Money Matters! 7 June at 11:40AM in Debt Free Diaries 84 replies 3.9K views

Lookafterthepennies2020

Hi All,
After long time lurking under a different account (deleted previous email) I have decided to hold myself accountable by creating this DFD.  In the last year I have come along way, but still have plenty of room for improvement.  When on maternity leave I got in a horrible mess with payday loans which is now a thing of the past, I also built up quite an account with Bank of Mum & Dad.  I have never really planned for the future financially and all this has taught me that when my finances are a mess usually everything else seems to follow suit!  I am feeling very positive atm I have been really trying to pay things down, but have a little treat along the way to keep me going.  I now have a budget in place which I am still trying to cut down, and will post an SOA tomorrow however at the moment things look a little like

1. CC1 - I have a high interest CC just under £2k, this is going to be my priority ATM and any extra money through eBay/surveys etc will all go against this CC.
2. CC2 & CC3 - I have two small credit cards at £200 each, I currently owe about half on each but going forward I am going to use one for Supermarket spends, and the other as a £200 for the month for other spends that creep up (The aim is to use as little as possible on the 3rd CC).
3. Rent Arrears - Now down to £160!! I have been paying this down and have a PP in place to have this finished by September
4. Savings - I currently have a £300 EF, I also have a Gov't savings account which has £50 in, this was paid in yesterday as my 2 year ends in October but if I pay £50 a month until then I get a £100 top up   My plan is to then save £50 a month for the next two years in this account as at the end of the 4th year you receive half your highest balance! Xmas - I have started my Xmas savings, at £50 atm, I know many will say don't save for xmas when you have debts however there is myself and 2 ds and Xmas is usually when the CC see me go crazy, which I want to avoid this year!
5. Bank of Mum & Dad - This was originally around 5K, I have managed to get this down to around £3k Atm but will post exacts tomorrow when I am infront of my spread sheet 

My motivation to become debt free is I really want to buy my house and extend into the attic, atm I have £600 saved in a Right To Buy ISA, which I am going to try my best to keep topping up, My credit is still quite poor so this needs to be improved also.  I have a default due to be removed from my credit file in September and I can't wait to see how this will effect me...Sorry if I have ranted on a little hopefully some of you will join me along the way

Lookafterthepennies2020

I have got off to a good start for June and should have a few refunds which can all go off the CC.  I ordered a yoga mat in April that I still haven't received...this was a splurge at $42 and I have managed for month's without it so decided to get my money back!..I have cancelled some subscriptions to NowTV (3 in total £17 ) and Netflix on Friday, so I should get a little refund that can go off the CC.  I have returned a top to Fabletics that has been sat in my draw never to be worn so hopefully thats another £17,50 (not sure if they will be funny about the refund period as i bought it end of April) and I have listed 7 items on fleabay! ..I have an offer of 100 items listing free this month so going to get as much on there as possible, just not sure what yet?   

By far my biggest outgoing is food, I feel guilty all the time about how much I throw away and am terrible for deciding what we are having for tea without actually looking.  I have had a good root through the cupboards and freezer today and done a meal plan for the week with things I already have.  I know this isn't a big deal for many but hoping this is something I can stick to in the future.

Sorry for the ramble just thought I would give an update, off to the supermarket now for the few bits that I do need for the week but hoping to keep this as cheap as possible until my shop next friday!

Hope everyone enjoys their sundays!!! 

Tahlullah.H

Hi.  Good luck with the plans.  I didn't know that you shouldn't save for Christmas if you have debt?  If you don't then won't you push yourself further down because you have to borrow the whole amount, rather than having some sort of buffer?  Whichever you do, at least you are starting to plan for it now.  Hope it all goes your way.

Lookafterthepennies2020

Tahlullah.H said:

Hi.  Good luck with the plans.  I didn't know that you shouldn't save for Christmas if you have debt?  If you don't then won't you push yourself further down because you have to borrow the whole amount, rather than having some sort of buffer?  Whichever you do, at least you are starting to plan for it now.  Hope it all goes your way.

Hi Tahlullah,
Thankyou I am not sure tbh but I have heard people previously saying that you shouldn't save when you have high interest dates?  I know if I don't start putting something aside then it will be my whole wage that goes towards it at the end of the year which is where I don't want to end up! x

Lookafterthepennies2020

Hi,
My netflix refund has processed back onto my CC at £7.99 so thats's the first of my £5 a day in June!  
I have had a bit of a spendy day today though   I have been thinking about trying to start crafting to keep me busy on an evening, previously I have played slots etc and have knocked it on the head so think this will be a good way of keeping me busy - idle hands and all that.  I've been watching youtube videos and I am going to give Knitting/Crocheting a go!.. I have called to Dunelm Mill and bought some yarn, knitting needles etc and it totalled £14.00 - I am thinking about it as an investment though as it could save me a lot of money in the long run

