Trying to get my debts off my chest.

pinpins

After some ebay sales I am under 6K of debt. 

I have listed some more bits and should hopefully get my ziffit money by the beginning of next week. 

Slowly slowly getting there.

Andyjflet

pinpins said:

This is probably the 4th attempt at this. At the beginning of this year I had a overdraft of £3000 that I was fully using and a credit card debt of £6000.
Over the past 5 years I have been living beyond my means and also, bailing out my OH which I realise is terrible. He currently owes me over £2000.
I got completely overwhelmed and made myself feel so very unwell. I stopped checking my bank balance when I knew it was getting scary and would just check it again on payday when it didn’t look as scary.

I decided to write up a budget and be really strict with myself. I got a monzo card to have my personal spending money on. I sold old clothes/household items I no longer needed and added that to my spending money and also chipped away at my CC debt.

I did a balance transfer to my overdraft so I wasn’t being crippled with fees. Then the debt is in one place.

I have been doing this since January and am now with £6000 left of debt.
I also have a safety £1000 in my account for emergencies, which I have not touched since I built it up in March.

I know this is long waffled post but for the first time in my adult life I feel like I’m getting on top of this.
 I check my bank balance everyday. That may equally be as unhealthy and not checking at all but I really feel in control of it this time.

I can do this. 

Well done, make sure you re visit your budget every week, I always do a pre budget before payday too to verify where everything is going and set my limits for the month, was whilst in lockdown, not so easy now that I'm back at work and buying lunch and coffee etc. 

pinpins

Andyjflet said:

pinpins said:

This is probably the 4th attempt at this. At the beginning of this year I had a overdraft of £3000 that I was fully using and a credit card debt of £6000.
Over the past 5 years I have been living beyond my means and also, bailing out my OH which I realise is terrible. He currently owes me over £2000.
I got completely overwhelmed and made myself feel so very unwell. I stopped checking my bank balance when I knew it was getting scary and would just check it again on payday when it didn’t look as scary.

I decided to write up a budget and be really strict with myself. I got a monzo card to have my personal spending money on. I sold old clothes/household items I no longer needed and added that to my spending money and also chipped away at my CC debt.

I did a balance transfer to my overdraft so I wasn’t being crippled with fees. Then the debt is in one place.

I have been doing this since January and am now with £6000 left of debt.
I also have a safety £1000 in my account for emergencies, which I have not touched since I built it up in March.

I know this is long waffled post but for the first time in my adult life I feel like I’m getting on top of this.
 I check my bank balance everyday. That may equally be as unhealthy and not checking at all but I really feel in control of it this time.

I can do this. 

Well done, make sure you re visit your budget every week, I always do a pre budget before payday too to verify where everything is going and set my limits for the month, was whilst in lockdown, not so easy now that I'm back at work and buying lunch and coffee etc. 

Thank you. I revisit it a lot and always try and leave a little buffer for things that might crop up. 

When I got my monzo it showed me how much I was spending on coffee-🤯 scary. I now treat myself to one or two a week from my spending money and have a jar of instant at work- not quite the same but  does the trick! 

pinpins

Started to plan for next months budget , even though payday is a few weeks away.
Ive made it pretty tight apart from a £50 buffer which will go into my emergency fund if not used. 

Coming from a place where I ignored looking at my bank account to planning ahead like this makes me see how far I’ve come. 

Hope everyone has a great day. 

pinpins

It’s a new week and I’m focused on saving where I can. Have meal planned after going through the cupboards and freezer. Will only need to top up bread and milk. I have also listed a few more off bits on EBay. 

Hope everyone has a great day and week. 

TheAble

Congratulations on your progress. My recommendation would be - get your OH to commit to repaying you £100/month, taken out of his pay upfront. Ask for no more. £2000 probably seems overwhelming to him, but £100/month should be manageable, will help you towards your debts, and will probably make him feel better also. In this way, in after months, the debt will eventually be repaid. As Benjamin Franklin wrote:
"Good-natur’d Creditors (and such one would always chuse to deal with if one could) feel Pain when they are oblig’d to ask for Money. Spare ’em that Pain, and they will love you. When you receive a Sum of Money, divide it among ’em in Proportion to your Debts. Don’t be asham’d of paying a small Sum because you owe a greater. Money, more or less, is always welcome; and your Creditor had rather be at the Trouble of receiving Ten Pounds voluntarily brought him, tho’ at ten different Times or Payments, than be oblig’d to go ten Times to demand it before he can receive it in a Lump..."

pinpins

TheAble said:

Congratulations on your progress. My recommendation would be - get your OH to commit to repaying you £100/month, taken out of his pay upfront. Ask for no more. £2000 probably seems overwhelming to him, but £100/month should be manageable, will help you towards your debts, and will probably make him feel better also. In this way, in after months, the debt will eventually be repaid. As Benjamin Franklin wrote:
"Good-natur’d Creditors (and such one would always chuse to deal with if one could) feel Pain when they are oblig’d to ask for Money. Spare ’em that Pain, and they will love you. When you receive a Sum of Money, divide it among ’em in Proportion to your Debts. Don’t be asham’d of paying a small Sum because you owe a greater. Money, more or less, is always welcome; and your Creditor had rather be at the Trouble of receiving Ten Pounds voluntarily brought him, tho’ at ten different Times or Payments, than be oblig’d to go ten Times to demand it before he can receive it in a Lump..."

Thank you. I have suggested this and he is waiting to see what his wages are this month( they’re less due to furlough) and then he has said he’ll start paying £100 back. This will really help me and get me chipping away that card quicker. 

pinpins

Managed to get £47 from ziffit for old games/books/cds etc. Another little bit chipped off that CC- hurrah! 

ryanm8655

Wonder if one of the mods can move this to the diary section? Seems to have morphed into one, which is great for motivation!

Good work on the small wins so far.

Good that your partner has agreed to pay you back...I’ve done the same in the past myself...lent money to people while I have debt myself. Makes no sense as it’s costing money to lend it to them ha.

pinpins

ryanm8655 said:

Wonder if one of the mods can move this to the diary section? Seems to have morphed into one, which is great for motivation!

Good work on the small wins so far.

Good that your partner has agreed to pay you back...I’ve done the same in the past myself...lent money to people while I have debt myself. Makes no sense as it’s costing money to lend it to them ha.

Yeah, it has sort of morphed into a diary. Oops!
 When you realise that you’re paying to lend someone money it’s nonsensical.