Taking charge of debt

sunshine_raincloud

pelirocco said:

I hope she has offered to repay you ?
And isn't one of those friends who makes a habit of this

Well she hasn't but she is normally quite good at remembering and paying the next time so I'm sure it will balance itself out in the long run! 

sunshine_raincloud

So I am back from my weekend away and feeling pretty happy with myself for managing to stay within budget! It was also great to catch up with friends that I haven't seen in ages. I have been feeling a bit twitchy with 48 hours away from the spreadsheets but it was a happy reunion this afternoon. I still managed to keep going with my tidying and chipping away at debts as well so feeling on top of things even though my indent into my debt so far is very small. 

Starting this month I have set up to pay £450/month for CC1 and I will just pay minimum for CC2 and CC3. If I have anything leftover this will go to my emergency fund until I reach £1000 then it will go to whichever debt I'm paying at that time. I have also set up £50/month to savings account, which doesn't seem like much but it's a start. 

The other thing that I have been thinking about is cash incentives for switching current accounts and wondering about trying to make a couple of switches to capitalise on this. I'm not sure if anyone has any experience? It looks like I could make a couple of hundred pounds at least!

Plan for the upcoming week
1) Set NSD target for March
2) Aim for 2 NSDs during week
3) Research current account switching 
4) Continue tilly tidying to CC1 
5) Amend direct debit for CC2 to minimum whilst focus is on getting rid of CC1
6) Maintain MSE frame of mind 
7) Meal prep tomorrow for lunches during week 
8) No takeaway coffee, taxis or unexpected spending!

sunshine_raincloud

I am feeling under the weather today with sore throat and a cough so I am working from home (covid test luckily negative). I had been planning NSD but might have to head to shop for some soup and some lemsip. Other than that tidied £10.40 to CC1 today and balance brought down to £1195. It always feels good seeing those lower number at the start. Big aim this month is to have total debt starting with a 5 instead of a 6- I can't wait! 

I have done my research and opened a second current account successfully to use to take advantage of switching bonuses. Just waiting for my card and online banking details to arrive before I get started. 

No other changes, just keeping plodding on!

sunshine_raincloud

A mixed day for me here today. 

Still feeling unwell, which meant a large spend at the supermarket for throat sweets and medicine to try to make myself feel better. Also being at home means I decided to allow myself to spend my 'unnecessary shopping' budget for the month, which I felt guilty about even though it is within my budget! I bought a new dress for when I go out for dinner in a couple of weeks. Not very frugal at all but I feel like I needed a treat. I did shop at a less expensive place than I do normally and actually spent time thinking about it and making sure I didn't go over budget rather than literally buying whatever I like the look of and not thinking about the consequences as I would do normally. I am definitely trying to convince myself not to be guilty about this now and potentially already regretting the purchase. Anyone else have no self control with shopping? 

On slightly better note I have received confirmation of a partial refund for a delayed train over the weekend, which is a few extra pounds and I realised I was paying a £6/month premium on my energy account, which I have cancelled. My current tariff is locked in until November. Just had a look at what the tariffs are for other suppliers now and the difference is astonishing! I am definitely going to have to reevaluate budget in November but I am hoping to have bulk of my debt gone by then! 

sunshine_raincloud

So I have changed all my totals in my signature and initial post to amounts from LBM when I started my spreadsheet in Jan rather than from when I started my diary as it was confusing me having two different sets of percentages and totals. I was initially paying both CC1 and CC3 but now just going to focus on one card at a time. CC2 paid off my overdraft and another card so is relatively new hence why no payment down on that yet. All cards at 0% for now. 

My spreadsheet has morphed into a huge multi-page thing where I am tracking pretty much everything. It feels good to be in control rather than worrying then panicking whenever unexpected payment (that I should have actually known about) comes out of my account. 

