Starting Again for Future Me

BankMoth888

Debt total as of 1st February 2020 £19,742 that's an increase of £94 this month

It's actually not quite as bad as it seems - there were pending charges not included last month's total and some of my DDs were taken out later than expected this month so hadn't yet been deducted from my Feb 1st financial snapshot. In the end it means that I was basically just treading water last month. That's not good, but to be honest I'd rather get the disappointments out of the way early on in the debt-busting process.

Negatives:
I didn't reduce my debt total.

Positives:
Despite being disappointed in my new total I realise it may take a little time to gain some traction.
I stuck to my new budget and did not overspend for once.
I made tiny extra payments here and there with oddments from my bank accounts.
Received my £124 tax rebate, using £100 of it to pay some more of Argos acc. and the rest to buy essential supplies for my side-hustle (which will now enable me to make more money for debt repayment)
Discovered that it's the multiple "little" spends that have been blowing my budget - how quickly they add up!
Stopped the impulse to buy "stuff". The realisation that the actual act of ordering stuff online gave me the high (rather than receiving what I'd bought) shocked me out of the emotional spending loop. I'm still figuring out exactly which emotions caused that loop, but so far I've acknowledged boredom, powerlessness and feeling totally unappreciated in my day job, dissatisfaction with where my life is (mid-life crisis?) and general stress caused by debts and uncertain living arrangements. Now at least I can begin to address each problem so that I don't financially self-destruct ever again.

I will get there!

BankMoth888

As silly as it sounds, posting about this month's debt increase made me feel that I was letting everyone down (everyone on MSE) which means that this idea of "accountability" is working at least!!

FootyFanDan

Hi,

I just read your diary and wanted to wish you the very best of luck in your debt free journey. The first few months might be the hardest as you are adjusting to a budget the fact you stuck to your budget though is such a positive step. I like you also found that it was the little things that were ripping my budget to shreds and me not having the will power to say no to my wants. I wrote my diary opening post a few times and then never posted but once I did the advice here has really helped.

It seems from your posts that you have got a really good idea of what caused the debt and the fact you have been totally honest to yourself about the cause will stand you well going forward. There will be bumps in the road no doubt but that just means a little detour to your destination!

Following your journey

BankMoth888

Thank you for your support Dan and thank you for your own inspiring diary - I've already got so many ideas from it especially about setting goals.

I think my impatience caused a lot of my debt (wanting that thing NOW rather than saving for it) and is causing a lot of the annoyance now that I'm focused on clearing the debt (things aren't improving quickly enough to reflect my completely changed mindset). Maybe my impatient nature can be appeased by some kind of small goals and rewards-based system. Maybe I need to work towards, say, a coffee shop coffee every time my debt goes down by a certain amount, instead of looking at the relentless, long slog of enforced frugality ahead of me. Off to plan my strategy

[Deleted User]

Hi,

Just popping in to wish you well on your journey.

Don't beat yourself up too much about the debt incresing slightly, a new budget takes time to adjust to.

Good luck

Pmo2
xx

StartingAgainAt29

Hi BankMoth, have subscribed to your journey. We're kind of similar positions as I'm living in a flat that I've got to sell, so I feel like I'm limbo but using the time I have to knuckle down on finances...even with the increase it sounds like you're much more mindful now, which is the biggest step!

FootyFanDan

BankMoth888 wrote: »

Thank you for your support Dan and thank you for your own inspiring diary - I've already got so many ideas from it especially about setting goals.

I think my impatience caused a lot of my debt (wanting that thing NOW rather than saving for it) and is causing a lot of the annoyance now that I'm focused on clearing the debt (things aren't improving quickly enough to reflect my completely changed mindset). Maybe my impatient nature can be appeased by some kind of small goals and rewards-based system. Maybe I need to work towards, say, a coffee shop coffee every time my debt goes down by a certain amount, instead of looking at the relentless, long slog of enforced frugality ahead of me. Off to plan my strategy

I am glad to hear my ramblings offer some hope :rotfl:

I would say that small rewards along the way are very much a good idea, i do similar. A small reward when you hit a target is something that can make the journey a little easier to complete. I think the best thing you can do is find an happy medium in which you can get debt paid but without the feeling of frugality. There is going to be times where it gets tough but when you knock down the barrier and break past that tough moment you will be stronger for it.

I am very similar in mindset where I couldn't wait for things and I wanted stuff this instant and this mindset was making stuff messy I knew I had to change. I can still get the things i want i just have longer to wait to get them. I am the same with debt i want it all gone like now :rotfl: