First Steps to Solvency

getmore4less

If you read the diaries and debt threads one thing that crops up a lot is the slog you get periods of activity then nothing happens for ages.

You just get on with life,  tracking the spends and looking at the plan and seeing the next milestone is in X months time.

ThatKiss

Just on the volume and spread of direct debits, one of the first things I did was list all my DDs (plus standing orders, recurring payments etc) due to go out and, at first pass, see what could be cancelled. Magazine subscriptions where I wasn't reading the magazines, sports club lottery, memberships I wasn't using. Less payments = less outgoings = more to put to debt.

Next, I then contacted the various other merchants to reschedule my payments in line with when I would get paid - so car payments were moved back, credit cards moved forward to the first of the month. Even if not all can accommodate this, getting the bulk to within a few days means you're not spending the rest of the month worrying about what's next and when.

Whether doing this would make a dent in your outgoings or not is pretty much irrelevant. The feeling of gaining control certainly helped me, and I felt better in the middle of the month knowing I didn't have to worry about paying bills without extending/exceeding my overdraft limit. I should actually review this again and bring any payments I've picked up since into line.

amanda_p

I think you will crack this. You took a lot of flack about your expensive cars(all meant with your best intentions at heart)but it is very easy to take it as a personal affront.However you digested everyone's comments and have started to 're evaluate your lifestyle. Many people would have left the forum and muddled along by themselves. 
If you have a bit of time have a read on the Mortgage Free board  '22 Foxhole East'. She is a SAHM of 4 boys with a husband who is a University Lecturer. I am not saying you should live as they do but I have the utmost admiration for how she manages the money.She regularly overpays the Mortgage and has a sum of money saved for an extension.
As a SAHM she sees her role as making the money work for them.She has a great style of writing as well.

You have taken a lot of advice from this board and in the months ahead  as things begin to slowly change as well as a positive bank balance you will begin to find peace of mind.

enthusiasticsaver

Well done on getting rid of the 3rd car. That will make a big difference not only saving on the finance but also the running costs. 

alt80

Had a day off from looking at trying to forecast. However with the F-type gone I'm think we can realistically aim for no new debt. Have logged into the yolt app and categorised the transactions - anyone thinking about it; it's similar to Xero but for personal life. Revolutionary for me - I've never been able to think about my personal finances in the same kind of way I think about my businesses'.

Wife has two more girls for nails. She's shocked people are willing to pay a fee - but doing wonders for her confidence. I'm buzzing for her tbf. If that's the one thing positive which comes out of this it will be worth it. I've just finished work so much for the no work after 6.30pm lol.

RelievedSheff

You do need to work on that work life balance and try to spend more time with the family as well.

warby68

Well done on giving up one of your 'babies' That was such an obstacle but you've cleared it.
I have one tip while you are sorting the direct debits etc. Its for very cautious use only but if you are aligning the dates, you can look at moving them to other side of your payday where allowed. It creates  a one-off boost to cashflow as the effect is a 'free' month for these particular bills. It doesn't mean you pay less overall as its only a timing tweak but it could have a cashflow advantage in the first month or so when you're trying to stay away from more credit. I must stress, its a one-off only and a little artificial but it could be useful for balancing this tricky first month or two. The main non-debt reason for doing it would be where your pay date has changed so its a play on that.
Consider making family time a fixed point in your day - say 6-8pm - you can then work a bit afterwards if you have to. Otherwise you're in the one more thing, one more thing mindset as there is always something in your own business and the day doesn't end til bed. It sounds a bit regimented but you need discipline to break ingrained habits (especially the bad ones). 

mark55man

Hi there - I was just reading some of my old posts and I remembered this analogy about outgoings especially in a high inflow, high outflow scenario is like a fire hose.  
Firstly - you've seen what happens when one of those gets out of control
Secondly - although most of it may be going on target (pension, mortgage, essentials) the amount that misses the target is significant, especially when compared to people who just have a garden hose
Thirdly - some of your attachments (ha!) can cause the water (money!) to spray around to no real effect

So just putting that out there as a thought provoker, and here's wishing you luck on getting yours under control.

There was series of "demotivational" posters I used to enjoy and this ones seems appropriate - I hope you enjoy - my other yachting favorite is "Until you have the courage to lose sight of the shore, you will never know the terror of being lost at sea" - anyway here is the one about lots of small drops being responsible for big trouble

https://despair.com/products/irresponsibility  

getmore4less

Be careful with the move all the dd to just after pay day.

Any tiny hickup on your payroll and you are in deep till it gets sorted spread DD out or move a few days/week  later is much less of a risk.  

 

mark55man

Hi - I just posted this blog link on my diary - I think you might enjoy the perspective - I enjoy the style of this blog, and have been sharing with my young adults as a good, if cynical, view of money.  I hope you enjoy https://theescapeartist.me/2015/03/02/the-aggregation-of-marginal-gains/