I have started getting a few rewards in for switching my account type and I also recently signed up to airtime rewards. Just a few pounds here and there but it feels quite satisfying as I am really beginning to appreciate how small payments all add up! No other real frugal news other than buying tins rather than sachets for my cat as calculated the switch would save me £140/year.  Haven't tried them with him yet so will have to see if he actually eats them! 

sunshine_raincloud

So today I have still been struggling with that anxious, nagging feeling about debts hanging over me. It can be quite overwhelming to think how long it will take to pay off. I am quite impatient by nature and just want it gone already! I have been thinking about all the stupid things I have spent money on as well as poor decisions and financial mistakes I have made over last few years and feeling annoyed at myself for having got into this mess! Things could be so different. I honestly don't know how I used to afford to do all the things I used to do but I have realised that I couldn't afford it at all and that is why I am having to pay it all back off now! This time should hopefully teach me a lesson so that my habits will change for good for the future.

I am feeling a lot of pressure about upcoming events in particular friend's weddings and my boyfriend is keen to go on holiday and get something booked soon. I have held firm so far and told him I can't afford it at the moment even though I earn more money than him! He is much more sensible than me and has got savings. He seems okay with it for now and has been understanding. I've told him I have debts to pay off but not the amount as we don't have any shared finances at the moment. I'm looking to be debt free by the time we hopefully buy a place together, which is one of my incentives to keep pushing and doing what I am doing. I just need to keep focussed on a debt free future and keep positive that I will get there!

Anyway, a NSD today. 

Cat unimpressed with tinned food but has been eating it when hungry it appears.

Amber1980

Hiya, I had to laugh at the unimpressed cat,ours would rather starve themselves than eat something they don’t like,such fussy superior animals,I might take a leaf out of their book and demand only the best in life!😂
I also have been feeling that niggling anxiety and overthinking my many past financial mistakes and wishing I could turn back time and do it all differently,main reason being I’m doing very reduced hours for a month until I start new job and I literally have no money left after paying necessities,makes me feel very vulnerable and annoyed at myself that at 41 I’m in the worst financial situation of my whole life.
 I am also guilty of wanting to buy new things to make me feel better then regretting it instantly.
 I still have a lot of work to do.
Let’s try and be focused and take it a day at a time and not be too hard on ourselves as I swear the more I think about the past it doesn’t make me learn and do better it just makes me feel rubbish and out of control,onwards and upwards and let’s be kind to ourselves 😊

sunshine_raincloud

@Amber1980 thanks so much for your reply and words of encouragement! I'm sorry you're feeling so vulnerable this month, I know the feeling entirely. Completely agree that we all need to be kind to ourselves. At least we are here now and trying to sort things out. Congratulations on your new job and I hope it works out well for you!

My budget is also looking extra tight this month now so I'm going to try to have a living off the store cupboard week. Cat has completely stopped eating the tinned food (just gave me a filthy look when I served it this morning and wandered off). I have read on the internet that they can unintentionally make themselves really unwell quite quickly by not eating so I have forked out for his usual rip off sachets. He is definitely spoilt! 

Amber1980

Thank you so much,I’m excited about the new job!
Oh dear the cat won,they always do 😂
Yes we are doing something about it,we will get there!
Have a great Sunday 😊

sunshine_raincloud

Just keeping plodding on with trying to stick to my budget and gradually chipping away at things. Decided to switch my tilly tidying from CC1 to EF for now just to build it up a bit more over the next couple of months as I think that will help my general anxiety about cost of living crisis for now. Paid my minimums or just over on CC2 and CC3 whilst I concentrate on CC1. Hoping to have CC1 gone by the end of April so that is something to aim for! I had a NSD yesterday and aiming for the same again today. No other news other than I am planning on returning a couple of things i bought as realised I really don't need them and would prefer to have more money in my savings or going towards my debt right now! A definite change in my mindset. Still haven't allowed myself to go round the shops though. Staying clear of them seems to be working for me right now!