Sparkling my way to being debt free

Hi all

An incredibly long time lurker. I am starting a diary to make myself accountable. I am an emotional spender and have a tendency of burying my head in the sand. I built up debt and then pay it down but have had what I hope to be my last light bulb moment when I actually opened my credit card statement in August and now want to stop being so useless because I realised I had just over 11k in debt and thought it was half that amount.

I have three debts I want to pay off: RBS CC and two overdrafts. At the moment, I am concentrating on the CC as that was the largest. Then OD 1 and then OD 2. 

I am lucky in that I have a good salary but I live by myself so I need to be careful as I am responsible for all household bills.

When I did my initial SOA, I realised I had a large sum of money unaccounted for which seems to have gone on nights out. that is, debt with nothing to show for it...

I hope to log a post every day to hold myself to account.

I currently have £128 in savings as I took most of my savings out to put towards the CC.

I am planning rounding up spending and then to also round up this every day to the nearest round figure to help the savings pot. My job is really secure, so the initial savings fund I would like to get to 1k. 

For my CC, so far, I took all my money out of savings and was due expenses from work so I have reduced that from around 5.3k to around £960  since August. (need to check balances tomorrow) . It was a big quick win. But now I am in it for the long haul and need to cut back alot to make overpayments. I also need to make sure I still have a social budget as I live alone and have anxiety/depression so I still need to be able to go out and see people. 

So at the moment, this diary will be a bit of a brain dump. I think if I am careful, I will be debt free sometime next year and then aim to overpay my mortgage. I am also worried about the increased cost of living and having this diary will help with some of my anxiety. :) 

Replies

  • KeepOnKnittingKeepOnKnitting Forumite
    561 Posts
    Seventh Anniversary 500 Posts Name Dropper
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    Hey @sparklers_2 and nice to meet you. 

    I know how you feel about being a single-person household without any backup. Also I totally use my diary as a braindump. I find it helps. 

    Hope you get settled and find it all useful.
    Save £12k in 2021 #11
  • Four_SeasonsFour_Seasons Forumite
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    Welcome sparklers I look forward to reading your diary and cheering you on. Take care x
  • abakaabaka Forumite
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    Hey!! Welcome to the diaries!!! Will keep an eye on your thread and look forward to cheering you on :)
  • sparklers_2sparklers_2 Forumite
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    Part of the Furniture 10 Posts Name Dropper Combo Breaker
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    Thanks all! :)

    Have continued my efforts today and today I have done:

    Finally managed to get the RBS app working so that I can see the CC balance without waiting for the paper statement. It was harder than I imagined but managed it in the end.

    Signed up for airtimes with one of my cards. Need to find the other two. I mainly tap my phone when paying so I don't have the cards to hand. Need a rummage through my handbags to find them!

    Taken in lunches to the office fridge/freezer for the three days I am in this week so that I don't forget. I also need to take in snacks as I was starving by three and had nothing to hand. But resisted the urge to buy anything.

    Looked at my budget spreadsheet for the month. Most of my direct debits have been taken for the month so I should be fine as I have a little wriggle room. The only thing that I couldnt work out is that I think the CC should be around £200 less than the balance actually is. But I got tired of trying to work it out and will try again tomorrow. I'm trying to live track it so I think I am not accounting for something....

    Have added up my NSD from when I started checking in mid September. I managed 6 so aiming to double that in October. I have already done 3 this month so should be ok.  I'm going on holiday next week so it might be hard but worth trying anyway.

    List for tomorrow is:
    Fix spreadsheet
    Submit work expenses for last month
    Write list for cat-sitter

    I would normally pay for a cat sitter to come but as am away for a bit and trying to reduce outgoings, am trying a house sitting service. They live in while you are away so they get free accommodation and you get free cat sitting. So I will write a list of where to find everything in the flat . I met the sitter about two weeks ago and she seems lovely and my cat seemed happy with her so I think it will go well!




  • KeepOnKnittingKeepOnKnitting Forumite
    561 Posts
    Seventh Anniversary 500 Posts Name Dropper
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    Ugh, work expenses are my kryptonite. I always forget to hand in receipts, and I'm rubbish at submitting my mileage. It just never seems to make it to the top of my to-do list. 
    Save £12k in 2021 #11
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