Day 1...

ElleCee

GeorgianaCavendish wrote: »

I didn't think there was any plagiarism, it is nice to 'meet' someone else who had the same feeling about credit limits

My one piece of advice - from my position of having sprinted and then back slid with debt (not quite to my original starting place but not far off!) - is to take small steps. There are loads of things that you can do that will have a big impact on your debt but won't feel like an enormous deprivation. It is really tempting to make huge sweeping changes when the initial enthusiasm for debt busting is high but they really need to be sustainable in the long term because you have to live with the changes for years.
I'm trying to wrestle with the psychological elements of my relationship with money at the moment, so I'm waffling on a lot about it on my diary. I keep having mini lightbulb moments about my money habits even now and it is really good to find other kindred spirits

Thank you, that's very good advice
This first month I've given myself a fairly good 'spends' budget on my Monzo card. I don't expect to change overnight and break the habit of a lifetime; I'm weaning myself off needless spending and it's going to be tough. My first goal is to have money left on my Monzo at the end of April and I'll aim for 1 NSD per week

[Deleted User]

Just had to stop by to wish you luck - we have very similar end goals! Georgiana's advice is super - I would also add that you don't really need to worry about things like YNAB at this point. I started using it after a year of debt-busting, and it would have blown my mind at the start! You've definitely identified a good initial approach - cutting back on the unnecessaries (with some allowance for a bit of fun money) and get used to working to a budget. Things don't always go to plan, especially when your budget is new, but if you can identify the bits where you have gone off track, and why that happened, then you'll be looking at things in a whole new light. I impulse shop much more when I'm tired - who knew?!

ElleCee

Thank you BlackCoffee

Well done for halving your debt in a year... amazing!
Yes, I'm defo opting for a soft start, got to be kind to myself at the beginning. Thanks for confirming what I suspected re YNAB... I'm nowhere near that stage yet!
I love your idea of tidying your account too, I'm so going to do it

efes_shareholder

Hi Ellie

I too am a 40 something back in my childhood bedroom and I so want my own front door again
we come from generation where credit was so readily available and almost the norm until responsible lending stepped in
one thing I have learnt is take small steps and bank the wins. Sometimes it will feel like you are taking the scenic route however as long as the debt steadily goes down your personal goals are one step closer

ElleCee

Hi Efes

It's tough going back at home at this age. When it gets hard I have to remind myself it's the best and fastest way to clear my debts and save some money. Plus it's my only option right now!

jwil

Good luck

ElleCee

Thank you Jwil

ElleCee

It's my day off and I've woken with the urge to go shopping to 'treat' myself for facing up to my problems! Crazy how the monkey mind will try to trick you into giving in to addictions huh?

I've done all I can so far with my money this month and I'm itching to keep going; debt repayments have been made, current account has more than enough to cover remaining bills due and I've tidied my accounts and put the extra into my 'overpayments' account.
Monkey mind has suggested if I buy something there'll be some more pennies to tidy later... because that makes sense right? Buy something expensive I don't need in order to have some spare pennies to stash away later.

I do need to do a grocery shop so that should curb my impulses somewhat and I think I'll spend the day batch cooking. Hopefully there'll be some pennies to tidy too!

Working_Mum

Well done ElleCee on starting your journey - you seem to have got off to a good start.

I would say to myself "right now I am not going to buy XYZ but I will revisit it in 24/48 hours" - this helped me learn and embed healthier behaviours.

I write all of my spends in a lovely book (I love stationery!) and I balance the cash in my purse and payments yet to hit my account each morning - this practice has helped me know what I have available across cash and bank account which i think subliminally has helped me stay in control.

Meal planning and shopping from lists has helped enormously. As has being organised around birthdays etc (C4rd Factory is great for good value cards). I always "shop from home" first (Foxgloves diary uses this strategy but many creative solutions can be found via Pinterest/shopping from home).

Good luck as you navigate this road!!

D_M_E

Consider clearing the £300 overdraft as soon as possible then downgrade the account and save the £15 or so it's costing you every month, particularly as you don't or have never used the benefits it offers.

Some banks will allow you to downgrade even with an overdraft too.

The cash saved could go towards one of the debts or into savings.