CreditCardJunkie's back again...

CreditCardJunkie

I've been reading through some of the longer diaries and this is definitely a marathon. I'm setting myself the goal of being debt free by my LO's first birthday. That's £1600 between Jan & Aug. I go back to work in May so it will definitely be a squeeze but I have my KIT days all planned now so should have some extra income to throw at the debt. Just plodding through to payday, we're finding things a bit tight this month with extra heating costs etc.

My second goal for 2020 is to pay my car insurance in full. I've said this every year since I've had a car (7 years) and my insurance is now at a reasonable amount there is no reason I shouldn't be paying in full! My renewal is in April so I'll need to knuckle down on that one!

CreditCardJunkie

I've £50 left to pay on my NatWest card from Christmas spends, I have £40 in my Monzo account but I'm trying to keep it there for any additional spends (or hoard it for as long as possible). I paid £50 off my BC CC bringing me down to £1600.

It's amazing how buying something from within your budget makes you think about 20 times before the purchase, whereas with a credit card it's such an impulse buy.

I feel like I've really come a long way in how I think about spending from I started this diary. LO makes me want to have a secure financial future. If anyone's reading this and in the cycle I was in I would definitely recommend starting a diary and reading others on here for motivation.

I'm hoping for me 2020 is the year I get out of debt, in September 2020 I'll have had debt for 10 years all starting when I got my first credit card at 18. Although I don't post everyday I do read the forum everyday so I'm taking a break over Christmas, I won't be in the shops as we've everything we need at home. DH has finished work, presents are wrapped and even managed to buy a little surprise extra for DH with my KIT money! All I've got to do tomorrow is bake dessert for the big day and snuggle with my darling baby girl.

Merry Christmas to all MSErs! I hope you all have a wonderful Christmas!

CreditCardJunkie

Just when you think you're getting somewhere, the universe throws a curve ball.

Our boiler has broken beyond economical repair, in the height of winter with a small baby in the house. Just over 2k for a replacement which we've had to do a money transfer (0% til Jan 2022) and borrow some money from family for.

Oh and all the extra boiler cover I took on the home insurance, covers repairs not replacement.

I'm trying to not let this cloud my thoughts but it just feels like I will never be out of this hole. I know it doesn't seem like much money to some people but for me it would take a while to save that, especially now as I'm on statutory maternity pay. Ugh.

CreditCardJunkie

One week until payday. I didn't actually get paid early for Christmas but still January seems like such a long month. I've spent an absolute fortune on fuel this month (£80), £50 of which is not budgeted for and has gone on the card (thank eff for KIT day this month, have also done a few mystery shops too). My car is diesel but seems to be really really heavy on fuel. It is quite old though so it must be something to do with that.

Stocked up on nappies and wipes from the joint account funds in the Asda baby event which was costly now but will save in the long run.

I'm kind of looking forward to our new boiler being installed, we're hoping that it'll be much more efficient than our old one from the dark ages! Plus we opted to pay the extra £100 for the snazzy hive functionality.

I've decided for now, I'm not going to think about the money transfer for the boiler. I'm focusing on my debt (plus the amount we borrowed from family) and once I get that out of the way I'm going to focus on our new joint debt. On the plus side this wasn't something we accumulated from overspending, it was something beyond our control. Did we know the boiler was old yes, did we plan for it no.

We've also been invited on holiday which I would absolutely 100% love to go on, but DH has said no due to having to pay for the boiler. I know he's being sensible and I know if he wasn't here I would absolutely without a doubt get myself in more debt for a few days in the sun. Ying and Yang eh?

db2016

re- fuel, you could always see if a flush like - terraclean may help, yes its a cost, but they do claim that cars run cleaner / better and more mpg after, and also less emissions if you care about that kinda thing too.

CreditCardJunkie

Thank you DB I will definitely look into that!

Done a few mystery shops this month and a KIT day meaning I was able to pay £200 off my credit card bringing me to £1400!

Snazzy new boiler fitted today, got rid of tank and hotpress giving us lots more storage space so v happy about that! Put £50 in a separate account to pay back family member (we will pay this all back in one go).

Absolutely exhausted this week, I'm always so busy I don't know where I'll find the time to go back to work!

CreditCardJunkie

Eagerly awaiting payday!! Everyone talks about January but Feb has been particularly pinching for us! It just feels like everything is getting more expensive and my wages haven't gone up in two years (planning on having a chat about this before I go back but won't hold my breath). Spent so much on diesel, gas and electric this month! The weather's been rotten and it's edging closer to when I've to go back to work. I really really don't want to leave LO but unfortunately we need us both out working. Waiting on a scan for something that's been going on for a few months now... A little worrying on my mind but hopefully something simple. Need to get more life insurance when I get back to work, currently we've only enough to cover the mortgage.
Will be back to update totals when I get paid!!

CreditCardJunkie

Family member paid back in full 
Credit card total down to £1335 
Hen do 1 paid for in full
Hen do 2 flights paid for
Hen do 3 flights and half of hotel paid for (balance due 2 weeks before)
So although I still have no money aside for my car insurance in April I have less debt and things paid for in cash 
Still have joint balance transfer debt for the boiler, interest free for a good bit. We will both focus on that when I get back to work.

CreditCardJunkie

Tried to edit my first post but it won't let me save it. I wanted to reflect on my diary so far, although my debt might not seem that bad for some people, it's all relative. I always read everyone's success stories and never thought I'd get out of my trap. For me it really has been slow and steady.

- I had a previous diary and got lost along the way 

-  I was constantly in a trap of running up a card, then balance transfering it onto an interest free card, then running the first one up again

- I never budgeted properly, I didn't give myself spending money. I paid all my extra money off my credit cards so if I needed/wanted something I used my credit card - what's a 10er here and there

- Started using spreadsheets and quickly realised £10 here and there adds up to a few hundred pounds of pretty much nothing per month!

- I was pregnant when I started this diary because I only get statutory maternity pay and I was panicking about getting deeper into debt

- Buying second hand is SO much cheaper and is better for the environment

- Although my car is a you-know-what-heap, it's mine. Lease cars weren't really ever mine and now I don't have to worry about where I park 
- Extra income is king. I do mystery shopping, £8 here or there might not seem a lot but it soon adds up AND we often get to eat out for free!

CreditCardJunkie

Very scary and daunting times ahead. Have been paid today and paid off debt accordingly.
My total debt is now £950 😁💪
It feels amazing to be under 1k! This is the first time I'd say in around 5 years it's been under £1000!
I have also paid for 2 birthday presents (in cash from my spending money) and bought a new phone OUTRIGHT! It's last years model and I got a decent amount of cashback on it. This is the first time I've bought a handset since 2010!
As we all are, I'm worried about the future. My maternity is due to end in the middle of May and I've been contacted from work about possible redundancies. The bright side of this for me is that I'm so glad I've been committed to paying my debt down. We're taking each day as it comes and trying not to worry too much. Hope everyone is well.