The Mental Debt Struggle...

Keedie

It's been a busy few days and I visited my friends in Norfolk on the weekend and that was really nice to be able to catch up and see the kids hanging out together. I also took a mental break from my diary. I'm toying with the idea of starting a new one, but I'm not sure as yet. 

I've slowly been inching towards the 10-15 minutes of silence @LittleMissDetermined and my mind is still all over the place. It's just my way of not doing anything and enjoying a moment of peace. Sometimes I keep my eyes closed and sometimes I just stare out the window and look at the morning sky. On some days, I can only manage a minute before I get too agitated and then have to get up and move around. But it's definitely helping.

I have noticed @Makingabobor2 that the mornings that I can manage some silence, I have a better day, so there is definitely some benefits, but it's hard to be consistent though.

I was too knackered to do my end of month summary today, but I have paid £427.33 to Barclaycard on Monday and £10 to the Noose PAD Pot with the money my brother sent me. I've also added £6 to the sealed envelope challenge yesterday and £4 in £2 coins to the £2 challenge. So it's nice to have little savings building up. And my £50 standing order to my emergency fund came out today and my Help to Save payment will come out tomorrow, so seeing my savings inching up as the debt is going down, feels much better than just clearing debts with no money of my own as a back up.

I have to be extra frugal in March 2023, so that I can get back on top of using all of one month's income to fund the following month. I'm hoping that with lower debt repayments, it'll make it easier. 

AntoMac

I TRY to get some clear head time/mindfulness to Keedie. I think it’s not an easy skill but I do think it helps with general well-being. 

You’re still clearing debt AND building some savings so things are moving in the right general direction. Try to continue to be kind to yourself and not put too much pressure on yourself. 

Keedie

It's hard having that silence isn't it @AntoMac? I'm getting much better at trying to quiet my thoughts though. When I find my mind drifting, and I start going through all the things that I need to do, and overthinking everything, I try and focus on a happy memory or image in my mind's eye, like a flower garden or a nice holiday etc. It's slowly getting easier and I can definitely see the difference.

I'm really excited about having savings as I've been so focussed on debts for so long, to the point where it was crippling me, but being able to save is a wonderful feeling. And I'm also no longer paranoid about all of my debt being interest free. It will be nice for it to remain that may, but a couple of months of interest isn't going to break me lol. 

I paid £32.87 to Sky Mobile today and £72.67 to Creation so it's all still coming down nicely. I'm going to do my February 2023 summary on the weekend as it's been so hectic this week and I've just finished work and I have to watch my digital marketing course tonight as I have another module tomorrow, plus a funeral to attend and my bipolar group. So it's fairly busy tomorrow. 

I'll be shaking a leg so to speak on Saturday evening as it's my friend's birthday so we're going out and my South London Sister is coming too. I don't have much stamina and I know I'll spend all my time in my comfy flats (heels are a thing of the past) and I'll most likely be sitting down quite a bit and bopping my head to the music, but I am looking forward to going out - yay! 

Keedie

I've needed some downtime as I became hypomanic and it's turned into a mixed episode and then had a fibromyalgia flare up, so I feel a bit disorientated and weak. But I still managed to go out for my friend's birthday last night and I have spent the day lying down. Couldn't dance, but I spent a lot of time catching up with my friends and that was really nice.

My 25 envelope challenge is coming along and I've filled envelopes, 1, 2, 3, 4, 5, 6, 8, 10 and 11 so far, and I'm looking forward to hitting £325 in total with that challenge. Since I am using cash more, I've been in a better position to get on top of the penny challenge and I've been lucky enough to get some £2 coins so that tracker I made is filling up nicely. Just 11 x £2 coins more and I'll reach my £325 target.

My debt free before Christmas target is coming along as well, as  I'm at 22.94% of my £6,000 target as of today. I'm going to attempt to do my February 2023 summary, but it might be a bit jingle jangled as my head is buzzing and it's really annoying me.

Keedie

February 2023 Financial Summary

Starting Balance = £14,862.13 | Amount Repaid = £637.87 (2.85%) | Closing Balance = £14,229.26
Total Repaid to Date = £7,953.28 (35.85%)

Bank of Mum 3 (school fees)
Starting Balance = £3,200 | Amount Repaid = £50 (1.56% repaid) | Closing Balance = £3,150 | Total Repaid to Date= £1,650 (34.38% repaid)
I am hoping that when I clear up a few of my debts later in the year, that I will be able to increase this, but at present, £50 a month is fine to keep ticking along.

