My Debt Free Journey

abaka

So had my trip to Manchester at the weekend.  The match was brilliant - best result/atmosphere I've seen in years!!!

Ate far too much however and still feeling the effects of over indulging in food.  Didn't really drink much though....The bar I went to pre match, I drank too fast I think and started feeling a bit sick so I didn't even finish my drinks...I usually drink something light at the football like a dark fruit cider but I went for an ale this time and after 2 drinks I felt gassy as hell so just didn't bother with anymore drinks.

We went to Chiquitos for dinner as the one in Belfast closed down and me and the wife loved it so we try and go anytime we're in England.

Budget wise, I managed to stay within my budget and money I saved so that was a pleasant surprise....Previously when I went to trips I didn't budget for it and then eventually my overdraft became my spending money and I didn't control my spending like I did this weekend!!!  My last game in April, I managed to spend £210 in the Megastore!!!  

Now it's a week of work before my holiday next Thursday.  I'm not sure if I'm more lookign forward to a week in the sun or just a week of not working....This place is really starting to get to me....Coming back into the office today was like the usual SUnday dread multipled by 6!

LittleMissDetermined

Catching up on diaries after being on holiday and then struck with Covid... Huge congrats on clearing the Paypal, I'm not surprised you feel like a weight has been lifted, and to have the £3k in savings as back up must add some comfort. 

I think you're right to spend the bit on yourself by buying the items which will no longer be available for you to replace later down the line. It feels like the costume/prop space is something you're really passionate about and they are technically assets anyway. 

Enjoy your holiday away, I hope the weather is fab for you.
LMD x

abaka

So I'm back to having another melt down today....Just falling apart and thinking to myself that even though I've cleared a lot of my debt that I'm still nowhere near being debt free.....I'm also facing a prospect of a £600 a month drop in my salary in the coming months which if happened would allow me to JUST pay my minimum payments but would leave me nothing else to cover holiday periods/holidays or memories with my daughter.....My wife says if that happens we can get through it but I don't want to be a burden on my family and not being able to create great memories with my daughter.

Going to phone stepchange to see what options are available....I'm still not going near an IVA but perhaps a DMP might be an option for me....

Good bye being debt free by 40.

LittleMissDetermined

Oh no! Try not to panic @abaka, I'm sure there will be a solution which will work for you.  The positive is that you've already cleared a vast amount of interest generating debt, so you're in a much better position than you would have been previously. 

When I first joined the forum, I was going to be debt free by 40 and be mortgage free by 45, I had it all planned out and I was 'determined' to achieve it.  Fast forward to me at 42, in Jan 2021, when I had £25k+ of CC debt and looking to increase my mortgage by 150%.  Life gets in the way, throws you curveballs and sometimes knocks you right back down the hill you're trying to climb.  It happens to everyone, I promise.  My current situation means I won't even have my cards cleared by 45, let alone starting on the massive mortgage! 

My advice would be to try and get your CC's on 0% if they aren't already. Make your minimum payments (and extra if you can afford it) but still try and make memories with your daughter.  It doesn't always have to cost money, some of the best memories from my childhood were days at the beach or the woods with picnics and bikes. Your daughter won't remember how much you spent in money, but in quality time and attention. 

What is the reason for £600 reduction in salary? It seems a lot, and at the moment it's just a prospect and isn't definite so please don't panic just yet. Take some time to plan for the worst just in case, but don't make any rash decisions. 

We are all here to support you. 
LMD x

abaka

Ok - a bit more rationale today than yesterday when I thought the word was crashing around me......

So the place I work, I've been in a temporary project post for a while now and it had been very much temp ongoing to the point where I often forget it is temporary!  However, I had sight of papers relating to making the post I'm in permanent which is a somewhat good thing, but it will be subject to interviews....and I'm so worried that my nerves will get the better of me and I'll bottle the interview....However, in this place, things move slowly, so whilst they're preparing to get approval to recruit permanently, it could still take months.....A friend of mine who I work with who has been here a lot longer than me and is in the same boat has said that she doesn't expect it will happen this side of Xmas....

Now I still have a permanent substantive post in the organisation so even if I don't get this post, my original job is still waiting for me....and I worked out what the actual drop in salary would be between the two jobs...It would be roughly £400 a month less I take home which is incredibly grim, but a lot better than the £600 I originally estimated the drop to be.

