A space for my thoughts - tackling debt once and for all!

Debtfree2026

I woke up Saturday morning and was thinking about previous months, when at this point of the month I'd certainly be extremely reluctant to look at my bank balance - and indeed would probably be in my overdraft at this point.  This in turn would lead to some frustration from my husband as he'd have also received the text message from the bank saying we were in our overdraft.......don't get me wrong, being in a position to up our salaries has been absolutely key here and we are very fortunate to have done that.  I don't take that for granted and in a way, I am determined to pay off the debt and get ourselves into a good position now, just in case something happens in the future and we have to take a pay cut etc.

My eldest is quite small for her age, and although she turned 9 back in December she was still in 7-8 clothes.  She desperately needed some new bits and I allocated £100 from my clothing pot towards getting her some clothes.  So we had a lovely day out yesterday, whilst daddy and our 4 year old stayed home!  And we spent £97 so within budget. The clothing pot has just over £100 left in it which seems a lot but with at least two new pairs of school trainers and school shoes needed for September I really need to start building it up again as that will be swallowed up very quickly!

I also purchased a few birthday presents on sale, with money from the birthday pot for some upcoming parties, so that should tide us over until May.  I do still begrudge spending from my pots but this is such a better system for us.  No panic about where the money is coming from to pay for what is actually everyday things.  I do still need to get a handle on how much I need in the pots - the ones that are for specific amounts is easy, I have just divided it by however months I need to save for it and make sure I put that in every month.  The birthdays/Christmas/clothing are a little more difficult as I have essential 'plucked' a general figure out of the air - although if anything I am over-estimating the costs so hopefully I will have surplus.

warby68

I think half the battle is thinking spending through as you are doing now. The 'if I spend this much now, will I have enough for these essential things in September'? type of thinking. Next year though you'll know a lot more about what you need over the course of a year and have a bit of a routine with certain pots and it will be less of a chore. Its also uncanny how so many things that you need don't seem that essential when you just have a think.

Whilst it all sounds a bit pre-meditated and boring its actually just what's needed to get the real, honest, true budget for your family and then you can have another pot, if you don't have one already, for impulse buys or a bit of frivolous spending.

You're doing great

Debtfree2026

Another week gone by already!  Busy weekend - husbands birthday yesterday so we went out for dinner! Also had one kid's birthday party yesterday and another today to get though.  Then next week is the girls last week before the Easter hols, and they have some school shows on - so I think the week will go quickly!!   I have just had a delivery for this weeks food and £41.24 left in the groceries pot for top ups during the week.  But payday on Thursday/Friday so should be fine, even if not a big surplus to go towards credit card this month.  I have paid £400 towards it already this month, with the minimum payment being £260 so not bad at all.  I do have £94.73 in my personal spending account as well, so a big chunk of that will go towards the credit card repayment.

All in all, I'm feeling very positive at the moment.  It's a bit of a rollercoaster though isn't it.....so I shall take this positive attitude for as long as I can!

Right, off to catch up on the other diaries! 

Sarahwithlove

I think the flexible pots become easier the longer you stick to your budget and you learn to adjust it as you go along. 

LzzyIsGod

Good to see your positivity! It's inspiring me to try and feel the same.

Cara_

You are doing really well and it's great to see how positive you are.

The budget setting is going well and it will get easier as you work out how much money each pot needs and, in time, will become second nature.

Debtfree2026

Thank you all!  The positivity is continuing for now!  I think the sunshine and the fact that the girls' Easter Hols are in sight is all helping put a spring in my step!  Plus pay day round the corner so I can put some more bits into my pots etc!

Debtfree2026

Haven't updated in a while - had some family issues and although I have logged in and kept up to date with everyone's diaries, I haven't had the energy to update my own.

My dad called me the other day.  His car was in the garage and basically it was going to cost £900 and could I lend him the money.  My husband was not at all happy about the situation and I was also going backwards and forwards with one of my sisters about it.  In short, I spent the money on my credit card.  I just feel like it's such a step backwards - I was enjoying seeing the numbers go down and this has made it go back up.  Anyway, I have been able to make a large payment towards the card this month - £750, so hopefully I can find the extra £150 from some surplus at the end of the month and be back where I was.  

I know my dad has been having money problems for years - he lost his job a number of years ago and struggled to find work, meaning their savings were entirely depleted and he has managed to find a full time job a few months ago but he's playing catch up on debts etc.  I have told him that we need to sit down and go through his finances as his head is very much buried in the sand.  It's frustrating to watch.

So there we are, a bit of an update.  He has said he'll pay me back £100 a month but I have written the debt off in my head-  anything he does pay will go to the credit card debt but I'm certainly not going to rely on it.

Cara_

I am sorry you have had this set back but hopefully you will be able to find the £150 which will put you back where you were.

It's lovely that you were able to help your dad and it seems a good idea to help him look through his finances.

I hope you are not feeling too disheatened about not being able to make inroads towards paying off your debt this month as you've shown that you are a great daughter.

Debtfree2026

Thank you Cara-that's a really different way of looking at it, so thank you for pointing that out.

The other realisation I've just had is that two/three months ago I actually wouldn't have had the money to help him out at all.  I literally wouldn't have had it available on a credit card or otherwise.  So that shows that this is working.   I think, like most people on their debt free journey, we just want it to be gone already!  So the thought of adding months (and interest!) onto my debt free debt was very disheartening.  As I say, by scrimping in other areas I've been able to settle a lot more of it than I anticipated, so that's been positive.