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Don't hit me with those negative waves Moriarity

I have lurked for a long time on this forum, then joined and lurked (and lurked some more). Maybe should have gone with an Adams family reference for the title but ho hum I'm here now.

I think I'm ready to start a diary even though I've had one running through my head for months as I had my light bulb moment back in October (2024)

 My "moment "  compromised of getting my ostrich head out the sand, taking control and properly looking at my money. Ive noticed that I can be incredibly diligent and frugal in many ways/areas but utterly spend happy in others and it's those moments (amongst other reasons) that have put me in the position I'm in. 



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Comments

  • Nintud
    Nintud Posts: 549 Forumite
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    Hi LzzyIsGod

    I had my lightbulb moment in October (just in time) and have found keeping a diary is very helpful, especially when life throws a curveball and I feel like I’m not making progress fast enough.

    A SOA is always useful as the DFWbers are great at spotting gaps in your budget and suggesting ways to cut back.
    MBNA 111.80/13997.47
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    - - - -
    What matters is how we live and love and how we spend our dash. (L Ellis)
  • Thanks for the welcome!

    Nintud your diary is one I've been following quite closely and I've found quite inspiring.

    I've done a SOA although I don't feel quite ready to share it yet but my outgoings when I started were definitely exceeding my incomings which I was just ignoring up to that point tbh. Despite that my credit rating was pretty good (I've never missed a payment) and so far I have:

    - creatively shuffled everything credit card related onto 0% cards so the minimum payments are easily covered and hitting the overall debts.
    -  I have 1 loan @ 13% which repayment wise is manageable. It's gradually reducing the interest so looks encouraging from the start of the year total to now. 
    - properly culled unnecessary subscriptions/spending to make the spreadsheet balance. 

    Since I did this I've cleared £848 off the cards and £230 off the loan so currently overall debt is £36479. 

    That's the bad news. The good news is I have a pension, and I have savings in terms of an emergency fund of £1k which is readily accessible. I also have 16k in (less accessible!! Probably why they are still there!!!) savings trust funds. So I CAN save, I just need to budget and spend accordingly month by month. 

    Ive given myself 4 years to dig my way out of this hole without touching the savings - this is partly as I know my car will ultimately need replacing this year or need money spending on it and that savings pot is the contingency. Also I want to do this myself because otherwise I won't learn and I'll be in the same position in 10 years time. 

  • Welcome!  I've just come out of lurkdom too and started my diary, must be something in the air.....
    I'm exactly the same as you in that I can be so frugal, to the point of being unbearably so - even though I say it myself!! But then can have a blow out and go mad.....so it's one thing or the other.  I definitely need to find some balance in 2025! 
  • Welcome!  I've just come out of lurkdom too and started my diary, must be something in the air.....
    I'm exactly the same as you in that I can be so frugal, to the point of being unbearably so - even though I say it myself!! But then can have a blow out and go mad.....so it's one thing or the other.  I definitely need to find some balance in 2025! 
    New Year Itis! 

    2025 is the year I grow up and manage my finances like a proper adult. 2028 is the year for being debt free
  • Nintud
    Nintud Posts: 549 Forumite
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    Welcome!  I've just come out of lurkdom too and started my diary, must be something in the air.....
    I'm exactly the same as you in that I can be so frugal, to the point of being unbearably so - even though I say it myself!! But then can have a blow out and go mad.....so it's one thing or the other.  I definitely need to find some balance in 2025! 
    It’s worth having a f@@k it por for when you need a blow out!

    I can be super frugal too. Even more so when I actually have savings to protect. Apparently it’s a Scorpio trait; spend when broke and scrimp when not.
    MBNA 111.80/13997.47
    Santander 245.19/10550
    Nationwide 20/460
    Very 943/943 paid off 01/02/25
    Santander OD 0/2900
    Nationwide OD 100/200
    Mortgage 17959/125194
    EF 250/1000
    Declutterred via Vinted 44/2025
    NSD Jan 6/15
    SPC2025 #11
    52 wk envelope challenge #6 53/cash 6/virtual
    Debt repaid 2025 658.65/38650.60
    MFW 2025 13.72/107800
    Make £2025 in 2025 57.60/2025
    Friday Fiver 15/260 virtual pot, 10/260 cash

    - - - -
    What matters is how we live and love and how we spend our dash. (L Ellis)
  • God absolutely. I will wince at the price of some things yet think nothing of buying a round of drinks and blowing money in the pub 🤣 Although I am putting those days behind me and doing Mindful Spending only. I find it easier at the moment to have many different pots of money - if everything is in one account I can't keep track of everything which causes me no end of stress. 

    Today I had an essential spend in terms of petrol from my newly allocated monthly petrol fund (funded by actual money and not on the credit card). Resisted purchasing sweets for the car so better for the bank balance and my waist line. 

    Stuck my name down for some extra overtime at work (had started to do this) but just need to be careful I don't go completely over the top and end up burning myself out which has happened before. Last months pay was just basic salary so won't be any over payments for the debts this coming month unless I spend less than I've allocated in my different pots. In some ways this might be a good thing so I can see if my system is going to work without the overtime.
  • LzzyIsGod
    LzzyIsGod Posts: 129 Forumite
    100 Posts Photogenic Name Dropper
    edited 30 December 2024 at 10:45PM
    Ah 1 other thing I did do today was face up to 1 debt I hadn't originally included when I started to address all this - The Overdraft.

    I think because I have bounced and lived in it constantly for so blooming long I wasn't even recognising it as a debt if you see what I mean - it was just always there. Reading the boards here shocked me into addressing it as I hadn't really realised it could be revoked quickly and stupidly i also hadnt realised quite how high the charges are actually are. It's costing me a lot per month - probably the amount I was planning to try and pay it off per month. I had looked into adding it to my loan but having read here and worked out the offered APR and cost over even the shortest period of time I quite quickly stuck that idea firmly in the bin. I'm also quite keen to see that loan keep reducing so increasing it seemed totally counterintuitive.

    For Christmas I used my 1 (cleared!)  credit card which offers cash back but squirreled away the cash to pay it off per purchase as I used it (yes i know - another pot but it does match pound for pound the amount on the card) I actually have enough in there plus some of the emergency fund to clear the overdraft completely. I think I'm going to do that and then stick the card balance on 0% for 27 months so I can still pay it off but not get hammered on the interest.

    This will only work if I don't start using the OD like it's my money again. It's the only account I have that I have an active OD on and it's an account that I now don't use the card for (it's tucked away at home along with the CCs used for 0%).  I'm hoping now I'm more switched on to the mess ive got myself into that that won't happen again. 
  • Nintud
    Nintud Posts: 549 Forumite
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    Definitely pay off the overdraft. The interest rate is horrendous.
    MBNA 111.80/13997.47
    Santander 245.19/10550
    Nationwide 20/460
    Very 943/943 paid off 01/02/25
    Santander OD 0/2900
    Nationwide OD 100/200
    Mortgage 17959/125194
    EF 250/1000
    Declutterred via Vinted 44/2025
    NSD Jan 6/15
    SPC2025 #11
    52 wk envelope challenge #6 53/cash 6/virtual
    Debt repaid 2025 658.65/38650.60
    MFW 2025 13.72/107800
    Make £2025 in 2025 57.60/2025
    Friday Fiver 15/260 virtual pot, 10/260 cash

    - - - -
    What matters is how we live and love and how we spend our dash. (L Ellis)
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