My Debt Free Diary: Virgo In Pursuit
Debt-Busting Progress: 2020: £13,200 | 2020: £9,200 | 2021: £4,900
2022: ongoing
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Pay for the future and not the past
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MissRikkiC
Posts: 1,409 Forumite


I have read so many diaries recently and having kept notes of my own, i felt instead somewhere to put my thoughts where they will stay, will support my idea of clearing my debt but more importantly keep me accountable doing so.
So here is my Debt Free Wannabe Diary - Pay for the future and not the past.
This statement is the moral of the story for me and the thing which resounds best when needing the motivation to be better. I want to be in a position where I'm (we're) savings for our future and making our lives and my daughters life, instead of paying for the things we had before. House improvements, holidays, occasional treats, future plans for my daughter etc.
I earn a very good salary and we have my husbands income also but over the years have found that we've not been very conscientious at all. We did everything we wanted including having a fantastic wedding and honeymoon, moved around a bit, had a baby, enjoyed meals out etc; all of which i don't regret; only we didn't really do them with much thought for our bank balances which is a shame.
Couple that with getting stung multiple times with bad luck such as old tax bills, clearing student debts off, house purchases falling through amongst other things between us (and i say 'us' but its mostly in my name (which is totally fine and im not at all concerned about)) we are now in a position where, whilst we are fortunate enough to be able to comfortably afford to live well, its a real dampener knowing the debt we have is costing what it is. Its eating up funds which could do so much more!
So with that in mind, here we go. Debt, Plans and Hows below.
Pop along and say hi if you like, provide wisdom (god knows i need it!), ideas, make me think and explore other options - i love that stuff.
Current debts: £26,160
Mostly a consolidated tesco loan at 3.5% (21,946) and the rest on 2 cards.
Lloyds: £372 (19.3%)
MBNA: £3840 (0%)
Current Plan: 1 Target at a time
Clear Lloyds by August 2021
How:
Making extra per day vs income (surveys, MBing, selling stuff....)
Spending Less on Groceries
Having considerably less 'spends' per month
X
So here is my Debt Free Wannabe Diary - Pay for the future and not the past.
This statement is the moral of the story for me and the thing which resounds best when needing the motivation to be better. I want to be in a position where I'm (we're) savings for our future and making our lives and my daughters life, instead of paying for the things we had before. House improvements, holidays, occasional treats, future plans for my daughter etc.
I earn a very good salary and we have my husbands income also but over the years have found that we've not been very conscientious at all. We did everything we wanted including having a fantastic wedding and honeymoon, moved around a bit, had a baby, enjoyed meals out etc; all of which i don't regret; only we didn't really do them with much thought for our bank balances which is a shame.
Couple that with getting stung multiple times with bad luck such as old tax bills, clearing student debts off, house purchases falling through amongst other things between us (and i say 'us' but its mostly in my name (which is totally fine and im not at all concerned about)) we are now in a position where, whilst we are fortunate enough to be able to comfortably afford to live well, its a real dampener knowing the debt we have is costing what it is. Its eating up funds which could do so much more!
So with that in mind, here we go. Debt, Plans and Hows below.
Pop along and say hi if you like, provide wisdom (god knows i need it!), ideas, make me think and explore other options - i love that stuff.
Current debts: £26,160
Mostly a consolidated tesco loan at 3.5% (21,946) and the rest on 2 cards.
Lloyds: £372 (19.3%)
MBNA: £3840 (0%)
Current Plan: 1 Target at a time
Clear Lloyds by August 2021
How:
Making extra per day vs income (surveys, MBing, selling stuff....)
Spending Less on Groceries
Having considerably less 'spends' per month
X
Follow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest
15
Comments
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good luck on your journey
I hate having to pay for historical spends , we probably don't know what half of the money owed was actually spent on4 -
efes_shareholder said:good luck on your journey
I hate having to pay for historical spends , we probably don't know what half of the money owed was actually spent onFollow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest2 -
MissRikkiC said:efes_shareholder said:good luck on your journey
I hate having to pay for historical spends , we probably don't know what half of the money owed was actually spent on
I like the plan and the how's. Very clear and concise - I think you're on a good start. Good luck on your journey!
4 -
anjyeah said:MissRikkiC said:efes_shareholder said:good luck on your journey
I hate having to pay for historical spends , we probably don't know what half of the money owed was actually spent on
I like the plan and the how's. Very clear and concise - I think you're on a good start. Good luck on your journey!If nothing else I know that writing this all down, will maintain my focus on the goal. Step by step.Follow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest4 -
Welcome to the diary forum. It is frustrating to pay large amounts of money out on debt repayment. Buying anything on credit is effectively borrowing from your future self but that does make it difficult to live for today if you are still paying for yesterday let alone save for tomorrow. I am guessing the consolidation loan was to pay off historical credit cards/loans? What term are you paying that over?
