When I grow up

sugar-walsh

I've just turned 44 and I'm still unsure as to what I will be when I'm an adult.  Anyone else still feel this way? 
What I do know though, is I would like this year to be the one where I'm free of debt and actually paying for things up front.
My debt isn't huge, currently £4000 roughly on credit card, and regularly using £1400 of overdraft.
I'm upto date with bills pretty much (I have a bad habit of forgetting to pay, and fear direct debits due to a history of fines)
I'm not alone, married, and finally my husband is in board with sorting this mess, but I have decided that one of us have to be the driving force.
So. My plans are to... 
*Budget
*Get a little less spendy, without making life really dull
*Pay all service charge from work (I get quite good tips and bonuses) towards credit card
*continue selling furniture as a side hussle
*set some challenges such as nsd and making £10 a day extra for february
*being more aware of extra spending

So far I have:
* listed all furniture I've had knocking around for a while. 
* meal planned and used fridge/freezer for this weeks meals
* cancelled my wine subscription 
* cut back on drinking
* cancelled a website I didn't use and asked for a refund. 

My aims are to:
Clear debts
Save for holiday so it doesn't throw us back to square one again


If you're still reading, thanks. I don't expect many will, but at least I feel I'm taking control. 

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Misslayed

Well done! First day, lots achieved!

sugar-walsh

Thank you @Misslayed. I've been here many times now, so know what needs to be done.
Hopefully I've identified some points where everything fails each time I get close to success. 

sugar-walsh

Today has been a quiet day on the money front. 
Nothing extra spent, nothing extra gained.
I've been thinking it's time to sell our camping gear. For a few summers, we had our own business, and I would take the kids for as long as I could to camp in France. We would spend at least 4 weeks there, camping. I worked remotely, they played, my husband would fly to join us when he could around the business. It was bliss.
But now my holidays are limited due to working for someone else, and the kids are older. Two no longer come with us, two are teens. So last year we air bnb'd our way around for 2 weeks. And this year we are planning the same.
I love camping, but I also love the simplicity of an air bnb. 
So this weekend, provided it's dry, I will drag all the gear out and set about selling it. 
Does anyone else struggle with the self employed/employed dichotomy? Currently I'm plumping for the safety of being employed. The monotony is eased by the knowledge that there is a set pay cheque each month. And paid holidays, allbeit shorter holidays than I desire.
Once we are out of debt, my thoughts will return to self employment again. 

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sugar-walsh

Another fairly quiet day on the miney front. 
3rd day clocked on the nsd. Sold some furniture that has been knocking around for a while too. Took £80, of which £40 is profit.
Hoping to make a purchase or two at this weeks auction, and I still have some bits to sell. 
My credit card balance increased yesterday, essential work on the car. So excited that one day, in the not too distant future, we can pay bills like this without the use of credit.
Planning a night out with friends on Saturday. Hoping my tips and left over birthday money will cover most of the cost. I refuse to feel guilty or miss out on a social life, it's important to still have this. We can cut back on food, take aways, clothes, phones (sim only now), mindless spending. But I don't want to go without friendships, fun, time off. I've tried that route before and it means unhappiness, which means spending spirals.
We all have to do this our own way, o guess. X

sugar-walsh

Today I decided to look properly at our credit card debt. 
January 11th this year we owed £5195. Currently it's at £3667, and I've just paid £300 more off it.
My hope is by the next statement, in about a week, there will be a 2 at the beginning.

How have we done it? A few things...

1. We purposely kept our bills as low as possible. We lived off 1 wage for a long time, which meant we were always broke, but it means that now I've got a better job we can hammer the payments. 
2. I got my husband on board. He's self employed, and for the longest time he's made what he needed and not much more. Now he is making a better wage, so any extra he makes goes on the credit card. 
3. I've restarted my side hustle of selling furniture. It's brought £180 in this week so far.
4. We have put a holt on take aways. But we still eat out as a couple once a week. We do lunch so it's cheaper. It's important to us to have a day off together and spend proper couple time. After 17 years we still like each other. 
5. For the last 6 months I've bought clothes to replenish my very sad wardrobe. Around £70 per month. Not this month. I still need some things, but I'm waiting until next month.
6. We literally stopped using the credit card. 
7. I try to make a payment each day. Even if it is £5, it makes me confront the balance, feel motivated that I'm doing something, and each tiny amount adds up.
8. I've cut back on booze and cancelled subscriptions. 
9. We do a big shop, rather than a little supermarket shop each day. Meal planning and using left overs makes a difference too. 
10. We are selling surplus items.

So, a combination of improved circumstances and real money saving 

Suddenly, what felt very overwhelming, seems manageable. Let's hope there are no big bombshellsfor my very old car at its mot next week... X

enthusiasticsaver

Are you paying interest on the overdraft?  That is usually one of the most expensive ways of borrowing so I would prioritise paying that off before the credit card unless the card is a higher rate of interest.  The fact the overdraft can be withdrawn at any time would also make that a priority to repay asap.

sugar-walsh

We are @enthusiasticsaver and I realised the other day it's T some obscene amount. So I have left as much in my account as possible, so effectively paying that too.
It was at the full £1400 when I was paid on 28th, have paid what I need to and now it's at £600. Hoping to keep a good chunk of that so it will get paid in tandem.

I'm aware it's better to pay it first, but I'm struggling with prioritising it as for so long it was the other way round. I will get my head around it and switch focus soon. Thank you for your advice. 

enthusiasticsaver

Most overdrafts are 40% interest so that is why the charges are so high. 

sugar-walsh

Hi, yes, I'm aware. Thanks again @enthusiasticsaver

sugar-walsh

Yesterday was work and then a night out with friends, so definitely not a mse day. Mad tomorrow is mot day for my old rattly car, but today was good.

Today I sold another piece of furniture,  made a weekly shopping trip to aldi and didn't spend anything unnecessary. 

Current credit card debt us same as Friday, with the furniture sale and my tips covering the night out.

Feeling positive, there's a flow to life that has been missing for some time now.

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