Is there anyone out there...?

findingthisdifficult

alt80 said:

Ha re the ‘real people’ thing - 100 I get that not gonna lie I do like the anonymity of the forum has made me really think about my choices and interesting to see other’s POVs, lots of people on here that are likely to have a different life experience to you. I find in the ‘real world’ you tend to mix with people like you and you’re lifestyle becomes ‘normal’ to you even if it is self destructive. Think your debt probably more circumstantial tbh rather than self destructive behaviour and probably less of a mindset issue for you but same applies - you should be able to learn something from people with some different life experiences who you probably wouldn’t mix with in ‘real life’.

0% purchase and clear your high interest debts. Probably worth looking into - if you can put your day to day on 0% and clear the same amount off the interest baring debts you could be better off iyswim.

Yolt - I used to use that when I started on the debt diary. Good until recently but mine just seems full of ads, pisses me off so I just use excel. I don’t analyse every single spend on things like food etc personally - I have a variable target for the month and assess against that. Some on here seem very strict with pots etc. I can’t be dealing with 20p or £2.47 - round everything to nearest £5. That’s just me probably idk but works fine imo.

100% agree with all of this! 
A lot of people find themselves in debt as they try to keep up with the joneses (even though the joneses probably earn more than them and are busy trying themselves to keep up with the smiths...it's a vicious cycle that nobody talks about)

I'm not strict on pots either, I overestimate all of my bills so there is always a little buffer in my bills account.  I also don't track every spend, I just keep an eye on my bank accounts daily and check my spreadsheet probably weekly just to make sure things are on track and ok.

MrDFby40

@alt80 - the anonymity is great, and I 100% agree with being drawn to people who are the same as you.  I love the differing opinions of people on here and fresh ideas.  I think I came across Yolt as a result of reading your diary actually!  I do mainly use my spreadsheets but I find the upcoming payments bit a bonus. I will certainly look at a 0% purchase a few months in I think, I want to make sure I've absolutely got a handle on my current situation first!
@findingthisdifficult - thank you! I do need returning my focus every now and then! 

I've just had an email from nPower informing me my gas/electricity DD has been lowered from £53 per month to £41 per month, which is great news considering it's bloody cold and based on usage! I have now been in my house for 6 months so I assume it's been averaged out over the time frame.  I'm not particularly frugal with heating (and don't wish to be either) so I am pleased with this.  I was comfortable with £53 per month for gas and electric so £41 is even better!

I really need to get on with some chores this evening and write a shopping list as I have my boys this weekend.  I'll pick them up tomorrow evening and hopefully we will have some OK weather so we can get out and about.  We weren't so lucky last time and it rained the whole weekend.  I budget £50 spends for the weekend with them (on top of my normal weekly £40 shopping budget), which I don't always spend - especially in lockdown, and anything left I will sweep into my Yolt emergency fund!  The £50 includes things like the McDonalds they normally want on a Friday night on the way home or any treats like these. 

Sarahwithlove

I wish mine was that low just had it increased for 2nd time in 6 months. Joys of two of us working from home. Have you contacted any of your credit cards to see if they can give you any better offers on interest rates? I keep getting emails from tesco with balance transfer offers but my utilisation on that card is below 50% so you may find you get similiar as you pay more off. 

alt80

@findingthisdifficult ha yeah know what you mean. Plenty of my staff/ tenants think I have it made. 

@MrDFby40 hope you’re having better luck with the Yolt than I did and managed to find a way to !!!!!! the ads off or can live with it. I only wanted it for all card accounts in one place but tbh don’t find it that much of a chore anymore as I’m no longer using multiple credit cards in a month and it’s all 0% so works out easily in excel. 

Yeah not always a positive being drawn to similar people. Realised I’ve been left with no real friends apart from a couple and a lot of acquaintances that have money but not through working hard themselves and have little interest in much else than doing a lot of blow. 100% my fault no one else’s ha.

Toni'sfriend

Both my gas and electricity DD have been reduced recently. Don't know why as we're usually away a lot in the winter months and don't use either but this year we've been here and it's been really cold. I can only assume that we must have been paying too much to begin with!

Your signature looks so good with that Next account struck out. Which one is next?

findingthisdifficult

Sarahwithlove said:

I wish mine was that low just had it increased for 2nd time in 6 months. Joys of two of us working from home. Have you contacted any of your credit cards to see if they can give you any better offers on interest rates? I keep getting emails from tesco with balance transfer offers but my utilisation on that card is below 50% so you may find you get similiar as you pay more off. 