Targeting the credit cards which are relatively low is a good start. Have you made a budget and do you have savings for emergencies, annual expenses like Christmas, holidays, insurances etc etc?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70002 -
enthusiasticsaver said:Welcome to the diary forum. It is frustrating to pay large amounts of money out on debt repayment. Buying anything on credit is effectively borrowing from your future self but that does make it difficult to live for today if you are still paying for yesterday let alone save for tomorrow. I am guessing the consolidation loan was to pay off historical credit cards/loans? What term are you paying that over?
Targeting the credit cards which are relatively low is a good start. Have you made a budget and do you have savings for emergencies, annual expenses like Christmas, holidays, insurances etc etc?That’s it isn’t it, only at the time when you’re not grunt conscientious you never appreciate the impact it has in your future. As always hindsight is a wonderful thing.Yes that’s right, things which had come to the end of their 0% period, plus a little extra to support a home improvement which was really required (updated central heating) were consolidated into a loan. It was a 5 year term and has around 52 months left on it. I’d like it cleared ASAP of course so it’s my next job to overpay on that whilst the MBNA card is 0% (till next summer) but will get rid of the little amount on the Lloyds card first I think.That said the interest on the MBNA CC after the promotional period ends will be higher than the loan but would hope to BT.I have a cash flow statement created in excel which has all income and outgoings on by day including putting away for Christmas, birthdays, holidays etc although I did decide the holiday pot wasn’t for this year once it was created. It felt too frivolous.I feel very much in control using the spreadsheet I have created, whilst I’m paid monthly my husbands salary is weekly and so I like the daily aspect to see that I’m never below zero at any point (usually achieved by spreading money which won’t go out via DD over the month instead of it all going out at the start).The thing I find difficult and maybe others can relate to this (and provide insight) is when there are funds left over (excuse the crudeness of that, I know not everyone is fortunate to be in that position) is not feeling bad for not just throwing it all against debt. Whilst I want to clear the issue as soon as possible, equally we need to replace things at home such as fences etc (not urgently but would also mean the moment my daughter is walking for example she’s safer) and I find it hard to juggle the feelings of not doing everything 110%.Does anyone else get that?Follow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest2 -
Firstly welcome to diary land
. I like you started my journey to try provide a better and more stable future for my daughter and for my future self. I hated the fact that I had lots of debt whilst not really having anything to show for it either. It does sound like you have a pretty good plan in place to sort it though
Good Luck!Days to Orlando: 462- ☀️🎢2 -
It’s all about balance and what works for you. With regards to excess, throw some at debt and some at savings.MFW 2022 #71 £4400/£44003
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Morning from my boiling hot conservatory! Im not sure work would appreciate my bikini attire whilst working from home today but im taking the chance whilst i have no calls/meetings!
Read up on Debt Snowballing last night and honestly dont know how i didnt think of that before! Just the rolling the payment aspect - genius! I think in the past id have just thought it would be good to have extra spends - never mind. Im learning.
A few ideas/Changes for today
- Create 7 meals for <£1 each
- Washing all on the line before dusk
- Take Stock of buffers for MBing and then place new FBs
- Complete some studies whilst being productive at workFollow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest3 -
Prestory for *
I raised recently with my 10.5 month old daughters nursery that i wasnt comfortable with some of the food their menu/provider was offering such as sweet and sour chicken, garlic bread, sponge cake and custard etc due to sugar and salt content so asked for nutritional information from their provider. I was correct in my thinking that the meals werent suitable for children under the age of 1 and so reported back to the nursery with NHS guidelines on the subject.
They have since revamped their menu with the help of a nutritionist and are seeking a new provider. BIG MUMMY WIN
As a gesture of good will whilst i continue to send food for her until they fix the problem, they have given a £2.50 reduction in fees per day and are back dating to June. DFW WIN
Update for today:
MSE things achieved:
- Understood total profits so far from MBing, Ensuring buffer comes back and sits in right account and benefits sit in new pot
- Amended CC payments for July as realised that lloyds card was on the MP but isnt 0% and the MBNA was which is on 0% i was overpaying on
- **Included Nursery refund and reduced feed benefit in Julys CC payment
- Included extra money being made from MBing, Sales, Surveys etc in Julys CC Payment
- Set definitive target to clear lloyds credit card - Its sooner than planned!!
- Own Lunch from home (in the office today so usually buy lunch instead)
- Avoided takeaway coffee on journey to office (honestly couldnt figure out if i had spends left for this since MBing money was all over the shop)
- Chased and confirmed potential sale of item listed earlier in the week
- Rechecked Julys pending Cashflow statement
Off to update my signature with targets for debts to be cleared.....Follow here for the daily life of an ADHD mum with 2 children and a new mortgage to pay
https://forums.moneysavingexpert.com/discussion/6570879/life-in-our-forever-family-home-and-the-mortgage-that-came-with-it#latest3
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