Getting myself straight

fluffytail

I’ve decided that 2022 is the year I finally get my act together and sort out my finances.

I split from my long term partner a few months ago and am now living in a private rental.  We share custody of our DS, and he stays with me 3 nights a week.

I don’t work due to having chronic health issues, but I’m doing my best to get these under some form of control so that I will be able to work again at some point in the future.

I’ve been through my finances, and managed to shift all but 5 of my debts onto permanent interest free payment arrangements.  The 5 that I haven’t been able to agree 0% arrangements on will be tackled first.

My total debt is £8213.05 as of today.  

My income is £1503.28
My outgoings are as follows:
Minimum debt repayments £421.34  
Non-negotiable bills £746.05 
Grocery/housekeeping £150 
Savings £25 

This leaves me with £160.89 for entertainment/travel costs/clothing/unexpected expenses etc.  I’m hoping to minimise these as much as possible and then use whatever is left at the end of the month to reduce my debts, starting with my overdraft (at an eye watering 67% interest!!)

I’ve stocked up on nicotine patches so that I can knock my nasty and expensive habit on the head, cancelled a few subscriptions, changed supermarket and made several swaps with my diet to help me stay within my new grocery budget. 

My main problem is impulse buying, which usually takes up whatever is leftover at the end of the month and racks up on the credit cards.  There will be lots of tears I’m sure, but I am determined to get myself out of this situation.  

Wish me luck! 

charlotte1988

Best of luck, looking forward to seeing you smash your goals  

tacpot12

One way to control your purchase impulse is to ask yourself "Do I want this more than I want an overdraft at 67%?"

Good luck, I am sure you will do it. 

fluffytail

Thanks tacpot, that’s good advice.  I can’t think of anything I want more than to shift that horrendous interest rate tbh!  Thankfully there are 3 debts that are close to being fully paid, so after 3 months there will be an extra £75 a month to throw at it.

I spent this afternoon setting up a new budget spreadsheet on my phone so that I can update it as I go about my day, and look at the debt tab whenever I need a kick up the backside! 

sazzles01234

Good luck! I was an awful impulse purchaser too!! Defo delete any shopping apps if you use any! I also found if I set myself a challenge I got really invested in it and slowly but surely the impulse buying stopped! My first was to not buy clothes. Second was to cook from my cupboards/freezer for a certain amount of time instead of just going to the shops. 
I also got very into my budget and knowing exactly what debts I had and exactly what I had to spend and again that really helped as you start to realise the impact! 

Best of luck! 

fluffytail

Thanks Sazzles, I’m hoping that having the spreadsheet available on my phone is enough to make me stop and think before I hit those buy buttons from now on.  I tend to use PayPal whenever possible, and a few of my monthly payments use it as well, so I’ve been through and deleted all CCs off there to avoid adding to my debt any further.

I haven’t had a cigarette today, opting for a nicotine patch and a whole load of distraction instead lol.  I made a big pan of corned beef hash in the slow cooker which is now portioned up in the fridge, went for a stroll around the local park with my mum (wombling 6p in the process) and then cleaned and organised the fridge/freezer/cupboards and wrote down what’s in there so I can use up what I have.