Sun is out and it's warm :T

    Looked through my BT bill to see about the £115 we're paying (broadband, line rental, 2x sim only plans with 20Gb data and BT sport). Never use anytime calls as both have bt sims with Wi-Fi calling enabled. Never use anywhere near 20Gb of data. BT sport is watched few and far between. No one ever leaves us voicemail (hadn't even realised we were paying for this, used to be free :mad:).
    Long story short, anytime calls, by sport, voicemail all gone. Sim only plan dropped to 6Gb of data (doubled to 12 with plus benefits for free :j). Total saving = £35 per month :T:T:T
    Excellent use of free time today.
    Happy Saturday all :beer:
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • ElleCeeElleCee Forumite
    32 posts
    First Anniversary
    Hi and thankyou.
    It is indeed and after my LBM the figure made me anxious and down. Thankfully I've been able to shake that feeling by looking at it as a challenge (or game). Rather than see the figures and get upset about it or mope about how it's money wasted I'm fortunate that I can see it as challenge to reduce the numbers. It actually (sad alert) makes me excited on paydays to watch the numbers tumble :rotfl:
    I'm really lucky that I can have this mindset and not get anxious and worried about it. Like I say, the mind is a strange thing

    Hi Pip Boy

    This is exactly how I'm feeling right now! :D

    Good luck on your journey. We can do this!
    April 2019 £28,852.15
  • edited 7 April 2019 at 3:03PM
    Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    edited 7 April 2019 at 3:03PM
    ElleCee wrote: »
    Hi Pip Boy

    This is exactly how I'm feeling right now! :D

    Good luck on your journey. We can do this!

    Thanks ellecee! Being competitive by nature helps with this :D i hate losing. By turning this into a game it kicked my competitive streak into gear. It's no longer "how will I pay this debt". Now it's "knock off all the numbers before 3 years". Same thing but different :rotfl:
    Good luck to you too. Do you have a diary on here?
    EDIT: found it. Posted on it. Subscribed to it. :T
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • edited 7 April 2019 at 4:07PM
    Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    edited 7 April 2019 at 4:07PM
    So....this is what i was talking about when I say i'm a bit of an enigma (in debt but financially competent).

    Been hanging around the pension and retirement planning board as have been fiddling with my pension at work. Have always paid 10% of salary but recently upped to 15% (employer contributes 13.5%). Even with amassing debt to buy "shiny shiny things" the amount of people i have seen struggle in retirement has always terrified me. As a result I've always tried to pay a good amount towards that long off day.

    Anyway, as a result i came across a thread where someone posted a useful link to a retirement planning tool to estimate possible pension outcomes. Very useful. As much as I've tried to gauge where we'll be and work on the theory that more is better when paying in, I've never been sure as to whether we're doing enough, other than to think I'm doing more than the average person my age so SHOULD be OK. Having played around with various scenarios, it seems we're well on track to exceed my MINIMUM target of around £20k p/a in retirement (barring a MAJOR financial disaster). This is good and has set my mind at ease now.

    It may seem a bit forward to think about this when paying off debts, but if anything, it's made me more determined to clear them. The "plan" hinges on being debt free and mortgage free to allow flexibility for an early retirement (or work longer and have an even more comfortable one). To have this flexibility, not only does there need to be no debts weighing us down, but the attitude change and budgeting that has become prevalent lately, needed to be in place so that we can see these plans through. Once all debt is gone it gives us the ability to use the money we are paying toward debt now. More freedom to enjoy the disposable income, but also to use some of it towards savings and pensions. Again, balance.

    Some long term plans here, and a lot of it is waaaaaay off beyond the horizon but whether it's our short term goals or the longer term ones we're talking about, the route to them is identical. PAY OFF THE DEBTS.

