When life sends you lemons..... Well I guess you just knuckle down

Lemon_Tree

Hi all, I'm a returning dfwanabee. My first flickering LBM was in 2006, then it became a blinding one a year or so later, by that stage my debts were about £45K. I became debt free in 2012 and was determined to never go back, I made myself a promise to never keep a credit card balance past its due date etc. During the time I was first on the boards life changed significantly, I met OH and we got married, sold my flat and bought a lovely house.

Then things happened, DD arrived (unexpected as we were told we couldn't have children), then DS arrived 20 mths later, after which there was a restructure at work and I ended up taking a £6k pay cut to keep my job and OH went part time when DD was born.
Things started getting tricker once OH went part time and really started to get tight when I took the pay cut.
Two years ago we ended up moving again, this time to a doer upper but in the perfect location for our family.

The upshot of my very long winded tale is that we're back in debt, way too much debt! The last couple of weeks have brought another LBM as we've come to the end of savings which we've been dipping into to pay off the credit card. We've unfortunately gotten into the habit of spending, mostly on the house or the kids but also just not watching things and waiting money on eating out etc so I'm back to get control of things again and crack it once and for all.

Realistically I know the debt will rise this month as we've been replacing the kitchen, so have to pay the electrician, and the tiler as yet, but after that, if there's no money there's no money!

The tricky thing on the horizon is we're having to remortgage 1st Jan and will borrow a little more so we can finally knock down the dangerous lean to at the side of the house and put up the much bigger single extension. This means the monthly outgoings will be going up again so now is a good time to really crack on.

I've done this before it can be done again, trouble is now we have kids and OH isn't great at all in relation to cutting back and not spending he basically leaves anything remotely related to money to me, unless it involves spending, he's good at that!

For the record debts are:
0% CC £5700 used for new kitchen
Loan 3% £4813.60 car
A savings to repay £8928.68
E savings to replace £6317
Working CC paid in full each month
Toal £25759.28
The sad thing is I've kept copious records but never added it all together. The two saving pots to be replaced are 0% interest but I think I'm going to add on the interest which has been lost 1.98% because of guilt.

The plan:
no more dipping into the savings
Overpay the car loan, by at least £5 more than I overpaid it by the month before, as I've now discovered I can do this
The 0% card is currently being paid off my £300pm, this needs to be increased to £360 to clear it before the offer ends.
Start paying back the savings money borrowed.
Set up savings pots for the fuel and housekeeping money that goes on the working credit card.
Fuel savings pot to be in place within 3 months £175
Housekeeping pot in place within 6 months £300
Get food budget under control so the £300 pm covers it

Sorry if you're now asleep, if any one wants to tag along feel free but I won't promise to be at all interesting, I mostly spend life tired.

Lemon_Tree

Things done this month since my current LBM:
Started doing PA surveys again
Selling on Facebook (added bonus that it's helping declutter)
paid the first £5 extra on the car loan
Set up next year's budget to make sure it all balances (its blooming tight)
Started frovember - using up stuff from the freezer each day.
Challenging myself to 16 Nsd's. 3/16

Greying_Pilgrim

Hiya LT!



Wonderful to *see* you - I remember you from the Stripey Gang days


Sorry about the debts - but as you say, you've kicked debts into the long grass before, and you'll do it again


Did you ever get chickens? I seem to remember you were keen to get some. But appreciate that the arrival of children may have diverted your attention somewhat


All good wishes for your debt-busting endeavours.


Greying X

jwil

Good luck

Lemon_Tree

Hi Greying I remember you as well, chickens are potentially on the cards for next year once the building work has been finished

Buffythedebtslayer

OOOO Lemon Tree XXX
Hello

I remember you - not from any particular thread I don't think but it is always good to "see" from my old days. I too have been here a while, currently out of debt but still no house

you will beat the debt for sure

natsplatnat

Hi LT!


You have a plan, and you're on a mission..... you can do this! X

Lemon_Tree

Hi I do remember the old faces ��.
This is my first foray into owning my own diary, folk will really know how boring I am now lol

Today is 'stay out of the house Saturday' as OH sleeps off his night shift. We go for swimming lessons, have brought a packed lunch, a flask of coffee and water bottles, and headed to soft play (hell). We have monthly membership for both which we get our moneys worth from, get discount on both because of the combination and my mum pays for one of the kids. We then pop to visit my mum before heading home.
This weekend I'm intending we get all of the kitchen finished barring the splashbacks which the tiler will do on Tuesday. So that's door handles, painting, fitting some skirtings and kick boards. Also got to take the dodgy cupboard down and replace the side panel and finish clearing all the kitchen stuff out of the utility / lean to and put away in new homes. Guess we also need to get the kitchen stuff out of the shed to put it away.
Tomorrow I've also got the Brownie parade for remembrance Sunday and DD has her first rainbow parade.
That should keep me/us busy, if I have some time I'll try for some surveys and try and list some things for sale

Newstartforusnow

Hi! Good luck with everything. Our debt is also partially home improvement related. At least it feels like you’ve got something to show for it but would rather not have the debt!

Lemon_Tree

Newstartforusnow wrote: »

Hi! Good luck with everything. Our debt is also partially home improvement related. At least it feels like you’ve got something to show for it but would rather not have the debt!

Too true! But it always seems more needs to be done than you expect

Lemon_Tree

We made great headway yesterday in the kitchen, and had a NSD which takes me to 4/16 for this month.
I've cashed out £5.72.from PA, not bad for only going back on it a week ago, when it arrives the fiver will go against the Car loan.
Awaiting the bill from the electrician and the tiler (after he comes tomorrow).
Just trying to keep ticking along