Taking charge of debt

shell16

sunshine_raincloud said:

Hello. I just wanted to start this diary to be held accountable on my debt journey! I have lurked on the forum for a while and found so many helpful tips here (thank you everyone!), which I have been starting to put into action. My main issues have just been ridiculous spending, which has to STOP. I'm looking towards the future and I want to find myself in a secure and stable position, out of debt and with an adequate emergency fund so I don't end up back into debt when life throws something at me! 

Debt situation Jan 2022 at LBM

CC1 £1433 (0%)
CC2 £4160 (0%)
CC3 £1800 (0%)

Total £7393

I have already managed to get this down over last month or so 

So currently 

CC1 £1226
CC2 £4160
CC3 £850

Total £6236

Steps so far:
- reduced my phone bill, cancelled tv packages, invested in travel cards that will be cheaper in long run, deleted uber app from my phone
- set up spreadsheet
- set up 'round ups' to savings account from current account 
- started to 'tilly tidy' every day where I can (to go towards debt) and set up my own 365 day 1p challenge spreadsheet (to go towards EF) as well as working out my 1% debt amount (£74) and getting chart to tick off each 1% I pay off (all of this is very motivating!) 
- had 5 NSDs this month (last month I didn't even know what a NSD was!) 

Aims for the future 
- pay off ALL debt by end of the year 
- create £1000 EF 

Ambitious but potentially doable if I maintain focus. 

I am planning on tackling CC1 first due to earliest end of 0% then CC3 and finally the biggie CC2. 

After all these big changes just hoping I can stick to them. 

Thanks 

Hiya, just thought I would comment on your first post, wow you have done amazingly well in just 5 months, so well done!  Keep at it, and you should be out of debt in no time at all!  

Shell x

sunshine_raincloud

shell16 said:

sunshine_raincloud said:

Hello. I just wanted to start this diary to be held accountable on my debt journey! I have lurked on the forum for a while and found so many helpful tips here (thank you everyone!), which I have been starting to put into action. My main issues have just been ridiculous spending, which has to STOP. I'm looking towards the future and I want to find myself in a secure and stable position, out of debt and with an adequate emergency fund so I don't end up back into debt when life throws something at me! 

Debt situation Jan 2022 at LBM

CC1 £1433 (0%)
CC2 £4160 (0%)
CC3 £1800 (0%)

Total £7393

I have already managed to get this down over last month or so 

So currently 

CC1 £1226
CC2 £4160
CC3 £850

Total £6236

Steps so far:
- reduced my phone bill, cancelled tv packages, invested in travel cards that will be cheaper in long run, deleted uber app from my phone
- set up spreadsheet
- set up 'round ups' to savings account from current account 
- started to 'tilly tidy' every day where I can (to go towards debt) and set up my own 365 day 1p challenge spreadsheet (to go towards EF) as well as working out my 1% debt amount (£74) and getting chart to tick off each 1% I pay off (all of this is very motivating!) 
- had 5 NSDs this month (last month I didn't even know what a NSD was!) 

Aims for the future 
- pay off ALL debt by end of the year 
- create £1000 EF 

Ambitious but potentially doable if I maintain focus. 

I am planning on tackling CC1 first due to earliest end of 0% then CC3 and finally the biggie CC2. 

After all these big changes just hoping I can stick to them. 

Thanks 

Hiya, just thought I would comment on your first post, wow you have done amazingly well in just 5 months, so well done!  Keep at it, and you should be out of debt in no time at all!  

Shell x

Thanks @shell16 ! Appreciate the reminder of how bad things were and the progress made. Sometimes I feel like all this debt paying isn't actually real and I'm dreaming it all. Not sure I'll believe it's gone until I get to post on debt free roll of honour!

shell16

Sometimes we need to look back st how far we have come. It's an incredible achievement 👏

How you getting on with the weekly budgets? Have you picked any tips from the youchoob video? 

Shellx

sunshine_raincloud

I haven't made much more progress with the weekly budget unfortunately! I am the kind of person that waits until next payday to start something new, which means I have 12 days to go through all my spending over last few months and come up with weekly plan. To be honest think it might be the case of taking my monthly budget but only transferring a weekly amount to my spending card for now and then some money to general sinking fund for one off expenses. I know I can get my spending down generally though and really need to work on this as well as convincing my boyfriend to do the same. He is often the one to suggest meals out and trips etc. 

NSD today though. Only my second one this month... definitely could do better! 

sunshine_raincloud

Had a little look through my budgets for next couple of months this morning. August will be the last month with money from lodger and switch money coming through as extra and then from September will be pretty much just my salary with only the odd bit coming from vinted here and there I imagine. Really trying to give every pound a job for this next month so the extra money doesn't just get swallowed up by my spending account. Think I have found a good balance between money for holiday spending, savings/topping my EF back up, putting money towards debt and having enough to live off. Hopefully I manage to pull it off! 

I have been seeing family the last couple of days, which has been really nice. Taken on an extra shift at work tomorrow to make a bit of extra cash so hopefully it ends up being a low or no spend day as well!

No changes to debt balances now until next week. 

Hope everyone is okay and keeping hydrated in this heat! 

sunshine_raincloud

Just decided to do another envelope selection this evening after busy shift at work. Selected 19 + 31 so £50 sent to CC. Will probably regret this next week when I run out of money before payday but made around £30 of sales on vinted so just got another £20 to find from somewhere! 

Debt now down to £2610. 

Really want to reach 2K by end of August! 

sunshine_raincloud

Hope everyone is okay in the heat

I ended up staying in work until nearly midnight last night (just one of those shifts!) so I am wfh today, which should mean a NSD. Got plenty of salad bits in for food. The cat, who is quite elderly, is really not enjoying the heat like I'm sure a lot of animals aren't. Just making sure he has plenty of water dotted around the house and keeping curtains closed. I don't have a good fan or air con, which might be worth the investment after next payday. 

Accounts are all looking a bit sorry for themselves as it is under a week to go until payday. I have one remaining bill to come out main account that I am £57 short for. I have £48 in vinted sales pending though so going to package and post everything off today so that should come through in time. Just have to find another £9 from somewhere! Technically the rent from my lodger will be in by the time it goes out so no issue but I would like to have it covered from extra income if possible! 

Spending account also depleted quite severely and EF and non-EF dipped into. Feeling okay though as will be replenished shortly. 

No other news. 

Stay safe out there! 

Sewn

I know the feeling of eeking things out til payday!, good that you've got some funds coming in hopefully to tide you through

Sarahwithlove

Do you have anything else you could sell or do you do any surveys or use receipt scanning apps? 

sunshine_raincloud

Sarahwithlove said:

Do you have anything else you could sell or do you do any surveys or use receipt scanning apps? 

Still have quite a few things on vinted so I'm hopeful for a couple more sales at least! I tried surveys previously but unfortunately on the waiting list for prolific, which seems to be the best one. I had tried another but kept getting cut out half way through a survey and took so long to get anywhere near the cash out amount I gave up! I use airtime rewards and have a rewards account for a bit of cash back but haven't looked into receipt scanning yet. Are there any you would recommend?