I've worked out my budget with the assumption that I'm only guranteed one more month with my current salary before returning to my substantive grade....So as it stands now, I know I'll have the higher wage for this month, and very very likely next month also...I will just have to keep planning month to month until anything happens.  The good news is that even if I drop down to my substantive post.....I will still be able to pay all essentials and pay more than the minimum on all my debts....However, keeping interest level to 0% is going to be key....My next problem on that front is in February when my Halifax 0% ends but I don't think I'll have any issue getting that onto a 0% offer.  

I've also looked into my pension in work (it's a public sector pension, so very decent)....I can opt to switch to a 50% contribution model for the short term and I'm considering it as an option if anything happens with my job....going to 50% contribution could save me £60 a month and doing that for 2 years would allow me to shave 2 years off the time I'm in debt....I'm 35 now and likely will be working until I'm 66 so another 31 years to go and I have 8 years contributions already built up so even if I paid 50% for 2 years, I'd still have 37 years behind me when I do retire....I think it might be a worth while option to explore if anything happens.

I did also speak to Stepchange and I talked about a DMP which I'm really not keen on....but if I can't get 0% interest offers and the interest means I struggle to make payments, I may well have to....However, with my calculations and if things go well, I can still be debt free by time I'm 39.

If I get my current job permanent I could probably be debt free within 18 months....So crossing everything and attempting to find religion to pray that I do get this job

LittleMissDetermined

Looks like we posted at the same time, it makes more sense about the salary change now... If you've been doing the job on a temp basis then you should be in very good stead to get it permanently, especially if there have been no reprimands or negative feedback on your work or contributions. 

Lots of luck in gaining it on a permanent basis, hopefully they want you in the post full time and this is just red tape to make it formal/official. 
LMD x

abaka

Well there has been no feedback on my performance and it has been very positive, so I do think I have a good shout....Unfortunately, it's public sector and will be very much performance at interview and there will be no favouritism showed.....My doubts is more about how I perform at interviews etc, my last one I still don't know how I passed as I am a trainwreck at interviews.....And when the next one comes along, I'm going to have something to lose!!

But what you have said is true, I can't control it and can just keep doing what I'm doing.  After working everything out I feel better because at least I know I'll still be able to make everything work out ok with my payments.  Just gotta ensure I can keep everything on 0% offers.

On brighter note, holliday tomororw with my wife and daughter.  Looking forward to it, but less excited about the 4 hour flight with a 2 year old who doesn't do sitting down for any periods of time!!!

LittleMissDetermined

Sounds like a holiday is exactly what you need right now and I hope you have a fabulous time! 
LMD x

abaka

So just back from holiday on Thursday - back to work today which hasn't been as bad as I thought it would be!!!!

Holiday was amazing, so relaxing and my daughter had a great time.  We seem to have really bonded over the holiday as she's always been a mummy's girl and I don't get a look in, but since we came back I've been getting all the attention!!!  My wife is delighted that she doesn't have to read the same bedtime story every night!!!!  I'm loving it as well!!

I ate far too much on holiday....but being a family holiday I didn't drink an awful lot which is a change!!!

Spending wise, only spent a small amount on drinks outside the hotel/snacks/etc and stuff in the airport so should still be making a decentish lump sum on one of my debts come Wednesday (payday)....and yet again, I've now went 4 months without going into my overdraft!!!!

Other great news that came about during my holiday - is I've had it in writing about the planned recruitment for my current post.  I'm guranteed to be in my current post until 31st March 2023 so it means I'll be getting the winter months/Xmas out of the way, and by the time March comes around....I hope to have another huge chunk smashed off the debt before then...

Just waiting on the final few days rolling by to begin another month of tackling debt!!!

LittleMissDetermined

So glad you have had a great holiday, it sounds like you had a wonderful family time and you were able to rest and recharge which is what holidays are all about

Great news about being secure in your role until March, will you still be able to apply for it on a permanent basis? It's a weight lifted knowing you have extra time at the higher rates of pay to clear more of what you owe.

4 months without the overdraft - Whooop! )  you're on a roll mate...keep it up
LMD x