YNAB...ing my way to freedom!

SuperFrank88

MidsHollie wrote: »

Hey Frank,
I'm also feeling a bit 'meh' about the whole debt busting thing. You have done amazingly to save almost £3000 in such a short amount of time. Maybe it would be helpful to think in terms of net worth..... total debts vs total saved. Even though that money hasn't gone from your debt, it is money you didn't have before, putting you in a much healthier financial position. Chin up, and keep going!

Thank you Hollie, I think I was just having one of those days, back on the horse today

SuperFrank88

Eyebright wrote: »

Hope you feel more positive soon Frank. You're in the, "Just keep plodding" phase at the moment, whilst you are waiting for things to happen.

With regards your gym membership, if you feel it's really important for your mental health to go, would it work out cheaper to pay the whole year up front if you save up some money for it and put it to one side? it usually works out cheaper to pay for the year rather than the D/D, and it would be one less direct debit you have going out whilst you are trying to save as much as possible.

I'm not going to renew my gym membership this year, my SIL has a bench, some weights, mat etc at home in her spare room and we are looking to club together to get a second hand treadmill and have a home gym. Not quite the same as a fully equipped professional gym, but it will certainly do me whilst I'm tackling my debts and will save me £250/yr

Hi Eyebright,

Yes I am feeling more with it today thank you after my sulk yesterday :rotfl:

Great point re the gym, I have messaged them to ask if they take 1 off payments because the website only shows months direct debit options. Will hopefully hear back from them tomorrow

SuperFrank88

Hi all,

So I came home today to a letter from Lowell saying they had bought my debt (£217) from British Gas for an account I had between 12/2013 - 06/2014. This is the first I have heard about this debt but they can swivel if they think they are getting a penny out of me! I am so much more clued up on how these companies operate now after watching the OYE youtube channel. They have probably bought my debt for pennies and now they will try their best for 6 months before it becomes statue barred challenge accepted

I stayed on in work today to get some bits sorted ready for a customer coming from Hungary tomorrow to sign a job off. Just as I was about to leave, my boss said he was planning on taking said customer out for dinner tomorrow evening and asked me if I wanted to join them (I think he just didn't want to be stuck in a restaurant with a Hungarian guy who's English isn't very good). Safe to say I snapped his hand off and will be heading out to a nice restaurant tomorrow evening all paid for....Proper MSE style :T

BlytheDoll

Hi Super..

Been following your journey and diary, and have subscribed aswel. well done on looking at all of your outgoings and knuckling down.

With clear goals and visions you will be getting through the debt busting in no time.

Spreadsheets and budget pots are really useful to track spending and to ensure that you stick to your plan

Good luck

SuperFrank88

BlytheDoll wrote: »

Hi Super..

Been following your journey and diary, and have subscribed aswel. well done on looking at all of your outgoings and knuckling down.

With clear goals and visions you will be getting through the debt busting in no time.

Spreadsheets and budget pots are really useful to track spending and to ensure that you stick to your plan

Good luck

Hi BlytheDoll

Thank you for the message. I can’t wait to get started! This period is so frustrating but 100% necessary. I won’t really know how well I’m budgeting until I’m paying back my debt. Feeling a bit of a fraud at the moment ploughing so much into my EF.

Have you got a diary I can follow? Thanks for subscribing

Frank

BlytheDoll

Hello Super..F
no, I don’t have a diary, been a long time reader in MSE (different user previously as would not let me log in after a long break). I am not currently in debt, but debt neutral.. I do have a credit card debt, but this is on zero %, and have enough saving to pay off at anytime. I prefer to keep my savings building up. I don’t spend on CC card anymore only on debit cards or good old cash.

I closely monitor spends now and have developed my own in depth spreadsheets, which over several months have become really useful to see where every penny goes.

I always think carefully before making purchases, it might only be £20 but how many hours did I have to work to earn the money, how long will the item last, be worn, be worth in the future??

I was thinking about the gym membership you mentioned above, I would say no, don’t do it. That £20 a month (you were trying to justify at less than £1 per day) might not seem a lot, however thats £240 a year, I bet you would get bored after a few months, and then would not go, and you might have to sign into a year or two contract. You mentioned student rate? Are you a student? You have to sacrifice now to achieve for the future, get some home gym stuff, or take a run around the park, set yourself £50 max max to buy secondhand equipment, that down the line you could still get £50 return when you come to sell.

I am not sure about the dealings with a DMP, only information from the boards that I have read, I know some people say to make token £1 payments. Can you know see anyway to budget your way through making payments on the debts without having to go into a plan? If you have already saved a lot into an EF, has this not given you the incentive that you can DO this without the plan?