I did also buy some other bits but mainly gifts as my mum's birthday and fathers day is coming up.  Usually I would spend at least £30 each but managed to get a lovely metal wall art for my mums garden for £13.25 in the sale and a little sign for the garden for my dad at £2.50.  Me and my sisters are all putting in for an airfryer for him so that will be about £13.00 in total so I will have saved a bit on both  

One of my ebay items has a few bids on already, still around £4 though lol but it all goes off the pot...I have all the shopping in for the week as I called to Asda yesterday so hoping I can have NSD's from now until Friday and then I will do my shop again for next week.

enthusiasticsaver

I actually think it is critical you save for xmas, emergencies and other things when you have debt as otherwise you would be tempted to put the spends on a credit card. I think if you have high interest rates though the usual advice is to stop the emergency savings at £500 and wait until the high debt has gone before increasing it. 

Lookafterthepennies2020

enthusiasticsaver said:

I actually think it is critical you save for xmas, emergencies and other things when you have debt as otherwise you would be tempted to put the spends on a credit card. I think if you have high interest rates though the usual advice is to stop the emergency savings at £500 and wait until the high debt has gone before increasing it. 

Hi EE,
Thankyou for stopping by   Oh great, my EF is currently at £300.00 but I am trying to build it up £50.00 a month and will aim for £500.0  I must admit as someone who has NEVER had savings I do like the feeling of having something there "just encase".  We had a high vet bill in April (£1250.00 in total) which I have managed to set a PP up with the Vet but they required £400.00 to consider a PP.  Luckily my mum paid the deposit ( which I have since paid her back) but having a little security does feel good.  With that said I don't think I am someone who would need more than £500.00 to sleep well as I am used to nothing.

Sorry rambled on a little there didn't I  

x

Lookafterthepennies2020

Hello if anyone is there
I have been sat at my S/S this morning and have planned out my budgets from now until Xmas, my youngest ds also has a birthday early January which I am never paid in time for so I have worked that into the numbers also and feel really optimistic about the next few month's …(touch wood).  I should be able to put something away towards my ISA, EF, XMAS and then make a £150.00 overpayment at the end of this month on my highest balance CC.  I must admit I do have a sinking feeling perhaps I have forgot something, that or I really have just been burning through money - But  I plan to pay my Food shop money and my monthly budget off of my two low limit CC's and then use those which is where the extra pennies pay have appeared from as I then won't be making my usual CC payments.  Hopefully if I can have a strict spend month then next month there will be less to pay off of them in full also

Other than that, I have bought cat insurance for our brucey, but made sure I went through quidco so should be getting around £10 cashback at some point ( I will put a referral below if anyone hasn't already joined, I am sure everyone will have lol ) and it works out at approx. £6 a month.  I also had a start with the knitting last night and decided crochet isn't for me lol   One of my ebay items is at £10.00 already so that will be going straight off the CC once it sold, the others don't seem to be doing much as of yet but any extra pennies will be being paid off this too.  I am hoping for a NSD today

Hope everyone is well x 

https://www.quidco.com/raf/2977607/

Lookafterthepennies2020

Morning All,
Trying to swallow my frog today and crack on with some of my uni assignments but I have a terrible headache I have been like this a few days now on and off so have took some paracetamol and will give it half an hour then crack on.  I am currently on hold with RyanUnfAir at the moment as we had a holiday booked for August, we are going to cancel which will mean losing just short of 600 which I am gutted about.  I am just holding to see if I can at least get my baggage refunded which is £70.00. I am not very hopeful!
In money news I completed two prolific surveys yesterday which £2.50 has been approved already and I have another £9.50 to pay off my CC today (stamps bought for work) so that's £59.50 on my 1/100 and I also have a few more bids on my Ebay items.  

Other than that, I have took to knitting quite well and plan to start some knitted Santa doll's shortly which I will probably need 6 months to complete one   We also have a new addition to the family as my SIL had a little boy yesterday, due to the Covid situation she isn't allowed any visitors but we are dying to meet him!  xx 

Bizzywizard

Hi,
Regarding your EF on the main MSE site, Martin Lewis explains about using your EF to pay off interest incurring debt as your savings pot will not be making much in interest (its silly low at the moment). Its well worth a read, he explains it so well.
Best regards
Bizzy

Lookafterthepennies2020

Bizzywizard said:

Hi,
Regarding your EF on the main MSE site, Martin Lewis explains about using your EF to pay off interest incurring debt as your savings pot will not be making much in interest (its silly low at the moment). Its well worth a read, he explains it so well.
Best regards
Bizzy

Thankyou Bizzy I will take a look