I agree, anyone getting their gas and electric lowered is super lucky at the moment! 
Ours has just gone up to £80 a month but that's because we're both working from home and I refuse to work in the cold so the heating is on quite a bit.  I am naughty though as I've been on a standard tariff which I have been on for years, so I could potentially get it cheaper. 

MrDFby40

Toni'sfriend said:

Your signature looks so good with that Next account struck out. Which one is next?

Doesn't it just!  according to my snowball it's the Tesco Card.  Although if I don't do anything else it won't be cleared until 20 months into it, and I am far too impatient for that!  I will continue to check my credit club when it refreshes every 9th of the month and see how my 0% offers are looking. 

I had a look at 0% purchase cards today and I have 70% chance of getting one for 20 months like @alt80 suggested, looking at my other pots in my budget these are the amounts I could potentially put onto a 0% purchase card:
Groceries: £200 (5x £40 per week - I never spend this, and would sweep the rest into my emergency fund) 
Emergency/presents/medical/holiday/household/clothes: £100
Fuel: £100
Entertainment: £150
Contact lenses: £13.38
So that's another £563 I could transfer to 0% in one month and pay the rest off a interest bearing card. Depending on groceries but I think it could be a clear £500 a month.

I'm just not sure if I should do it?  It sounds too easy?  But also it means opening another account when I've just closed one AND done the Virgin card.  Am I over thinking this?

MrFrugalFever

I like the idea and it is something that would save you money but I personally fear it is far too early to consider in your current DFW journey. Self-discipline and money management doesn’t just happen over night, it’s incredibly easy to relapse, even after a good period of success, removing all and any temptation will only strengthen your determination.

i think give it 9 months to a year and review your situation, by then you will have hopefully maintained the structure and discipline needed to effectively manage such a strategy.

of course, just my own opinion, but from my own experience without being legitimately forced to manage my debts through way of an IVA I think I would have caused myself further unnecessary  problems, it was too easy to gain access to additional credit and ‘worry about it later’. 

alt80

@MrFrugalFever Think you have a point mate tbh. It was something that was suggested to me when I was severely overspending (£3-4k/m so not pennies) after cutting back on the lifestyle as I had a couple of interest baring cards. Chose to massively cut back on my lifestyle instead and the interest baring cards I BT’ed onto 0% and had a selling spree. Likely to do it when my balloon payment for the car is coming up as I won’t quite get there by current forecasting and better to 0% some day to day spends than refinance the remaining amount of the balloon.

MrDFby40

MrFrugalFever said:

I like the idea and it is something that would save you money but I personally fear it is far too early to consider in your current DFW journey. Self-discipline and money management doesn’t just happen over night, it’s incredibly easy to relapse, even after a good period of success, removing all and any temptation will only strengthen your determination.

i think give it 9 months to a year and review your situation, by then you will have hopefully maintained the structure and discipline needed to effectively manage such a strategy.

of course, just my own opinion, but from my own experience without being legitimately forced to manage my debts through way of an IVA I think I would have caused myself further unnecessary  problems, it was too easy to gain access to additional credit and ‘worry about it later’. 

Thank you @MrFrugalFever and @alt80 - I think I will give it a few more months before I think about anything like this.  It's 12th of the month today and I am sticking to my budgets without fail and I still feel pretty rich, but you're right it's still early days.  

I feel lucky that February is a short month and then we're straight into March.  Like I have 3 fewer days to have to stretch my money next month.  Once I have a decent EF (probably about £500) I will think about reducing my groceries budget and commit the additional money to debt repayments.  It's working out I can put about £8-10 a week minimum into the EF, which would take about a year to get it to £500 but I will sweep any "left over" money at the end of each week into there.  So for example if I don't spend £50 this weekend with my boys I will sweep the remaining into the EF as well.  Think I'll add that into my signature as well  I'm really getting into this!

Today I am WFH and then will go and pick my boys up later.  35 miles each way and McDonalds for them on the way home, normally about £9 from the £50 weekend budget.  Other than that I can't see what we will spend on this weekend seeing as we can't do anything.  They know we will only have one take-away so all other food will be from the shopping I plan on doing this afternoon before I pick them up. I do need to put fuel in my car which will the remaining £50 from my fuel budget but should last me the rest of the month.

I'm going to see about posting my budget for March, just need to make sure the formatting is right when I copy and paste it.