Debt and Caring

WelshmansDaughter

An unprovoked attack on my ankle by a metal workout bench has me lying down with a foot up this evening.
Which makes this the ideal time to start this diary. And possibly to declutter some exercise equipment...
Yesterday I was £9993.61 in debt. 
Today I have made a £1500 payment to one of my credit cards taking me down to (quick recourse to calculator) £8493.61.

The debt is spread across three credit cards, all of which are interest bearing. I am not currently eligible for switching to 0%.
Last month was the first time I made all three minimum payments, thanks to withdrawing money from my ISA. 
The £1500 payment was made by biting the bullet and selling out of my ISA, leaving £500 as a baby emergency fund. 

I am starting this diary mostly as a brain dumping ground. I have dipped in and out of MSE over the years as my interest in finances has waxed and waned. I am also living a relatively solitary life at the moment and there are people here. People who like talking about money!

sunshine_raincloud

Welcome and good luck on your journey! I hope the ankle recovers quickly. Have you started on a plan for the rest of the debt? 

WelshmansDaughter

Finances are a bit off the beaten track at the moment.

Currently I live in the Republic of Ireland (some figures will be in EUR). I am living in the family home where I support my father full time. He has dementia. 
Living here means the majority of typical bills are covered by my parents' income. 
I don't pay for groceries, utilities, broadband or insurance. We don't have council tax in Ireland.
Things I do pay for:
Mortgage: £485
Utilities: £25 (standing charges mainly)
Phone: €15
YT Premium: £11.99
Amazon Prime: £7.99
Kindle Unlimited: Deal for 3 months at 99p
Patreon: £5
House Insurance: £12.99

YT Premium and subscriptions could perhaps be classed as a luxury and would normally be something I would cancel until my financial picture improved. But.
I use YTP for my Dad's music, he cannot handle the interruption of ads. I use AP for buying medical aids mostly- Ireland can be quite expensive, there is less competition here and AP usually works out quicker and cough, easier. Nobody wants stress when buying a raised toilet seat.
The Patreon is purely a self indulgence because my life is stressful and it is guaranteed entertainment.
 
More background in the next post.

WelshmansDaughter

Hi @sunshine_raincloud and thanks for being my first ever commenter! 
I have not made a plan. 
I am writing a background post to summarise why and hopefully all will be clear (and not just a big pile of excuses)

WelshmansDaughter

I am trying to keep this as related to money as possible but the narrative keeps running away from me. 

Debt is not something I have strong moral feelings about. I am currently watching my father suffer through dementia so 'real world' concepts like economics just don't really 'matter' in the same way. I am a number on a spreadsheet to companies and they are a number on a spreadsheet to me. Debt is a service like any other that you pay for. 

This is obviously a fine and dandy belief to have when you can actually pay for it. 

I have been in debt three times. The first time was down to needing more for a house deposit and borrowed interest free from parents, paid back within 9 months.
The second was after a leak in the bathroom meant the entire room had to be replaced, insurance part covered and then I needed a new boiler in the same year. Paid off in a year or so. 

Debt the Third came about over a period of three years after I left my job in Desklandia. I had been working for the sake of money about 20 years at that point and had recently come to the realisation that there was more to life than a neatly crafted routine of working 60 hours a week. Or as I told my neighbour at the time, I didn't want all my memories to be of a desk.
Financially this was viable until my father was taken ill and I spent an unanticipated 9 weeks in Ireland stress eating and spending. Cue downward spiral. And more stress eating and spending, thanks to collecting more stress by working in unsuitable jobs again for money. Downward spiral continued until one day Peter Pan finally grew up. I realised that at age 36 I am not in fact a child. And lack of regulation is fine until somebody else needs you more than you do. 

WelshmansDaughter

CC1- 1138.66
CC2- 1979.99
CC3- 5277.17

I had forgotten that I made a small payment on CC2 yesterday. I took the balance down so it would be under the 80. That was inspired by someone on here who makes round down payments. I remember the name but don't quite know the etiquette of referring to people yet so won't name.

Total now stands at: £8395.82

Anyone who enjoys precise mathematical calculations should possibly steer well clear of this diary. 

I am currently using the phone equivalent of a post it to keep my debt totals on 

WelshmansDaughter

Will be earning money the old fashioned way today. Going to work as the Apothecary had an event yesterday. Quite proud of myself for not just cancelling but managing to re-arrange. Dad was in hospital last month and had to cancel twice as I was isolating to be able to visit. Hence the incentive not to cancel this week even though my ankle is wobbly.

That will be €45 for 3 hours. 

I have started concentrating on debt payments now in part because I knew there would be payments coming in over and above the regular income. 
In June (hopefully) I will be paid a Support Grant. I don't know yet how much this will be but could be at least €1800. 

Unfortunately I have to get dental work done which will cost €450 approx. This will take quite a big chunk. 

WelshmansDaughter

Spent an additional €9 yesterday to get data for my phone after buying the wrong PAYG by mistake.
Was so annoyed at myself (and customer service) that I had a little cry while cleaning the bathroom at work.
Even the shiny joy of steam cleaning the floor didn't cheer me up.
Accidentally on purpose used Teacup's card to get coffee delivery this morning.

Been thinking about goals now since taking the first step toward paying off debt. I don't really want to get into another downward spiral so I have been thinking about how to change my money values.
And just values in general.

WelshmansDaughter

Worked out my income at approximately £900 a month. This is dependent on the exchange rate remaining above 0.80. 
After the mortgage is paid, this leaves me with £415. I have definitely not listed my outgoings correctly- I think I still have an audible membership for Dad's audiobooks. 

On the bright side, my house insurance is not due until July not June like I thought. That is one less expense. Except I realise I will now have to get specialist insurance as the flat won't be in use after the summer. I have no idea how much this will cost but have asked my current insurer for details.

I don't really like budgets as my memory is bad and I always end up leaving something vital out. My plan is to take the next two months, get the hideous expenses out of the way and arrange some sort of organisation system for my money so that I don't get to the end of the month and wonder where everything has gone.

I'm still suffering from sleep deprivation/brain fog so I am struggling a bit to pin down details.  

AllNightDiner

You sound really cool. Getting out of debt (as you are doing) sounds like a great plan: you have other, more important, things to think about.

sourcrates

Hi,
I`ve managed these boards for years until recently, never having much commented on the diaries board before, I don`t think your debts are massive, maybe they are compared to your income, but I have seen a lot worse.

You appear to be doing well, I think the need to write all this down probably stems from your dad`s condition, more than the actual amount of debt your carrying, it can be difficult caring for a parent, who you know will not get better.

I wish you well with both journeys your currently on.