Get to £0 and lifestyle change overall

mnkone

So this is my second diary, but this time I will look to not only track by debt to the point its gone, but also make lifestyle changes, which I have been doing, but learning to be more consistent. 

As my first diary said, I have not been debt free since I was 18, I got to a point where I was just complaisant with having debt. 3 years ago I started to pay things down, which got me from £23k, to around £17,5k, not the biggest movement, but with Covid and 2 job changes due to redundancies, its still gone the right way. 

The £17.5k is a single loan, which I am on top of, but is a £300 monthly payment, affordable, but does hit the pocket hard. My main targets which I will be aiming to get in place consistently by the end of year, and continue through 2023 are;

Debt - not only pay down from £17,500 with the standard monthly payments, which after interest would bring me to around £15,200, I aim to make overpayments so I end 2023 closer to £14,000. Its a realistic target. which I can increase at a later date if reasonably possible. 

Health - In the last 2 years I have gone from 15 stone, to just under 12 1/2 stone. Which at my age and height, seems good. I now just need to ensure I stick to cutting out fizzy drinks, cutting down on sweet treats and ensuring I make healthier lunches and dinners. As I do love to cook. This will come with a future meal plan I will start to put in place. 

Mental Health - Since my son was born, and my daughter starting school, everything else has fallen by the side. This isn't just for me, but also my wife. My aim here is find a hobby, which both my wife and I can do together, but can be done individually as well. It seems because we both focus on our children so much, our relationship has suffered dramatically. Which I am glad I have noticed and have been making some changes, but tracking and venting so to speak, will help me help us. Again, I will need to set up a plan for weekly date night or activities where we can, not moving too quickly with changes, so they are sustainable. 

Personal development - Now having been in my job almost 6 months, and enjoying what I do, I want to learn more skills for what I can do and aim for a promotion/salary increase by end of 2023. My aim for the increase will be very overly optimist, but why wouldn't it be? Aim high and if I come close its amazing. That target increase is an extra £7k a year.

I realize this is a debt free diary, which is the biggest thing which I will track on here, but wanted to keep everything in once place as opposed to splitting into multiple posts. 

Any advice on any of my targets are appreciated. 

gd55

I love that you are coming at this from all angles, it's so important to consider mental health and personal development too on the debt free journey.

Could you and your wife do some kind of craft activity together? I always find a creative session helps gets conversation flowing. Maybe a pottery painting place? Or your library may do workshops. Also check if your local college does adult short courses. The one by me has some amazing ones and they're very reasonably priced, sometimes free.

mnkone

Thank you, I think through experience, no matter how much I try and pay off or save, if my mind isnt right, it makes the whole process (for me at least) irrelevant, as it never ends up being a long term fix. 

Yeah that's one of the things I have been thinking about doing, as we take the children to paint pots and tiles every now and then. Which is always a good day, so if its just the two of us, I think it would be a good place to just talk.

GinoOhGinoGinelli

Hello @mnkone and good luck with your debt-free journey! Sounds like you have a really good plan in place, you're making great progress, and you're making lots of positive lifestyle changes too.

Well done also on the healthy eating side of things. I also need to cut out fizzy drinks, it's so easy to get into the habit of them! 

Finding an enjoyable hobby to do together is such a great idea. Nice to have some positive to enjoy alongside the long debt-busting journey. My partner and I have our own hobbies/volunteering but we also try and go on cycles and escape the city to go on long walks together. I think we too need to find something to do during these shorter days and colder months!

mnkone

So I am updating while I have the time. 

I have put in a complaint to the bank who I have the loan with, as I worked out over the last 6 years I have actually paid around £14k interest, which has happened because I will have paid off a chunk and then increased it again (3 times), whilst all my other debt was there it just became unmanageable at the time. So going to wait and see what happens there. Not expecting anything really, but even if I was to get 10%, that would drop the total down straight away, I wouldn't event want the money, just taken off the loan amount. 

Its also less than 3 months until we go away for 10 days (booked pre covid and would have lost the money had we cancelled), so putting a little aside for that at the moment. That's getting more and more exciting, its good to have something to really look forward to.

Thanks @GinoOhGinoGinelli

Yeah I got the point of having 3 energy drinks a day, not for energy, just out of habit, not only was that ridiculous money wise, but when I but them out my energy levels actually went up.

I would love walks or cycling, I walk to work instead of driving, so I get 8 miles a day, but my wife has said several times she doesn't enjoy walking and wouldn't cycle. We are very different in our choice of what to do as hobbies, although I am happy to do anything for the most part, so long as its time together. 

mnkone

So this week feels like its the longest week of the year so far. Nothing particularly negative, just some monotonous tasks at work. Have had some good approvals at work though which means more learning and progression opportunity into an area I enjoy, which helps get me motivated more. 

