Taking care now before I blow it all away (again)

I have started a thread to motivate me to get free of my credit card debt. I checked the balance of my aqua card today, I hadn’t looked for a while but it is sitting at just under £3900. The interest is crazy high so I am !!!!!! this away without anything to show for it; interest this month was just over £148  :#
I have had problems with debt in the past, hence why I am using Aqua. I told myself I would only use for emergencies but same old story, wouldn’t plan meals and food shopping properly and would end up buying takeaways on the card before payday. Impulse purchases here and there, not budgeting properly for birthdays, Christmas, ad hoc stuff.
The good news is I have more income now than I ever have, I don’t have high housing costs, and I am getting better at saving. £1800 in lifetime isa and about £700 in another savings account which is for necessary upcoming dental work.
The bad news is I owe my parents money, roughly £5000 for essential work that needed done on house.
My plan is to plan meals & shopping in advance, do a proper, realistic budget (and stick to it!!) increase payment to Aqua every month. I do alright for extra pennies on prolific, will use prolific earnings on reducing Aqua balance. No more spending on drinks from work vendy; is daylight robbery (supposedly subsidised my a*s*!)
I will do a soa today and a revised budget and post it here later on.
Happy debt busting everyone!
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Comments

  • Brie
    Brie Posts: 9,298
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    Well done for recognising there's a problem before it got any worse.  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • Sounds like me!

    Looking forward to seeing you get rid of this debt and some of the bad financial habits. 

    Dolly
    2024 Plan - Pay Debt Off
    Starting - £TBC
    Current - £TBC

    Mortgage Free in 2030 Club Member
    Original MF date 2036 || Target 2030 || Goal: Pay the debt and mortgage. Save an emergency fund. Save for retirement. Have fun!

    3-6 Month Emergency Fund
    #25 - _Dolly_rocker_ - £10.00/£10,000.00 - 6 Month EF
  • Thanks @Brie and @_Dolly_Rocker_ for your comments.

    I have been careless with money for a while now, what is it they say about teaching old dogs new tricks ….

    I went through my bank and credit card statements for past 6 months, not as bad as I anticipated but still bad enough. I am spending about £280 a month more than I have coming in. It was an eye opener, hundreds of transactions for a couple of pounds here and there at the local corner shop, probably buying cans of juice and chocolate every time we walk the dog. That has to stop. Also 450 a month on groceries for 2 adults and a young child, further 110 a month on takeaways. I’m not sure if we should be on ‘Secret Eaters’ or ‘eat well spend less’ lol.
    anyway, I have identified just under £500 of savings to be made:

    grocery shop- reduce from 450 to 275- saving 175
    takeaways- no more until in better financial place, prefer home cooking anyway. Saving 110
    virgin internet was 56.75, have got down to 43, saving 13.75
    sky tv is 67, contract up in feb will cancel then, poor value. Saving 67
    noticed a payment of 8.99 to prime on Aqua card, cancelled, don’t use this anyway. Saving 8.99
    babbel app Cancelled saving 12.99
    yumove joint supplements have a build up. Saving 17.99
    charity cancelled all Direct Debits for time being. Saving 26.40
    no more vending machine at work. Saving 12.76
    no more impulse spends on lottery. Saving £10
    cancel savings to ISA for time being. Saving £50




  • Brie
    Brie Posts: 9,298
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    if you have sky and virgin internet do you need a tv license?  if you're not watching live tv and never accessing bbc iplayer it's not needed.  just a thought.  

    try getting a pack of treats to tuck in your pocket for your dog walks.  Dog bics in one pocket and hariboos in the other?  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • In my opinion the tv licence is much better value than paying for sky or other tv subscription services.  I personally have none  of them and have plenty to watch. There is also my5, my 4 and ITVX. 
  • joedenise
    joedenise Posts: 16,397
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    Agree with @Baron_Dale that it's probably more cost effective to keep the TV licence and do away with Sky and Virgin subscription services.
  • TV license should be abolished!
  • That seems high for virgin Internet, is it phone as well? Or do you have a very high speed? I think you need to allow yourself some kind of flexibility, maybe a takeaway once a month? Otherwise you'll find it hard to stick to. 
    *Dad loan - £5300 - £3100
    *Virgin Credit Card - £3552.50 - £0
    *Barclaycard - £0

    *Total debt - £3100*

    *Sinking Fund - £1500/£3000*
    *Emergency Fund -£0/£3000

    *Debt Repayments Pot - £0/0*

    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • Thanks for your comments all I will address them all in the one post rather than quoting everyone.

    With regards to the TV license I haven’t paid this for a while and don’t intend to, although I do watch live TV sometimes. Does this make me a bad person? I kind of enjoy this act of rebellion lol 

    My internet is pricey and I may be overestimating my requirements, I sometimes work at home and used to study online so I have went for a high speed. My connection is excellent and wouldn’t want to downgrade 

    As for takeaways, we do like a takeaway so maybe just budgeting for one a month is a better idea rather than cutting them out completely….

    since I last posted I have only spent 1.25 at the vending machine and haven’t bought any swedgers at the shop, it has been satisfying watching my bank balance stay roughly the same rather than haemorrhaging all over the place. Most days have been no spend days apart from things that were budgeted for like birthday cake, petrol etc.


    I get paid on Friday so will do my planned budget and post later in the week.


  • I'm shocking for just spending a couple of £'s here and there and thinking it doesn't really count  :/

    Will do better though. 
    2024 Plan - Pay Debt Off
    Starting - £TBC
    Current - £TBC

    Mortgage Free in 2030 Club Member
    Original MF date 2036 || Target 2030 || Goal: Pay the debt and mortgage. Save an emergency fund. Save for retirement. Have fun!

    3-6 Month Emergency Fund
    #25 - _Dolly_rocker_ - £10.00/£10,000.00 - 6 Month EF
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