    Daily Ramblings
    Writing all this down has made me even more flabbergasted as to why i couldn't see that the "YOLO" attitude was killing us (financially). It's so clear now that balance in life is absolutely essential and that it really doesn't matter if you don't have what Mr x down the road has or Miss y on the telly has. Some stuff i bought in the past I didn't even want or like. it was because others had it, so it must be bought. Stupid. Now i really don't care if I don't have fashion sense (fashion baffles me to be honest) or the latest Iphone or stupidly fast car (pointless on these country back roads anyway). I do what makes US as a family happy. And what makes us happy is, thankfully, usually not that expensive (save for the odd holiday in the sun once a year at most, not this year though because debt :money:)
    I'd love to sit down with 18 year old me and just slap some sense into that stupid, crowd following head :rotfl:
    Getting into a right ramble today!!:rotfl: Long story short, looking at the long off future has made it even clearer that long term debt has more of an effect on life than just emptying the bank account each month. Once again, thankyou everyone for helping me come to this realisation. It's not too big a statement to say that this LBM could, literally, have changed our lives just in time.

    Have a great Sunday all :j

    EDIT: how do i get my signature to appear on all my posts? It only seems to have appeared on this one?
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    It's a sunny, warm day today. Lovely :T

    Up bright and early and recovered from the last night shift. Feeling refreshed and "on it". Already cleaned the kitchen with white vinegar (i like the smell, is that weird?:eek:). Chilling with a nice cafetier brewed coffee (Aldi's alcafe ground coffee is really nice, and I'm a coffee snob :rotfl:), before taking the car for it's service. The money is already set aside for this, so no credit card required this year.
    Then it's off bike shopping for DS. He has xmas money saved for this, so again, all within budget. Ironic that I've instilled in him that saving for things is good, whilst I was using credit :(. Have vouchers for McD's from doing a couple of surveys so will take both DC for a treat on the way home MSE style. 3 meals will come in at around £4 :money:
    Then later it's off for golf. "But that's not MSE!" I hear you cry. Well, let me explain. As I will be teeing off after 2 pm the fee is reduced by 50%. My clubs cost me nothing as a friend gave up the game and took up another sport. A sport that I was giving up to take up golf :rotfl: The trade was money free and mutually beneficial :T
    So all in all, a full day with treats all round, should cost me just £19 of my "fun budget" for the month. And everything else already has the required funds sitting waiting to be paid. :T
    Loving this sense of control over everything.
    Now to finish the coffee and get moving. It's already 15 degrees out. Can't waste it. There's talk of SNOW next week :eek:
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • Pip_Boy_111Pip_Boy_111 Forumite
    185 posts
    Savvy Shopper! PPI Party Pooper Energy Saving Champion
    Just reading through my diary, it seems as though I'm rambling away and talking to myself :rotfl:
    Must watch for the men in white coats coming to the door. Off to make a tinfoil hat and sit in the cupboard where no one will find me...........
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: [STRIKE]£900[/STRIKE]/£0:T Barclaycard: [STRIKE]£3755.55[/STRIKE]/£2859.42 Loan: [STRIKE]£21620.29[/STRIKE]/£17997.19
    Total[STRIKE] £26275.84[/STRIKE] £20856.61 (REDUCED BY 20.62%)
  • poppytattoopoppytattoo Forumite
    78 posts
    Fifth Anniversary 10 Posts Combo Breaker

    If I didn't look at the figures, it didn't exist [...]

    Ironically, when i was on a low wage and we didnt have tuppence 'apenny to rub together, my attitude was one of reckless abandon. We had no money, so we may as well use credit to buy stuff that made life more enjoyable. Now i have the income to support that stuff, i don't do it anymore. Partly because i'm paying the debt back to get rid of it, but mainly because I've realised that all those things are long gone now but the debt remains.

    This. Exactly this. It's good to see there are others in the same boat. I feel bad sometimes for whinging when I got myself into this situation. Sure, there were factors that contributed, but at the end of the day it was my decision to take out the credit. I never bothered about the debt at all until I realised that the majority of my wage every month now goes on paying it off. Then I think of what we could be doing with all that money - saving for a bigger house deposit, holidays etc - and I want to give myself a knock on the head!

    But, at least we're on the right path, eh! Hope bike shopping went well, and the bargain McDs (we have one five minute's walk from our house, it's a major challenge not to go in every time I walk past.
    Debt-free wannabe since Jan 2018.
    As of May 2020:
    Car repayments:£9606/£15895.40,
    CC1:£5221/£5000,
    CC2£5,636.70/£5716
    Dental fees: £350.25/£1558,
    HSBC dc loan:£4378.72/£11767.81,
    Overdraft: £992.47/£5994.95
    Total debt: was £39220.58, now £26185.14

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