All the Christmas shopping is done now for the little ones. other than the stockings. which is the earliest I have ever been ready for Christmas. 

The bank have confirmed they are now investigating the complaint, I know that could take weeks, but keeping my fingers crossed I get a final response sooner rather than later. 

Things are good with the OH too, she is less stressed with the changes I am making actually happening, which is in turn meaning she can focus on herself more as well. Even have a day planned for the end of the month when little ones are in school and nursery, with grandparents picking up so we don't have to rush back. 

mnkone

Urgh so last night was interesting, I leave work early a few days a week to get my daughter and went home before hand, left my phone at home, only to come home to multiple missed calls from my wife. After eventually being able to get hold of her as she was still at work, looks like there's a chance of redundancies at her work. 

That would be a nightmare right now, not the end of the world as my wages can cover all bills and food, but its more her mental health I'm thinking of as she has gone though it before and it really knocked her confidence and caused real issues for a long time. 

Naturally I tried all I could to help try and make her feel better, but think I caught the brunt of her worry and stress coming all at once. Then again, I'm sure that's what a partner is for. 

Just venting as its not something I can talk to any family about, that really would cause some issues. 

mnkone

19 days since the last update on here. But been logging in and looking at other diaries.

Now at the end of the month, all Christmas shopping done, another debt payment paid and a day out, although the night before we were meant to have a day out, I came down with something, I just dealt with it as I didn't want to disappoint my wife by us having this arranged for weeks and it being one of the first things we did without the little ones in ages. 

Frustratingly there has been a restructure at work and some of the work I enjoyed and wanted to progress into has been centralized elsewhere, my job is secure, but really frustrated as its part of the reason I took this job when it was offered originally.

I think the biggest thing for me, is that for 2 weeks now, before sleep, rather than watching videos, I have picked up a book (Clean Code: A Handbook of Agile Software Craftsmanship), my wife thinks I'm crazy reading it before bed, but its a really good way to take it al in I feel. 

Really good, optimistic mood, as always. So a good end to month!

mnkone

another 2 weeks down, in those 2 weeks I have my son has been ill, we thought it was strep but turned out to be an ear and throat infection, hes now better and I am feeling rough, as only had 3 hours sleep each night for the last 4 days! Fun. Although so long as he is ok, I am happy, plus work let me work from home in those situations. 

Just got into work and had a £40 voucher waiting on my desk, as a Christmas present! Nice out of the blue gift, which will add to presents for January birthdays. 

The work reshuffle is actually going good. I have been able to go from 2 days from home, to any amount of days from home. Whilst that means more cost for bills, its a nice option to have.

mnkone

Its been 7 months since my last post, I have been getting my head down to pay everything I can and had great news end of last week. 

Over the 7 months, been able to overpay around £1,000, plus the news was the complaint I had about my loan, has now ruled in my favor and taken the debt I have down to £3,000. I know a lot of people frown on complaining and getting money back that way, but when looking at how I got to that point, it all started with charges for being overdrawn by £2, being charged £49 a month and it just turned into a cycle I couldn't get out of, to which I took the loan and its just escalated since, even when asking the bank for help. 

Moved everything away to another back as well, as I bank with the same bank I have the loan with. So separating it is going to help I think. 

mnkone

Another month down and debt is coming to a close quicker than I ever thought it would. 

The refund from my loan hit my account not long after my last comment in July. 1 payment as standard since and 2 overpayments, which means total debt left is now £2,600. Set up to pay over 12 months, but planned to overpay every month, so it shouldn't be any more than 6 months really. 

As well as the loan going, emergency savings pot was started recently, with a starting balance of £250, adding £50 a month until I get to £1000 saved up, then re-evaluate again.

The money was a big part of why I start the thread, but the healthier lifestyle is also a big thing. Which has really been a help. Especially with food shopping. Bulk buying rice, chicken and spices for the month, then only having to get salad and veg on the weekly shop. 
Its really made me enjoy cooking again and starting to experiment with a couple of dishes from all over the world every week is really fun. Doing everything from scratch, including the seasoning (so not to by packet seasoning), means I can make sure it all comes within my wife' diet limits, as she is trying weight watchers.
Whilst I wanted a new hobby, cooking seems to be that hobby, my daughter even started to enjoy helping, especially when she gets different animal shaped rice in her lunch boxes every day of the week. It takes a little time, but its worth it when she eats it all.