Barclaycard
Starting Balance = £7,892.67 | Amount Repaid = £427.33 (5.41% repaid) | Closing Balance = £ 7,465.34 | Total Repaid to Date = £2,122.46 (22.14% repaid)
This was the last month paying £427.33 as a fixed payment amount, and I have reduced this to £327.33 so that my overall debt payments comes up to £500. Hopefully I'll have a balance transfer offer in the coming few months and I can transfer my MBNA onto this card before the interest free plan ends in mid-August 2023, otherwise my payment plan may well blow up in my face.

Creation
Starting Balance = £626.65  | Amount Repaid = £72.67 (11.60% repaid) | Closing Balance = £553.98 | Total Repaid to Date = £581.36 (54.71% repaid)
I've got to pay £72.67 until September 2023 and then the final payment of £45.29 in October 2023. I'm so happy this clears just before my birthday. And I'm looking forward to my debt payments each month going down once this debt is cleared as I won't be snowballing the payment.

MBNA
Starting Balance = £2,317.88 | Amount Repaid = £50 (2.16% repaid) | Closing Balance = £2,267.88 | Total Repaid to Date = £732.12 (24.40% repaid)
I will keep paying this off at £50 a month until I get a balance transfer offer, hopefully by July 2023 there will be a good offer in place. But I will see what can be cleared before any transfer takes place. 

Sky Mobile
Starting Balance = £824.93 | Amount Repaid = £32.87 (3.83% repaid) | Closing Balance = £824.93 | Total Repaid to Date = £181.10 (18% repaid)
This debt forms part of my monthly direct debit for my phone bill, and doesn't bother me. I just include it as it's still money that I owe.

Debt Free 2023 Target = £6,000
Amount Repaid = £1,270.74/£6,000 (21.18% cleared)

Debt Reflection vs Savings Focus

From March 2023 I will pay £500 a month instead of £600 a month in debts and I will save the additional £100 in my Noose PAD Pot. That way I will have the money for my debt payments when I'm on parental leave. I didn't keep a proper track of my savings balances at the end of February 2023, but here they are now as of today in priority order.

1. Noose PAD Pot (Phase 1) = £186.29/£1,000 (18.63% saved) ~ target date of 31 May 2023
2. Globetrotter Travel Fund = £1.67/£700 (0.24% saved)  ~ target date of 30 June 2023
3. Emergency Fund with £103.74/£1,000 (10.37% saved) ~ target date of 31 December 2023

I will only focus on 3 savings goals at a time so that I'm not overwhelmed. And I'll work out my sinking funds properly at some point to sort out my cash budgeting and cash stuffing. But my cash savings challenges are coming along, so I'm happy with that.

Humdinger1

Wonderful as ever @Keedie!  You're getting a fab balance between clearing debt, building up savings and organising your time.  Love Humdinger xx 

LittleMissDetermined

Good update, I’m glad you’re taking an approach so you don’t get overwhelmed. I’m sorry to hear you’re having a tough time with your health and I hope you’re feeling better soon and back to your normal self x

Keedie

Thanks @Humdinger1 and @LittleMissDetermined for your support and encouragement.

I do feel less anxious about everything now that I have a better debt/savings balance. There's a lot freedom in being debt free, but also a lot of security in having savings to prevent relying on credit. I was too focussed on the goal of being debt free without really taking into account how to manage my money so that I don't make the same type of mistakes. And that's where saving for things and cash budgeting comes from. 

I'm happier to take things at a slower but more sustainable pace and when I get settled with freelancing and finding a part time another part time job after I take my break, I'll be able to increase my debt repayments. But I won't ever do it in a fashion that leaves me overwhelmed and burned out. 

I had to take a nap today whilst working from home as I felt dizzy, my cold is really messing with me and as I've been hypomanic and not sleeping, it means that it's taking longer to recover. But hopefully by the weekend I will feel a lot better. And my body won't be so weak, as I was so confused earlier today and made a few silly mistakes. That's why I had to tell my manager that I needed to have a break.

AntoMac

I don’t call them mistakes Keedie, particularly if I make them! I prefer ‘nuances’ in keeping with general office jumbo jumbo 
Noticed you were posting in the early hours recently. Try to get your rest. Easier said than done of course. Your increased focus on savings is good as overdoing the debt repayments can easily end up as a false economy when a sudden unexpected expense hits. 

shell16

Just catching up on your diary, take care Keedie!  Hope you are feeling better soon.
Shell x