Countdown from 47k...

enthusiasticsaver

I have read my response to yesterday and think I maybe was a little too "tough love" with you and apologise if I brought you down a bit.  The working out of the interest though was deliberate as from experience many high income households  do tend to drift along just paying it as they generally can afford it until they get into a debt spiral.  Seeing it in black and white as an annual or monthly figure often cements the LBM so people realise that a situation cannot continue.  Just think of all that hard earned money you are giving to a bank.   It is a shame that you cannot get any 0% deals and they are not as frequent as they used to be but hopefully as the debt decreases they will come up from time to time. 

Firstly you have done well to get the debt down from £60k to £47k now so that is good.  I certainly was not suggesting you get rid of the dog but future expensive purchases would be better thought through first as he is a substantial drain on your finances albeit I am sure he brings a lot of pleasure too. If you are trying to lose weight then walking with him will help. 

I would suggest that you start off by dividing whatever surplus you have after working out your budget for the month and put maybe 25% towards an emergency fund and the rest towards debt overpayments.  Having an emergency fund means you have cash available if the car or fridge breaks down and you are not tempted to add to credit as you did with the MacBook and borrowing from your Dad so it is as important if not more than overpaying the debt.  Many people have recommended Dave Ramsey but he is pretty hardcore and would certainly not advise spending the amount you plan on entertainment/cleaner etc. Shopping at Aldi is a good move and limiting yourself to just one or two shops a week will help keep a lid on grocery spends. 

I would tackle the overdrafts first.  At 40% they are your most expensive debt and they can be withdrawn at any time.  Just because they have not withdrawn them so far does not mean they never will.  Good luck and I look forward to seeing that £47k going down. 

jwil

Just found you

Happy new diary and good luck with the debt busting and SW.

You've had loads of great advice, and I agree about tackling the overdrafts first.  I also agree with the poster that said not to wait til the end of the month, as it is so easy to dip into the cash.

enthusiasticsaver always gives out great advice, and it can be painful to hear.  Don't beat yourself up though, take it step by step.  We've all been there, some of us (me) have needed multiple kicks up the bum before some of the messages sink in properly.  There's loads of great advice on this site, and lots of little savings on bills, groceries and entertainment can soon add up. 

shoppingobsessed2020

Funnily enough adt were the company we said no to.  I went with a locally based company called PSL, they do lots of security for some of the really big companies up here but not sure if they cover down south or if they can take over an alarm contract either, they had to rip out the house alarm we had (was donkeys years old and no one knew the code) and installed theirs in its place. Hard wired panel, wireless motion sensors and wireless door and window sensors. CCTV can be viewed remotely or via the hard wired panel and monitor.  I just googled alarm companies after not being impressed with adt (patronising, telling me I didn’t need cctv and a bog standard alarm would do) the md of psl actually came out the next day and spent 3 hours with us talking through what I needed and wanted from my alarm system and suggested some things weren’t necesssary but they could do x instead which would alleviate concerns x, y and z.  I’ve got what I call clickers so can set the alarm remotely from the car as I’m leaving or set it upstairs.  I’ve the ability to set zones so I can have the window and door sensors alarmed but the motion sensors off or I can have the downstairs set and upstairs off or any combination.

Initially like I said it cost more than adt but one year of monitoring at the cheaper price covered the cost of the alarm system and it can do everything that I wanted that adt told me I was being silly to want/need.  My neighbours had been broken into whilst they were home and dh wouldn’t let me get a crowbar or a baseball bat lol, I’m on my own a lot with a young child so you can appreciate wanting that alarm installed quickly. 

WhySeaEm

I've just had an absolute win, spent some time on comparison sites and got my contents insurance like for like for £115 when we're currently paying over £300! So I called Churchill and cancelled and they waived the cancellation fee as we'd 4 years no claims. Paid it outright so I'm up £30 a month now. Yay! Will update SOA shortly. Thank god for the 'save data' tool!

I'm also currently typing on my very expensive shiny MacBook Air. It's soooo nice compared to my old clunky one! So no regrets. Just wish it was cheaper, lol.






shoppingobsessed2020 thank you. I'm definitely going to do some googling when my two years are up in August and try and find a cheaper provider. I don't want to be without it because I love the peace of mind it gives me. I have zones and stuff too, it is great but they take the mick by hoicking the price up by £9 in under two years!

jwil thank you, and I love your Disney quote. I needed the butt kicking. 

enthusiasticsaver thank you for your comments. You did me a favour don't worry, I am a sensitive flower but I need the tough love to get out of this mess. So the number crunching made me feel sick and I hate thinking of how much interest I'm paying to the companies. I've talked it through with wifey and we're going to do what you've suggested and build an emergency fund, I'd like to have £1000 in that which I think is a reasonable goal. The overdrafts are our first goals, mine first, then hers and I'll feel loads better when they're gone for good. We've never not been in them, I want them closed!

Drawingaline you're right about the puppy, he was/is a huge spend and definitely non essential. But he brings us so much joy, positive mental health, and soon walking lots (he's too little right now but it's increasing daily). So I'll suck it up and accept he was an expensive little thing but be much more mindful in future. We are both committed- my LBM was also hers luckily which I think makes things easier. Although being honest she is much more mindful than me, I'm the big spender in our marriage not her!

IrishSean Oh what I'd do for a Burger King! Won't lie! I'm probably the worst person to help you, haha, I'd just be encouraging you into BK again. That song lyric is very apt, isn't it, addiction runs strong through myself/my family so it hits a nerve in a good way. 

TheAble

What cars do you both drive as a matter of interest? I ask because you're burning up an awful lot of money in fuel every month. If not particularly fuel efficient, could you trade in for something more economical?

AnxiousTheElephant

I've said it before and I'll say it again dogs are part of the family and to an extent cost doesn't matter. You wouldn't regret having children because they cost £xxx a month. Childcare/doggy daycare..its all relative. Maybe I'm just biased as a dog mumma lol

TheAble

AnxiousTheElephant said:

I've said it before and I'll say it again dogs are part of the family and to an extent cost doesn't matter. You wouldn't regret having children because they cost £xxx a month. Childcare/doggy daycare..its all relative. Maybe I'm just biased as a dog mumma lol

Important though not to let all reason go out of the window. On which note I see the op is spending £60/month on dog food. Not an owner myself  but does it really cost this much to feed a small dog?

mrsmoneypenny90

TheAble said:

AnxiousTheElephant said:

I've said it before and I'll say it again dogs are part of the family and to an extent cost doesn't matter. You wouldn't regret having children because they cost £xxx a month. Childcare/doggy daycare..its all relative. Maybe I'm just biased as a dog mumma lol

Important though not to let all reason go out of the window. On which note I see the op is spending £60/month on dog food. Not an owner myself  but does it really cost this much to feed a small dog?

Hi all, I’m not sure what dog you have @WhySeaEm we have a small toy dog breed and we use Tails.com for bespoke food delivered to the door for £17 a month. She loves it! And plus you can get your first box 50% off 😊

CreditCardJunkie

If a larger breed, I buy 25kg dog food from our local horse feed place. Our boy does well on it, coat is much shinier and it works out a lot cheaper than the pet food from supermarkets.
Also if you're wanting to trade in your old device I'd recommend CEX they're still accepting online trade ins. I recently traded in my old phone and got the agreed price of £95 (unlike mazuma who offered me £25 instead of £105!).
Keep going 💪

Doris17

Well done on you achievement so far.