Wow wee oh my - trying to hack away at my £54k debt (was even about to book a holiday)

Sarahwithlove

Just caught up on your diary. Well done for the changes you have made so far. Maybe as a way to motivate you to clear your debt as soon as possible do yourself a future budget for when you no longer have to pay back cards and loans to show what you would still be able to do. Just make sure to include budget for one off expenses such as car repairs or insurance, house repair fund etc. There are gonna have to be some long term changes that will have to stick but eventually you will be able to have some of things you love to do. Just it will be about living within your means. Good luck. 

Couldsavemore

TheAble said:

Man clean your own house already!

This made me laugh... I hate cleaning!
I think you possibly could trim back on the food shopping and meals out without to much trouble.

enthusiasticsaver

There are a few places you could trim that spending. Food, coffees, lunches etc out. Can you just stick to buying lunch out one day a week or fortnight and take food/coffee from home the other days? Food bill is very high especially if you are supposed to be sharing the cost. The hair is expensive too. 

EssexOstrich

This is a great diary! I think the inner lad is definitely still there when alt80 and Ryan come out to play too 😂 

Anyway just wanted to wish you luck. It’s all totally doable, and you’re lucky to be a single guy with no responsibilities as such so give yourself a break from time to time. One of your early questions was about giving thought to the cause of debt, I know some will say it’s about moving forward but personally I’ve found it as important to deal with my reasons for overspending as it is to pay it off. Also I am paying off a fairly hefty debt on my own but still have holidays as I know I’d fall off the wagon if I didn’t. I don’t think the answer is in denying yourself everything that makes you happy, it’s about balancing and compromising (that doesn’t mean go buy a Porsche!!!!!)

My only bits of advice would be to get yourself an emergency fund, make sure you’ve got ‘pocket money’ that you can treat yourself from (all pay and no play doesn’t always keep you focused!) and no matter how much you decide to budget and overpay, make it a priority to not add anything else to the debt. 

Good luck!

alt80

@Rainbowtrousers Mate I don’t think you have the same levels of anger / general lows about this as I do tbh. You seem to have a positive outlook to the whole !!!!!! situation - I’m pleased for you don’t get me wrong there; wish I could have that sort of outlook. I can’t see beyond it - all I can see is I’ll be even older, years with no toys/ lifestyle and no future.

TheAble

Couldsavemore said:

TheAble said:

Man clean your own house already!

This made me laugh... I hate cleaning!

'Ooo doesn't?! 

But at nearly £28,000 per decade (compounded) just to have someone push a vacuum around and do a bit of dusting, it's surely worth it.

Is the cleaner £54k in debt? I doubt it. "In which case it appears plainly, that "A ploughman on his legs is higher than a gentleman on his knees."" (Franklin)

There's no way I'd outsource my cleaning even were I a billionaire, I'd be too embarrassed. Use the time you'd otherwise be sat in restaurants having someone cook for you and clean your house instead - you'll save twice 

alt80

@TheAble what he needs is a wife. 

Couldsavemore

TheAble said:

Couldsavemore said:

TheAble said:

Man clean your own house already!

This made me laugh... I hate cleaning!

'Ooo doesn't?! 

But at nearly £28,000 per decade (compounded) just to have someone push a vacuum around and do a bit of dusting, it's surely worth it.

Is the cleaner £54k in debt? I doubt it. "In which case it appears plainly, that "A ploughman on his legs is higher than a gentleman on his knees."" (Franklin)

There's no way I'd outsource my cleaning even were I a billionaire, I'd be too embarrassed. Use the time you'd otherwise be sat in restaurants having someone cook for you and clean your house instead - you'll save twice 

He's already said he's reducing the cleaning hours.
Perhaps, in the current climate he feels a sense of responsibility to the cleaner as an employee. Perhaps the cleaner is also on a knife edge financially.

Personally, if I were a billionaire... to right I'd have cleaners and gardeners. I'd be so busy as a philanthropist, I'd need all the help I could sharing the spoiles.

Rainbowtrousers

I guess in your situation you fall in the middle of those categories.  No offence meant but it seems budgeting was not something you did before and that combined with your lower income is what has led to your debts.  I did not often come up against people in your situation as mortgage payments are usually a priority for most people who have a decent income as you do but as for the other spending they did yes most definitely there was usually an element of regret about past decisions.  I said to them as I say to you.  You can learn from this and move forward.  Just resolve never to put yourself in this situation again and then the mistakes are not wasted.  It is making the same mistakes over and over again which are the problem.  This is why debt consolidation does not work.  People don't learn and keep making poor choices until they are forced to deal with it. 

Yes I am certainly a hybrid of the two which is why i guess i have never had debt counselling as have always been secretly managing. I thought i was being ambitious and adventurous by taking holidays i could not afford and looking to buy another property but in fact i was just burying my head in the sand and looking for another way to pay off debts (as part of the refinance/new mortgage for third place i was to pay off debts too). Thank god that did not go ahead as then i really would be in a pickle. Did not occur to me that tenants could move out or not pay rent! I am certainly being forced to deal. I have had long term relationships before but the last ten years have been mostly short term. Looking back with all this going on behind the scenes (overspending then looking for new/more work or buying/selling flats) it is hardly surprising as that is all so unstable. Anyways as you said you live and learn. As I mentioned before, budgeting is not easy that's for sure. I am going to transfer cash saved to credit cards as i go. So for every £2.50 coffee i do not have i will then transfer £2.50 to one of my credit cards or to my emergency fund on the spot outside the shop so i get the good feeling as right not £54k seems like a long way off!

Rainbowtrousers

Sarahwithlove said:

Just caught up on your diary. Well done for the changes you have made so far. Maybe as a way to motivate you to clear your debt as soon as possible do yourself a future budget for when you no longer have to pay back cards and loans to show what you would still be able to do. Just make sure to include budget for one off expenses such as car repairs or insurance, house repair fund etc. There are gonna have to be some long term changes that will have to stick but eventually you will be able to have some of things you love to do. Just it will be about living within your means. Good luck. 

I really like this idea and will 100% do it. I have also just added that i will immediately transfer saved funds to either my emergency fund or credit card so i get some satisfaction/reward for swerving the latte from costa etc ...