Blythe

Poppy1984

SuperFrank88 wrote: »

Thanks Poppy,

What is it you are struggling with? (You don’t have to answer that if it’s personal).

I think it’s the variety of my job that I love. Every project is different which means every day is different. I’ve also started doing a part time degree in Manufacturing Systems because it is fully funded by the Welsh Government. My boss is planning on retiring in the next 5-10yrs so there could be an opportunity for me to take over or start up on my own. Part of me says stick to what I know but part of me wants to try something else (within the engineering world) hence why I am doing a degree, so that I can apply for well paid positions but we will see what happens when that time comes.

Pretty quiet few days for me, just dropped DD home. Been down to visit my grandparents today as they fly to Oz on Tuesday for 6 weeks!!! So jealous but chuffed they are enjoying themselves because they are well into their 80’s so bloody good on them I say.

Managed to put away £120 into EF so I’m up to 27.41% :T I’m gunning for that 30% now!

Relaxed rest of the weekend for me

Frank :beer:

I don't mind answering I guess I've been here a long time and things have changed quite a lot its not what it once was, it used to be more about helping people but now its more about hitting targets. Its not a great atmosphere as people are fed up and stressed and worked to capacity. My wages are low for the responsibility and I'm just a bit fed up about it all really.


You're doing fab with the EF well done, how much is your target for that before you start your DMP?


Poppy

SuperFrank88

BlytheDoll wrote: »

Hello Super..F
no, I don’t have a diary, been a long time reader in MSE (different user previously as would not let me log in after a long break). I am not currently in debt, but debt neutral.. I do have a credit card debt, but this is on zero %, and have enough saving to pay off at anytime. I prefer to keep my savings building up. I don’t spend on CC card anymore only on debit cards or good old cash.

I closely monitor spends now and have developed my own in depth spreadsheets, which over several months have become really useful to see where every penny goes.

I always think carefully before making purchases, it might only be £20 but how many hours did I have to work to earn the money, how long will the item last, be worn, be worth in the future??

I was thinking about the gym membership you mentioned above, I would say no, don’t do it. That £20 a month (you were trying to justify at less than £1 per day) might not seem a lot, however thats £240 a year, I bet you would get bored after a few months, and then would not go, and you might have to sign into a year or two contract. You mentioned student rate? Are you a student? You have to sacrifice now to achieve for the future, get some home gym stuff, or take a run around the park, set yourself £50 max max to buy secondhand equipment, that down the line you could still get £50 return when you come to sell.

I am not sure about the dealings with a DMP, only information from the boards that I have read, I know some people say to make token £1 payments. Can you know see anyway to budget your way through making payments on the debts without having to go into a plan? If you have already saved a lot into an EF, has this not given you the incentive that you can DO this without the plan?

Blythe

Hi Blythe

The gym contact is non contract for student membership. So I could go for as many months as I wanted and then cancel. I’m a full time worker & a part time student. I’ve always gone to the gym so you’d have lost that bet I didn’t go to the gym last year as I was training for a Ironman, hence why I am sick of running and need a new challenge.

The reason why I am entering a plan is because my minimum payments were £900+ a month which I just couldn’t afford (see SOA above), trust me I’d love to be able to wipe it all off asap but I need all my creditors to default so they stop adding interest then I will work as hard as I can to become debt free.

SuperFrank88

Poppy1984 wrote: »

I don't mind answering I guess I've been here a long time and things have changed quite a lot its not what it once was, it used to be more about helping people but now its more about hitting targets. Its not a great atmosphere as people are fed up and stressed and worked to capacity. My wages are low for the responsibility and I'm just a bit fed up about it all really.


You're doing fab with the EF well done, how much is your target for that before you start your DMP?


Poppy

Hi Poppy

How has your week been? I hope you are feeling better.

That’s a shame to hear you feel like that about your job. Hope something comes your way soon.

Regarding the EF, the original plan was to get to £10k which would be 5 months salary, but to be honest as soon as my accounts default, I’ll get onto paying them back straight away so the EF will only be having a small donation to it every month rather than the lump sums it is having at the moment.

Hope you have a great weekend.

Frank

BlytheDoll

Hello SuperF..

How are you getting on with your budgets and EF savings

Have you looked closely at your spending over Jan to see where you can cut back at all?

Try accounting this month In February at every penny, create a spreadsheet if you haven’t already and track your spending on a daily basis, you will then be able to see what your current account shows and any emergency fund savings as well. It will keep your mind on the project ahead.

Hope you have a good week
BlytheD