Bec’s head out of the sand diary

Bectrainer

I’ve been in denial about my debts for years ever since retraining as a teacher years ago. Instead of asking my husband for help I’d carried on ‘managing things’ by myself in that time when I had no income (but still travelling to full time placements and college that was an hours drive) I used to pop things on my credit card like petrol, birthdays, Christmas, kids school uniforms  car expenses etc and it all added up. When I got my first job in teaching I realised I had loads of debts so I consolidated them in to a low percentage(2.2%) loan of 15,000. Four years later I’ve got £8813 of that loan to pay BUT I’ve built up over another £15k of debt on credit cards. I’d been hiding it from my husband until I had to attend a zoom meeting last week with him about a remortgage. It obviously all came out- I was so ashamed, my husband was angry but then I realised I really needed to take cont of my debts. He helped me write them down and I have £24307 worth of debt as follows 
£233 Next
£2220 M and S
£8813 Yorkshire Bank loan
£3697 Debenhams card
£4197 HSBC card
£5147 MBNA card

I couldn’t believe it- I’d never actually faced up to how much debt I had and just serviced it paying minimum payments and paying crazy amounts of interest. The first thing I did was get approved for a Virgin credit card for 0% for 29 months. That has an 8500 limit so will be moving my Debenhams debt, HSBC debt and some of my M and S debt as they have the highest rates. I’m also going to pay off the Next  debt in full this month and my aim is to pay as much debt as I can off each month by cutting right back on all my other spending so will do something money saving each day all with the focus Of clearing this debt as quickly as I can to get my life back. Sorry for the massively long post but hoping to do shorter posts everyday.

BadBookkeeper

Hi, you’ve taken the most important step and faced the figures.  Things you may feel helpful is writing up a budget, making a list of your income and your bills.  That say you’ll know what’s left over to have as spends.  Have a plan of what other expenses you may have all year, think about saving for Christmas and birthdays you need to be aware of.   Keep a spending diary and see where your money is going.  There are some challenges on here you could join to keep your focus too.  One thing that helped me was going through my card statements and grouping my old spends into categories such as petrol, Christmas, clothes, holiday then used them as mini targets.  The balance was so big it broke it down into smaller chunks and I felt I’d achieved something as each one was paid off.  Another thing I do is have separate pots in my bank account to keep money for Christmas, gifts, DS school trips, and emergency fund and transfer a bit each month so they build up.  I’m finding the payment a day, 1p a day and 21 things to do 21 times in 2021  challenges on here helpful.
good luck 

Bectrainer

Thank you so much. I’ll definitely have a look at those challenges x

Bectrainer

I’ve had a low spend month because of lockdown so had a fair bit of money left to throw at my debts the day before pay. I paid £230 and cleared my Next debt and £256 off my HSBC card. I will pay the minimum off my MBNA card and M and S card and then I moved my Debenhams debt (30% interest 😫- why did I leave it like that!) the M and S debt and £2400 of my HSBC card onto a Virgin card which has 0% interest for 29 months. This month I will be as frugal as possible with the aim of throwing as much money as I can at my HSBC card. I’m not ordering from Gousto anymore (although I have a 47 pound credit with them when my box couldn’t be delivered because of the snow) and will shop at Aldi.

Bectrainer

I have also started saving 20 quid a month in my savings account for my car’s service and MOT which is due in October and next month will start putting money aside for Christmas. My car and Christmas really have caused me to spend on my credit card in the past so no more. This month I have my son’s birthday but have budgeted for it. 

Babybelles

Just popping by to say good luck with the debt busting. You’ve made the first hard step by facing up to what you owe & have a plan in place to get that debt sorted.
I will follow along & look forward to seeing your debts reduce.

Four_Seasons

wishing you lots of luck x

Dorisd

Good luck on your journey, you are in the right place for help and support.

Bectrainer

Well today I’ve been meal planning to use stuff up in the cupboard and freezer. I had some white fish (no clue on what type!) in the freezer and bulgar wheat in the store cupboard so I’ve thrown it in with onions and an elderly pepper into the slow cooker with some chopped tomatoes, stock and herbs. My husband is saying it smells horrible but if I throw enough seasoning hopefully they will all eat it! My kids are both homeschooling and are 12 and 15 and they are eating me out of house and home. There is nothing to them yet they munch their way through huge amounts of food! Trying to find ways to fill them up cheaply without it being a load of rubbish. That’s my next challenge I think!

Bectrainer

I'm trying to keep my spending as low as possible so have cancelled my Gousto box. I went to Aldi last night and spent £59 on a shop that will hopefully keep the children filled up in a healthy way as I've bought lots of fruit and yoghurt etc. I've also meal planned things that can help me use up the vegetables I have lurking in the fridge such as adding carrots to my spaghetti bolognaise and planning a cheaper version of the chicken chill burritos that the family enjoy from Aldi. I had birthday money from work as we do a birthday club but I used it for my shop instead as I really don't need any clothes etc at the moment as I'm not going anywhere and I want to clear my debts as quickly as possibly so I can sometimes treat myself without feeling guilty and with a planned budget. I filled my car up with diesel also which cost me £65 quid but as I'm only travelling to work 3 times a week and with no kids activities at the moment this should last me until next pay day. My eyes are on the prize of clearing as much off my HSBC card as possible this month!