Day 1 - Taking the First Step

DebtFree2023

Checking in....

I'm finding that giving myself £100 spending money on a Wednesday and £50 on a Friday is working really well! I have been doing the grocery shop on a Wednesday, not overspending and knowing that on Friday I have money for the weekend then I only have to get to Wednesday before I get some money again. I have been pretty useless at not spending all my money in one go and getting tempted by bits for the kids etc but I'm doing really well. I did end up spending my last £10 on a jumper for my eldest so it didnt go off the credit card but I am being strong and am stopping myself from amending the £200 direct debit to the credit card go me!

My Emergency Credit Card is at a zero balance, my new current account is in the plus with enough funds for bills and my monzo spending standing orders to come out. Starting to get into the habit now of sticking to my £150 allowance per week (groceries, clothes, petrol everything not bills) Found cashback of £5.53 so I sent that to the secret credit card .

On track and feeling positive!

Will update my debt signature on or around the first every month

DebtFree2023

I first posted on this forum exactly one month today and I'm so glad I did! Although I havent posted in my diary as much as I was planning to the need to post and update is in the back of my head and has kept me from just spending and worrying about it later.

I have found on days I am not organised and can't find my bright orange Monzo card and I stick things on the credit card or when I buy things on paypal are the difficulty. When things don't come off my balance straight I can run into problems and paypal doesnt even come off the available balance until a few days later which is really annoying.

I have been clearing my emergency credit card to a zero balance straight away so that I dont overspend and I have been sticking to my Monzo budget of £100 on a Tuesday and £50 on a Friday. Some weeks I have had £4-5 left over and I have been paying this off the secret credit card.

Balance on the secret credit card is now £4484.70 with £200 direct debit in 2 days time, not a bad start.

According to a debt free app I have downloaded I will be debt free September 2021. Hopefully I can keep overpaying every week and start 2021 debt free :j

DebtFree2023

CONFESSION TIME!!

It's only been 6 days since my last post but i have been ummmm SHOPPING! And I have stupidly used my credit card and paypal. Naturally I have overspent.

Im checking in and will take a look at my statements to see what the damage is before the damage becomes too big. Paypal is such a nightmare as it takes a few days to come out not happy :-(

DebtFree2023

Here goes....

Mastercard (which is for emergencies) - -£80.01 apprantley a costa coffee, petrol, grocery shop are emergencies. Need to start putting the credit card somewhere less accessible.


£49.31 in my current account to last until Friday.
Cashback £13.44

My petrol light is already on so I know I need to get petrol.

If I pay £13.44 from cash back i have £66.57 left to pay. Will pay £16.57 from current account which will leave me with enough to get petrol and cover dinners Leaves me with £50 outstanding.

Will set up a standing order for £10 a week to clear the £50.


AND LESSON LEARNT. DO NOT USE A CREDIT CARD!!

Chrystal

Look on the bright side... at least you have realised that you messed up and are putting it right now.
Instead of using your card is it possible to take X amount of cash out for the week to be used for groceries, fuel etc? Keep them in separate envelopes and only use them for what they are meant for.... AND LEAVE YOUR CARD SOMEWHERE SAFE AT HOME. If you have it with you old habits come to the fore very easily and before you know it you've spent money you don't actually have.

Have subscribed to cheer you on. You can do this. X

DebtFree2023

Thank you lovely x

I am transferring £150 a week to Monzo to cover groceries, petrol and fun money. £100 transfers on a Tuesday night for groceries and petrol and £50 on Fridays to get me through until Tuesday. This week I’ve found myself using PayPal to buy Christmas presents and forgot my Monzo card so put things on my credit card and lost track ooops

Thank you for subscribing it means a lot. Hopefully one day my post will be I put £10 in savings today instead of on debt repayments

enthusiasticsaver

I would put the credit card away and not use it and stop using paypal. Have you got a monthly budget and emergency savings?

How do you organise your finances? It sounds like you and your husband have separate accounts and if you are paying for most of the stuff then this might be why you have debt. Ideally you would not be keeping any debt secret from him as you need to work as a team to clear it.

DebtFree2023

My husband gives me a set amount each month and I pay all the bills. On paper it should work fine I used to save £300-400 a month but on maternity leave my sons nursery fees went up over the summer period and I may have continued spending as if I wasn’t on maternity. I’m back at work now and my sons childcare bill has gone down drastically as he’s now at school.

My husband has recently paid off my car finance and another Credit card I ran up i Really can’t tell him about this one or he will take paying the bills responsibility away from me and then we will have missed payments all over the place.

All I can do is keep to my £150 budget per week. Need to stop paying via PayPal and credit card and use Monzo for everything!

Another PayPal payment has come out today hopefully that’s the last of it! Going to attempt to cancel my account with PayPal today x

beanielou

Have I read properly?
You have 300 a week to cover petrol food & get you through the weekend.
I think that’s huge.

Just reread & it’s £150.

enthusiasticsaver

beanielou wrote: »

Have I read properly?
You have 300 a week to cover petrol food & get you through the weekend.
I think that’s huge.

I think it is £150 actually Beanie. Still doable though even with kids.