Getting out of the vicious circle

TheAble

I think your trouble is you don't really know where your money is going. It's crazy to go into debt to buy shiny cars, landscaped gardens and (previously) holidays to Florida. You can of course have these things in the fullness of time but you need to get into the habit of saving up for them first and even then only buying them when it's not going to negatively affect your financial security.

outoftheviciouscircle

TheAble said:

I think your trouble is you don't really know where your money is going. It's crazy to go into debt to buy shiny cars, landscaped gardens and (previously) holidays to Florida. You can of course have these things in the fullness of time but you need to get into the habit of saving up for them first and even then only buying them when it's not going to negatively affect your financial security.

Oh I know its crazy but at the time you just don't think. I don't suppose too many of us would be in the position we are now if we only bought things we could actually afford.

Anyhow, I have to take my MIL to the hospital this morning. I don't have too much planned until I go back to work Monday so I will probably spend the weekend having a bit of a clear out, do a few surveys. I think I actually have a good amount to cash out out one survey site so I'll get that paid off the credit card.

warby68

I think your lightbulb must have flickered and then blown when you started your diary.

Good luck with getting it shining brightly this time

It takes plenty of people a few gos.

outoftheviciouscircle

warby68 said:

I think your lightbulb must have flickered and then blown when you started your diary.

Good luck with getting it shining brightly this time

It takes plenty of people a few gos.

Thanks Warby68. It definitely did that and I'm pretty sure I will do it this time

outoftheviciouscircle

Spent the morning with the MIL she's waiting on a hip replacement and had a hospital appointment about it this morning. We obviously couldn't go in with her so had a wonder around the shops. I picked up a lovely Dumbo jumper in Primark for £4. DH tried to convince me to buy more as I'm always complaining I don't have any clothes but I stuck to my guns.

In the car on the way to the hospital, I picked up a Prolific survey for £5 and had that done by the time we got there. MIL then bought us lunch for taking her, that was unexpected but most appreciated.

I then completed a MS, but will have to wait a while for that payment. Actually as I type this I remember I haven't written the report so will do that next job.

I also cashed out £18.26 from Prolific. Any extra money I make, I'm putting in an account I don't use and I'm going to pay it off the credit cards when I've reached a 1% chunk. Thats about £143 for me. I find my debt a lot more manageable when I break it down like that.

Anyway off to put dinner in the oven.......Wait no I'm not. Need to fill in that report first!!!!

doingitanyway

I admire you for coming back here. Failure is when you stop trying. Many people on these diaries had more than one go at it. You sound very motivated to change. Maybe think about the triggers that cause you to start spending again so you can recognise the signs. I will be cheering you on. 

Snwps

doingitanyway said:

I admire you for coming back here. Failure is when you stop trying. Many people on these diaries had more than one go at it. You sound very motivated to change. Maybe think about the triggers that cause you to start spending again so you can recognise the signs. I will be cheering you on. 

100% agree with this. It takes time to change old habits. Obtaining credit is too easy or paying on credit is an easy option, the buy now pay later attitude is what got me. Its taken me a long time to get a workable budget and even now I'm swapping and changing how I feel we should takle the debt. I looked at an old credit report the other day and realised a few years ago our debt wasnt as bad as I'd thought. I've had set in my mind that we've been in this level of debt for years. 

Sadly, theres no easy fix (if you find one let me know) it's hard and it will take it's toll at times, but stick with it. You will get there. That's what I keep telling myself. 

I'm not sure how you keep track of spends or budget but I've been using YNAB for a couple of years now and it helps me so much to see where my money is going. It does have an annual fee but I couldnt do without it now. It take a bit of tweeking to get it how you see fit.

I'll be following for support.

outoftheviciouscircle

Thank you for popping in doingitanyway and Snwps and thank you so much much for the words of support. It really does keep me going.

I really am determined this time. I have it stuck in my head now that if I don't tackle this now then I can look forward to working until at least my mid 70's. Both myself and DH earn decent money but I'm guessing due to outgoings were only able to get our mortgage over 37 years. That was 8 years ago. We keep saying we will cut the term down next time it's due for renewal but never do as we need to prioritise the debt first. We have just switched to a new deal that is saving us £60 a month and I will ensure that £60 is paid as an additional payment to the credit cards rather than spent on something else.

I had never fallen in to the buy now pay later thing until recently. I got a new laptop using this as I want to start an estate agency course. I am under no illusion that my current job will be made redundant within the next 2 years. I work in retail and its a very physical job and even if I don't get made redundant it's not a job I will be able to hold onto once I hit my 50's or 60's. I have always said if the opportunity comes for redundancy then I want to know I have something different I can go into and take the money and run. I have had the same job since I was 18 so have nearly 23 years service now.

With regards to YNAB, I shall certainly have a look at this. I have read a few diaries over the last few days and I see it mentioned a lot. If it can help me then its certainly worth a try.

Snwps

What I meant by Buy now Pay later, is using any form of credit. If you think about it, all credit is BNPL. Credit cards, new mobile phone contracts, catalogues, loans, car finance.

outoftheviciouscircle

Snwps said:

What I meant by Buy now Pay later, is using any form of credit. If you think about it, all credit is BNPL. Credit cards, new mobile phone contracts, catalogues, loans, car finance.

Oh yeah, I get that. I was thinking about it as in buy now and they want the lot in 6 months time