New Post Advanced Search

Starting All Over Again

33 replies 1.6K views
ZaSa1418ZaSa1418 Forumite
178 posts
100 Posts Name Dropper
I have spent many years getting myself into debt, paying it off and then doing it all over again. We were okay until i stayed on maternity leave a couple of years ago and thought oh well we have credit cards we can use. Big mistake! 
Since then we have had the debt but it has been manageable until I realised some of my 0% credit cards were going to end this year and this was going to make things extremely uncomfortable, i stuck my head in the sand for a couple of months and decided at the beginning of March that we couldn't live like this and we needed to sort this out.

Then lockdown happened and we had a couple of months of worrying about my husbands job and at the end of May we knew his job was safe (as it can be in this time anyway)  

I came on here and read through some of the diaries and posts on DFW , filled out a SOA, looked at bank statements from the past 2 years, checked the credit card transactions to see it all properly. Watched Dave Ramsey what seems like hundreds of times but it finally sank in. If we don't do something this is going to ruin us. 

After finding out my husbands job was safe i completed our budget and realised that due to no commuting and travel costs we would have an extra £700 a month so i put all our debts in a snowball calculator and now have a plan. 

I have cancelled everything that can be cancelled, we are currently still in contract with sky so I can't get rid of that yet but i have managed to cancel all the things i could cancel from it which saves a little bit. I changed my council tax to be paid over 12 months and not 10. I changed energy providers so i am on the best deal and have signed up to the MSE energy saving club and the credit card one. 
I have been doing prolific for a few months and with all the extra Covid surveys i have made over £150.
I have completed Step 1 of baby steps and have an emergency fund of £1000.00. 
So now it is Step 2 and my estimated debt free date is November 2022. 
I have made a little tweak to Step 2 as I haven't changed all my credit card payments to minimum payments I have rounded them up a tiny bit. The card i am paying off  1st has been set to minimum and i will manually pay the extra, this is mainly due to my husband and I being paid on different days of the month. 
Since the last statement i have paid off an extra £810 to the credit card. 
My husband got a tiny bonus at work and i should be able to chuck another £350 at the credit card in the next 10 days. 
I am determined to get rid of this once and for all and hopefully keeping this diary will help me focus, i think facing up to it is the hardest part as i am feeling so good at making huge overpayments to the credit card. 
Thanks for reading if you got this far :) 

LBM Debt Total : £48,326.50
June : £45,762.32
July : £42,149.91 
August : £40,965.11
«134

Replies

  • ImpulseSpenderImpulseSpender Forumite
    195 posts
    100 Posts Name Dropper First Anniversary
    Good luck ZaSa! It sounds like you've had a serious LBM and have a good plan in place. I'll be following along  :)
    August 2019 - Debt £8000
    June 2020 - Debt £190.96
    Saving Pots: House Fund: £2015.21 Holiday Pot: £327.31 Rainy Day Fund: £964.84 Sod it/Treat Fund: £12.06
    Stocks and Shares ISA: £189.65
  • ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    Saturdays weekly food shop was below budget by £39.78, we did have loads of freezer food so that is probably why. I am so reluctant to cut the budget as we are a family of 6 including a child in nappies. We will need bread and milk in the week but that definitely wont take us over budget. Any leftover at the end of the week gets moved to a savings account which i put towards credit card 1 at the end of the month.

    Today we dipped into the childrens shoe fund as both the littles have had a growth spurt and nothing fits. So 7 pairs for £101.96 which is a little more than i would spend in one go but they will get lots of use out of them. 

    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    Today I was hoping for a nsd but my littlest decided it would be a fun game to throw my shampoo bars down the toilet when I was putting her toothpaste on her toothbrush so I have had to buy more :( 
    They are not super expensive and it does last ages so it isn't that big a deal , more frustrating than anything. 

    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    Today has been a pretty good day so far.
    I have managed to get lots of prolific surveys done ( I always seem to miss out on a place by a few seconds)  and just now my boss has called me to say I will be getting a bonus this month. I am so happy as although it isn't a huge amount it will pretty much clear off Credit Card No1 :):):smile::) 
    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • KakisteKakiste Forumite
    239 posts
    100 Posts Name Dropper
    ✭✭
    Excellent news about your bonus. Looks like you've made a strong start
    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    Kakiste said:
    Excellent news about your bonus. Looks like you've made a strong start
    Thank you, It has been really nice to see the numbers go down so i am hoping this keeps me motivated throughout. 
    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • [Deleted User][Deleted User]
    0 posts
    10 Posts Name Dropper
    MoneySaving Newbie
    Hi @ZaSa1418 I am seriously impressed with your food and shoe shop!!! You seriously need to tell me how you spend so little.
  • ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    Hi @ZaSa1418 I am seriously impressed with your food and shoe shop!!! You seriously need to tell me how you spend so little.
    Food shop at Lidl, the only thing we don't get from there is our cat food because our cats are too old for us to change their diet now so we go to morrisons once a month to stock up on that. 
    We went to Clarks to get their feet measured, i got the youngest a pair from there as i really liked them and then the rest came from the shoezone a few doors down. Luckily for us they had no 'girly' shoes my older daughter liked in her size so that saved us. 
    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • edited 20 July at 10:49AM
    ZaSa1418ZaSa1418 Forumite
    178 posts
    100 Posts Name Dropper
    edited 20 July at 10:49AM
    This weekend has been a good one, food shop came in under budget again so the rest has been moved to my savings pot. 
    I used some of my school holidays saving pot to book a private pool as the littles are missing their lessons and I don't think they will start until September so we are doing that next weekend. My parents are coming too so they will give me some money towards it. 
    I also bought some birthday presents for the littlest as her birthday is in less than 2 months. My friend sells educational wooden toys so I have bought from her as it was so much cheaper. I am going to really try and not buy loads but this is the one thing i struggle with, spoiling my babies. The last thing i want to buy is something musical as she loves to dance and will dance at absolutely everything but trying to find something that wont become annoying for everyone else in a short period of time is hard. 
    I also managed to pay off another £310 towards the credit card and It is payday on Friday so i am looking forward to that as i will get my bonus yay!! 

    LBM Debt Total : £48,326.50
    June : £45,762.32
    July : £42,149.91 
    August : £40,965.11
  • crunchy_timecrunchy_time Forumite
    90 posts
    10 Posts
    Hi!  Subscribed to your diary!  You are doing brilliantly!!
    Your story resonates with me.  We got £2800 away from being debt free (from £28k plus) 3 years ago and then an ill-thought out lifestyle change and various repercussions from it brought us deeper into the red and we now owe £16,500.  I'm kicking myself of course but this time it will be forever (except for cars).
    Keep up the good work!
    Crunchy xx
    Vet bill - was £450 - now £266
    Winter 2019/2020 -  was £1354 - now £998
    Course fees - £2700
    Summer 2019 - £2200
    Overspending 2018 - £4488
    19/8/20 - Total Consumer debt - was £11,192 now £10,652 Emergency fund - currently £3502

Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support