Third time's the charm...

LittleMissDetermined

Yesterday wasn't a NSD in the end as we went out for a cheap meal in the evening, but today will be so this will be number 9 for April.  

I had a bit of a meltdown yesterday, probably a cumulation of a lot of things, illness, a hard time of the year for our family and the constant debt repayment cycle and making sacrifices to get to debt freedom. Talked it through with DH and he suggested that as I've reduced my credit cards so much over the last few years that I should lower my payments and live a little more.  I disagreed and said that the sacrifices should be my 'punishment' (for want of a better word) for past stupidity and frivolity. 

We couldn't agree, and in the end I said that I would compromise and instead of the one huge payment to CC7, I would pay £100 and move the overpayment to a Monzo holding pot until the day before pay day. If I haven't had to use any then that's great, and if I have dipped into it, any remaining will be paid to CC7 as the overpayment. He seemed to be OK with that, I think he's just getting a bit concerned for my mental health but we do have different attitudes to our debts.

Any thoughts, suggestions on what to do or feedback on my compromise would be appreciated if you have opinions...

PAD's made this morning, usual DD plus £2 to CC7. As mentioned, it will be NSD #9 for April and I have no plans for the rest of the week. Hubby is working the weekend so it will be cleaning and sorting for me as not much has been done whilst we have been ill. Plus I have a stack of ironing

Had a check of the credit scores this morning, no change and I am pleased that opening the Monzo account didn't have a negative impact.  No plans for future accounts so that's good, probably a few sort searches for the insurance quotes. 

Anyway, I'm off to work... *walks to next room and logs in*  
LMD x

RelievedSheff

I tend to agree with your husband. You do have to live a little as well. 

Repaying your debts shouldn't feel like a punishment. You are simply paying off commitments. 

No harm in setting a target date for being debt free. But make it a realistic one.

We are aiming to be debt free in just over four years when we next remortgage the house. This means that while we are making inroads into the debt repayments every month we are not over stretching ourselves and we can still go out and have some down time.

You are doing great with your debts. Don't let this last one get you down. Take your time with it. What harm does it do it it takes an extra year to pay it off?

LittleMissDetermined

Thanks @RelievedSheff, it does help to get the perspective of someone on the outside in situations like this.  I will try paying less for a few months and see how I feel about it, and if I haven't used the spare cash for something else then I can always chuck it at the CC can't I?

It just somehow feels like I'm kind of giving up on it and I would hate to lose the momentum.  But then I would also hat to lose my marbles... 

LMD xx

shell16

@LittleMissDetermined I agree too that you need to live your life.  You have to remember that you have done fantastically well with what you have paid off so far.  I too want rid of mine asap, but I need to be realistic.  I've swapped and changed my DFD a few times now, but I am settled with my new proposed date which is achievable but still lets me live life and be happy.  Slow and steady wins the race!

Shellx

LittleMissDetermined

Thank you @shell16, again very good advice and I really am proud of what I’ve managed to achieve so far. 

I guess my addictive personality has kicked in and all I think about is paying it off. I need to have a little word with myself don’t I?

LMD xx

RelievedSheff

LittleMissDetermined said:

Thank you @shell16, again very good advice and I really am proud of what I’ve managed to achieve so far. 

I guess my addictive personality has kicked in and all I think about is paying it off. I need to have a little word with myself don’t I?

LMD xx

Yes you do

bigbeff

You have made huge progress and your husband is right... allow yourself something nice from time to time - I got a bit addicted and took a month off stressing and even partially ignored my diary for a few weeks, but back on it now. I didn't stop paying, but I think I just needed to take a break from worrying about it too much.. so I have decided 2 months manic debt payer, 1 month chilled debt payer! They will reduce, but they can't be the only thing on my mind!

LittleMissDetermined

Thanks everyone, I really appreciate it  

Next month will be a far more chilled out me, I promise!

LMD x

BadBookkeeper

I feel the same, with the recent cost of living rises I did think about reducing my overpayments and extending my debt free date. However, I then remembered I save £80 a month for Christmas and ds birthday (it’s in December) and £45 goes in the gift account each month.  That’s £1500 going to other people!!  I don’t think they’ll love me any less if I reduce what I gift.   I now plan to reduce spending here and only reduce my cc overpayments if absolutely necessary.

Another way could be to only reduce your payments every other month so you don’t have to wait ages to treat yourself and will feel more like a treat if every other month rather than monthly if that makes sense?

Try it and see what works.  Nothing has to be a permanent change.  Good luck with whatever you decide. 

LittleMissDetermined

Totally right, nothing has to be set in stone