The Mental Debt Struggle...

Keedie

Yes, it’s a freeing feeling. I’m cautiously optimistic for the future. 

Yep, I definitely believe everything does happen for a reason. I think you’re right about my mum. When we were talking, she realised how much I’ve been trying to get it all sorted myself but how much I’ve been struggling and I think she offered to help because she could see that I was at my wits end and running out of options.  

Keedie

Today wasn't as productive on the money front as I'd hoped, as I had to work today at the last minute and try and sort out the enrolment for my son's online lessons as his timetable came through. He wasn't too impressed with his latest lessons 4 days a week from 16:35 to 17:15 . But I did point out that he doesn't start until 10:50 on a Friday and he big gaps between lessons on some days. I don't think he' seeing the trade off right now, but I did remind him that in Year 11, he'll get a whole new timetable anyway.

But, my complaint to MBNA about how they've managed my money transfer resulted in a £40 compensation (you'll be proud of me @abaka and @LittleMissDetermined ), which I've requested to be put as credit on my account rather than receiving the money, so that'll bring the balance down a bit and I didn't increase my debt for his tuition fees! 

Have to read all of the StepChange stuff this weekend though, so that I can give them a ring first thing on Monday about my options.

savingholmes

Hopefully that's more money in the kitty if you had to work at short notice. 

Good that your DS has his timetable through. Hope this proves more positive for him. 

Good luck with the Step Change stuff.

Keedie

Thanks @savingholmes, and yes, it was definitely more money in the kitty for today's work. I wasn't expecting it, and I do HR freelance and virtual personal assistant work, and my main client had a flurry of staffing changes, with one lady failing her apprenticeship and so she quit, another was under performing and took it personally when it was raised and the impact it had on her probationary status so I had to put out those fires and onboard a new starter. It was a draining week and I was happy to laze around and then do life admin, but with my outgoings rising, I just jumped on the work and managed to do 4.5 hours, so I'm happy.

I hope the timetable and the new school forward does work for him, but I think it'll be a big adjustment. He was happiest when I pointed out that independent schools finish early and so he's done by Fri 8 July! 

savingholmes

Great about the extra money. 

If they are finishing so early for DS hopefully that kept the costs lower?

Keedie

It didn't lower the costs unfortunately, as the annual fee is simply split into 6 half terms. But for the price my mum paid for this last half term, he has access to all recorded lessons since the start of the acaemic year, so he can go over the content that is different to what he did at his old school and he has access to all of the recordings throughout summer to bridge the gap in knowledge.

savingholmes

That sounds really positive.

Keedie

The £40 compensation from MBNA was credited to my account, so that's taken my balance down - yippee! 

abaka

Great result!!!  £40 must be their standard compensation.  As MBNA initially offered me that and I replied I didn’t think it was enough as so far my two calls to them to fix my matter was 40 minutes and I value my time more than £1 a minute.  He then offered me £60 and I didn’t dare to push them any further 😂

Things are moving in the right direction for you.  I genuinely believe what you do in the early weeks/months are so crucial to your debt free journey.  My mindset to debt is completely different than what it was 3 weeks ago! Actually prioritising and taking control is more important than any amount paid! 

Keedie

Damn, I wish I'd thought to push for more! But I'm pleased with myself for applying it as a credit as a few weeks ago I would've taken the cash and then frittered it away.

So yes, you're right @abaka the actions we take in the first few weeks do make all the difference in the shift in mindset. Like, if I wasn't so focussed on trying to get everything sorted with my finances, I wouldn't have worked yesterday at the last minute, or for so long, I would've just done the minimum so that I could have my day off. But I sat and worked out which bill I wanted to cover via working, and then set my mind to earning it. I didn't take into account tax though, and my Monzo business account automatically holds 30% of any income into a tax pot, so that I have enough for tax and the NI contributions. 

But when I'm lacking motivation to take on additional work, I just need to start thinking of what I'm able to pay for with the earnings. Just like I'm trying to think the same with spending. Me and my son went to Nando's the other day, and I thought, I've just spent my monthly TV licence and car tax on one meal!

It was a sobering thought, and so I'm trying to be my own spending demotivator by making those comparisons, in the same way that I'm motivating myself with the extra working hours, by thinking of what it allows me to pay off. Hopefully this gradual shift in mindset will set me up for better way of life and a sustainable approach to debt clearing. As I've realised that without the change in habits, the debt will just come back.