Climbing Out Of This £45,000 debt

IndiJonesi

This is a great diary and thanks for sharing it as it is really motivating to read other people's journeys.  I had not heard of the TGTG box but have now subscribed.  So thanks to your diary, I'll hopefully get a saving too.  Well done on such a huge reduction on your first month.  IJ

Jophi2b

Thank you @enthusiasticsaver, @Mummy_bear and @IndiJonesi for your much appreciated words of advice and encouragement! 

I have had an interesting couple of days sorting stuff with a view to selling it. I have some toys listed on Ebay already, but need to try and keep the motivation up and get a shift on with this. We do have so much stuff (and a whole garage full) after moving from a spacious 3 bed to the tiniest 2 bed, so hoping to create some space in the process too. I did notice that when I was in the bath last night, I was assessing what we have in the bathroom that we don't use/wouldn't miss and estimating how much I might be able to get for them! So I think my focus has definitely shifted from acquiring/keeping stuff to decluttering and taking the money   

I went through the kitchen last night and worked out our meals for the next week. We won't need to spend any money at all on food this week. but we are down to our last food waste bag so I may have to venture out to get some more. I did try the biodegradable bags from the pound shop a few months ago and they were practically unusable, so will have to buy some of the more expensive ones from a supermarket. I might see if we can hold out til the start of next week when I will need to go and get some fresh fruit and veg anyway.

August food spend so far = £5.99

Jophi2b

So, I have just sorted my car insurance out.  Huge saving on last year...

Last year I paid £369.86 for fully comp, plus legal fees, etc with breakdown cover. £25 cashback. Total = £344.86

This year I paid £190.31 for fully comp, plus legal fees, etc with £35 cashback. Separate breakdown cover £23.75 with £3.19 cashback. Total = £175.87         

SAVING ON LAST YEAR = £168.99!  

I felt quite sad that I had to put it on one of my cheapest credit cards though, rather than just being able to pay for it.  This is a new feeling for me, which I am hoping will stick around to help with minimising credit card use. 

I have just printed off a photo of a lovely little house which I am going to keep in view in my bedroom as a visual focus aid in the hope that it will help me stay on track (end goal = owning my own house again). Fingers crossed it helps.

Jophi2b

And as it the way of life, just when everything is going in the right direction, something expensive gets broken!  My laptop!(internal crack in the screen).  My laptop is essential, so as I needed a quick fix, I found a cheap refurbished monitor and bought a connecting lead from Amazon in the hope that I can just use the monitor screen with the laptop for a while. Hopefully the lead will arrive tomorrow. I know that the monitor can also be used my the kids, so although this wasn't an anticipated cost, it should get well used. Cost of monitor and lead = £41.98 

Free veg and yellow sticker fruit and veg is helping me to keep our food spend minimal, though we had started to run out of a few household items like bin bags. dishwasher tablets, washing powder etc as well as a few food bits, so we popped to get some supplies today, but hopefully won't need to go to the supermarket again for a while.

I moved our electricity supplier today to a tariff which should save us £77 a year (so they say!) so will monitor this whilst keeping an eye on other suppliers. It is a supplier that does not have any costs incurred when leaving - I was shocked to see that some of them charge £30+ if you want to leave them early!

August food spend so far = £28.86

PommeVerte

Well done on your insurance savings! Have u go Monzo or anything like that where you can have separate pots for saving up for big annual costs like insurance ? 
Becoming a home owner again in such great motivation, renting feels horribly like youre throwing your money away every month. Especially in expensive parts of the country which is looks like you are in. 
Will be following your journey with interest ! 

mark55man

Hi there.  You've started off very well, and into the swing.

You are right to target motivation as a risk - because there is absolutely no getting away from it.  More than that even when the debt comes to an end (yay!) you still need to carry on.

So rather than devise tactics to make the debt busting bearable, you should be thinking about tactics to accept this is your new normal.  Then it is just the first days of the rest of your life.  Sorry if this sounds depressing for me that was the second LBM, about 6 years after the first so if you can get there quicker you will save a lot of faffing about

My tips are to always seek the big savings when you can, but mostly its about finding savings in the everyday multiple repeat items either by changing to something cheaper or stopping/cutting back.  But you already seem to have that well in hand.

Fingers crossed  for you and you will do this, and it wont take forever either.  And when you are debt free you will have the basis for all the things you want to do.  And if some things go wrong, and you lose it for a week or so, then that's not the end, just get back on the journey and you'll still be fine

Jophi2b

Thanks @PommeVerte. I have not heard of Monzo or of having saving pots before, but it sounds like a great idea, so will have a look at that - thanks.  I agree. renting feels just like throwing your money away, I am so looking forward to being in the right position to get a mortgage sorted again!

Jophi2b

Thanks for your words of advice and encouragement @mark55man, that does not sound depressing at all. I have been struggling with quite a few things in my life for quite a while (including money management, clearly!) but I am starting to feel like I am getting a grip on things finally and I am ready to hold on tight for the long haul now.

Jophi2b

I have finally managed to sort out my laptop monitor with a little help from someone who has a clue! Yay!

I have really been working on not spending, especially on food, and earlier in the week I managed to pop into Tesco and emerge with the one item I had intended to buy (43p ketchup), even with the kids in tow.  We are just about to head off to see Mum again in Wales for a couple of weeks, so have spent just over £40 on food to take with us (mostly specific stuff she hasn't managed to get). Hoping to not spend any more on food this month, but will see what happens!

August food spend so far = £90.13

mark55man

you are welcome - and that's the spirit