My Five Year Focused, Frugal and Fun Challenge

StripeyTightsSpottySocks

Thank you @skint_spice @LadyWithAPlan

i am definitely trying to appreciate what I’ve achieved- especially as my circumstances aren’t so straightforward. I think I’ve felt a bit flat realising I’m probably only at this address for now and feeling a bit overwhelmed thinking about after here. 

I just need to focus on what I can do now. 

I’ve paid £6 over to the debt from bank rewards and I’ve requested a refund from my gas and electric company. I’ve left plenty in credit and along with the refund they have suggested reducing my monthly payment. I’ll consider this but want a lot of credit for the colder months.

waiting for the refund to come through so that can be an extra payment 

Working_Mum

Aw Stripey it is hard to settle in after any big life change - but you seem to have done so very well.

I've no idea of your back story but you have a home you can call your own, it is safe and there is potential for you to put your stamp on it. You are getting to grips with your financial situation and are making proactive and positive steps towards a debt free future.

You have friends who love you and support you.

From your posts you are clearly smart and articulate and can formulate a pragmatic plan. All of these are amazing things to have in your life. Be kind to yourself and maybe consider giving yourself tome to just breathe and allow thoughts and feelings to percolate after what feels like have been big unexpected changes. 

Doing life solo can be incredibly hard work but it can also be liberating, uplifting and fabulous.

Sending hugs

((WM))

StripeyTightsSpottySocks

@Working_Mum thank you so much for your lovely kind words.

The credit card debt is because I got an interest free period and spent the majority of the money actually making the house safe - the rest was spent on furniture/ curtain rails / curtains etc - all a need

it is nice to post on here - my close friends mostly understand how financially difficult life can be for me, although when some have heard some of my frugal habits they’ve said they could not live like I am living

StripeyTightsSpottySocks

I have just made an overpayment to the card I am targeting this month as I sold a couple of small things  I need to get better at listing things to sell but work has been a bit overwhelming this week

fresh start Monday with making sure I get my boss to schedule me time out for some tasks if needed and this should help with energy levels after work so I can list more things

… also moved money from savings (for the last bit of work being done on the house - for the next few years anyway) and again it is needed … and I paid this off the mortgage - my £800 usual payment I just couldn’t wait until payday  and figured as the mortgage is incurring interest it would be better to save what interest I can. I am going to incur an ERC but this should not be much and I’m curious to make sure it is in line with what I was advised it would be

hopefully I’ve not spoilt payday too much .. although I think I can still pay this months off the mortgage and then repay the savings from July wages 

I’ve also decided not to balance transfer any remaining credit card debt when the interest free period ends. I could change my mind on this but… at the moment I’m aiming to clear the cards in order of the smallest balance first which is also the 2 cards whose interest free period ends soonest … these 2 should clear before their interest free period ends. I’ll then be paying all I can to the largest card balance. I’d expect a balance still to be on it when the interest free period ends - unless I have some unexpected income. I was then going to pay the transfer fees to transfer this to the newly cleared cards - their individual credit limits are not enough to just transfer to one card. But.. I’d like to not owe anything on the cards.. and the balance would increase initially with the fees… so I’m going to wipe my savings out to clear the balance - unless I receive unexpected income in the meantime to help.

I’ll then start paying into savings what I was paying to the cards each month until I repay the money used.

if I need quick access to funds I should be able to get an offer to cash transfer from a credit card

ive had a lovely walk today and am going to head home via the charity shops to see if they have any bargains for me, and then I’m going to see about listing a couple of items for sale

StripeyTightsSpottySocks

i forgot to say I’m also looking forward to setting up what I hope will be my last mortgage on this smaller balance- that should be at the start of June… and will possibly see a rise in the interest 

now I’m impatiently waiting for the ERC to be added 

Working_Mum

StripeyTightsSpottySocks said:

it is nice to post on here - my close friends mostly understand how financially difficult life can be for me, although when some have heard some of my frugal habits they’ve said they could not live like I am living

I think you are a little bit younger than I STSS (I am 58) - I found frugality as a way of surviving (with two children and HUGE mortgage)  on a self employed income with an exH who didn't pay his way for a few years. My friends were always supportive of me and often said "wow I couldn't do what you're doing" or "survive on what you have" . Now 15 years on many of my friends are quite fiscally motivated - they're  considering their retirement and have started to consider  living on much reduced income or going part time because they don't want the stress of their full time jobs. They're also realising constantly re-mortgaging to pay off debts without sorting the behaviours which sit behind it is a road to nowhere. I found we discuss money and "cutting our cloth" a lot more than we've ever done and they're much more open minded to what (financial) freedom actually means.

So maybe you're learning these life lessons sooner than your pals because you'll be reaping the huge cumulative impact of solid fiscal management for years and undoubtedly it will give you choices in your future you maybe haven't considered currently.

You're doing brilliantly and you should be proud!

((WM))

StripeyTightsSpottySocks

Thank you for your kind words @Working_Mum

I seem to have found myself with quite wealthy friends - they are all already mortgage free, but didn’t need to cut back on anything to achieve this. Some worked hard for it and others just had some lucky circumstances 

I know it’s a struggle to do what I’m doing - but it’s my life and I am not much younger than you so I need to cut any spending where I can  I have no pension to speak of so (a bad situation in the past) i need to pay off this house and buy another as soon as I can so I can have a bit more than state pension in retirement. That is my hopeful plan.

StripeyTightsSpottySocks

Work continues to be super busy. I wanted to update here yesterday but needed to have a bit of time to do so, and to think things through - although writing it down helps so maybe I should have just posted   

I’ve worked out what I can overpay to the cards from my income so will do that as soon as the money arrives. Sadly I had worked out £100 extra in my head - easily spotted when I looked at my monthly outgoings list. It is disappointing but it is not money lost at least.

The big news is my car has broken down and after speaking with the garage it is uneconomical to repair   

it looks like the savings will need to be used to get a new second hand car.. which I’ve already started looking for although I’m nervous of making such a big decision on my own  although I think I’ve found something suitable.

this just motivates me to now sell more things to raise what I can to clear the debt - I’m going to start looking for things now 

StripeyTightsSpottySocks

A bit of cleaning and tidying done and a lot of cat cuddles 

I've identified a couple of things to list for sale and have also listed something else - positive thoughts on this - it will create a large bit of needed space and generate money in!

I had a read back through my diary whilst eating and wanted to update that I’ve not bought any new light fittings or a hoover yet.

i plan to list more things to sell tomorrow and will start sorting through more things to sell too.

I have a couple of options for cars to go and see which will take up a large part of my weekend, as well as sorting scrapping my old car.

im determined to raise more money to try and be free of the credit card debt by the end of this year.

StripeyTightsSpottySocks

So I’ve been to look at quite a few cars now and missed out on some as well.

Car prices seem so expensive now, I think I’m going to need to spend more than I’d hoped to.

The ones I would’ve liked were all snapped up before I could get there. And the ones that I may have liked were more money and I didn’t like them as much.

I am carrying on looking online and going to places is taking time and money so I really need to set some time aside to list more items for sale.

I'm still looking forward to updating figures on the 1st of the month and setting a new mini challenge for the card balances.