Young and naive mistakes

ApricotPluto

I have about £6369.68 in debt with credit cards - luckily no defaults/CCJ's and they're both on 0% at the moment (Barclaycard ends in a few months but I'll do a balance transfer). I've got to make a change in my life.

Back Story

I started working just before I went to Uni - I was young, in love and didnt really understand money - well I knew what it was but I didnt understand the impact on life it can cause. When I was working at a local store someone told me "Use your overdraft whilst you're at uni its free money! But on your last Student Loan pay it off, you've got a job that'll cover any expenses" Fast forward 3 years, a manipulative relationship (Boyfriend would ask for me to pay for stuff and he'd owe it me back, when asked he'd guilt trip etc) I was at my final student loan which was £1,600 but I owed my mum £800, my overdraft was £2,500 and I even had a Student CC at £750. All I thought was ah its alright - no real outgoings and its all no interest. Little did I know at the time I only had 1 year interest free on it all. Then came late payments - struggling to pay for petrol to get to work. I didnt really 'care' still. I knew it was bad, but I didnt really think £3250 was a debt to be honest. I thought I could clear that in a few months. I got a full time job within the public sector and again - didnt really do much with the debt. When I realised that I was paying £50 a month on both cards but was only actually paying off around £2 a month I realised something had to be done.

For some reason I thought it was a good idea to move out on a low wage and wriggle my way through life.

I came onto this forum (Different name) and looked at what to to - I did a balance transfer and paid off minimum each month. Managed to probably knock debt down to around £2k. However - whenever I needed (Or in some cases wanted) new things - I got them on finance - new car, new technology - I like to have top of the range stuff so higher deposits to keep monthly payments down. Over the years this went up to around £9000 on credit cards - I don't know the exact number was too scared to look at the time.

So here I am today. I've had a good long think over lockdown. I've looked at my finances. I've looked at all my accounts. I just need to pay it off just in case something bad is to happen. I'm currently sorting through stuff out to see what I can sell and as soon as that money comes in I'll whack it to the credit card. When lockdown is over I'm going to look at getting another job on top and see if I can fit it around life to speed up the debt free date.

My current debt free date is August 2022 - But I will pay off the credit cards before December 2021!

Kakiste

Good luck! Sounds like you've got a good plan.

jazzyja

You don't need to justify your poor decisions in your younger days! I know its embarrassing when you write it but cripes majority of us have been there. I remember becoming a mum (i was only 19) and maxing out a next catalogue at 3k, genuinely didn't care at all. My son looked nice 😂 our attitudes change so much as we grow! Wouldn't dream of doing that now! 
Good luck youl smash it! 

FootyFanDan

Hi,

 

I just wanted to pop by and wish you luck on your journey to becoming debt free. As tough as it is try not reflect on the past errors you made when younger – we all have done this and we grow up. It sounds like you know what you need / want to do and that is a start

 

Here is to being debt free 😊

[Deleted User]

A very familiar story here too! But hey, the past is done and you're here now   I've subscribed to cheer you on. 
I shifted a lot of my debt with not very much spare income, and got lots of advice from lurking on here, and then when I was brave enough, posting my diary on here. You might find it helpful to do a SOA (even if you don't post it) to have a benchmark to refer to. Good luck, the first few months are the trickiest, until you get into the swing of things, so don't be afraid if you feel you have a few false starts, or you need to tweak your budget, it's all moving in the right direction. 

ApricotPluto

Thanks all!

Sold a couple of things on eBay over night so thats another £45 (after postage fees/eBay fees) I can put towards one of my cards. Got a few more things to put on there too.

Barclaycard - £3389.88/£5000 - 0% ending in August 2020 (Will be doing BT soon)
Tesco - £2868.94/£3200 - 0% ending in June 2021

Got to go shopping for family later but they're pretty quick at re-paying and there isn't anything I need so hopefully should be a no spend day. Apart from that might just be a cleaning day with the weather still being so poor. 

ApricotPluto

Didn't end up having a NSD yesterday as sold something else so had to get more packaging. 

Have had one today today. Been out for my first social distanced run with a group of friends! I struggled. So much. I could run 10k without walking but currently probably down to about 2.5k and even then I'm struggling - luckily they've all said the same.

Back to work after a week off - but I find it easier not to spend anything whilst I'm at work. Take all my own food/drink in so all good hopefully until next weekend.

[Deleted User]

All sounding good! I’m the same at work, it’s definitely easier not to spend money there compared to being at home  

ApricotPluto

So much easier! When I'm at home I just get bored and find myself going to B&M or Home Bargains or a food shop just to get a couple of things and it all adds up. 

Needed a couple of things for food the last few days at work - put I've used spare change lying about for it. So spending on my debit card has been 0 since the weekend.

Got to get a Fathers Day gift still - but that will be £12 maximum (just need to order it!)

Coronavirus - even though I hate what its done to the world - I'm actually quite thankful for it too.. I realise now how much I used to spend on things that are unneccesary. £1 there, £3 here, £3.50 there. Soon adds up throughout the week. I've stopped the coffees, I've stopped buying as much fizzy pop (Limit myself to 1 can a day and get the 30 cans in bulk for cheap). Whereas before it was £1.20 a day for a bottle of Pepsi Max and then £2.25 for a coffee a day - thats £17.25 a week.... 

ImpulseSpender

ApricotPluto said:

So much easier! When I'm at home I just get bored and find myself going to B&M or Home Bargains or a food shop just to get a couple of things and it all adds up. 

Needed a couple of things for food the last few days at work - put I've used spare change lying about for it. So spending on my debit card has been 0 since the weekend.

Got to get a Fathers Day gift still - but that will be £12 maximum (just need to order it!)

Coronavirus - even though I hate what its done to the world - I'm actually quite thankful for it too.. I realise now how much I used to spend on things that are unneccesary. £1 there, £3 here, £3.50 there. Soon adds up throughout the week. I've stopped the coffees, I've stopped buying as much fizzy pop (Limit myself to 1 can a day and get the 30 cans in bulk for cheap). Whereas before it was £1.20 a day for a bottle of Pepsi Max and then £2.25 for a coffee a day - thats £17.25 a week.... 

Hi ApricotPluto, just delurking to say I had a similar story to you and a similar amount of debt, around 9K, all amassed a few years after graduating uni. Well done on the ebay sales, thats something I really need to get into more!

Also just wanted to say I feel the same as you about Coronavirus. I feel lucky that it hasn't directly impacted me or anyone I know but it has given me the chance to really think about my spending prior to it all. It makes me ashamed at how much I was spending and going forwards I'm going to use that shame to really consider what I buy!

Good luck on your journey, I will be following 

ApricotPluto

I think a lot of people are in the same boat about both things to be honest - just think with the debt schools/college should talk more about money rather than just not mention anything - especillay when you get to Uni and you get the loans!

I'm totally ashamed at some of the things I "bored buy". Pop to the shops most days to just wander around and end up buying something. Little purchases are worse than big ones - least I can see where my money has gone with them.

Bit of a spend-y weekend... but it's to help my life get back to normal so worth it in my eyes

Forgot to mention - 
I've opened up a Monzo account - this is going to be my spend card. I'm going to transfer £50 a week from my current account and thats all I get to spend. Thinking any spare at the end of the week to make a payment to my card. Not sure if it will work but worth a go right?