The absolute last time

Tunnocks

I'm chuckling as I write this as it's nearly 10 years since I last logged in here. My last diary was titled 'One Final Push' but needless to say it wasn't. I have been in debt continuously since I was at University. Since the fateful day I turned up at Barclays and asked them for an overdraft which was never fully repaid and in time turned into loans and credit cards. Over the past 20 years I've been in varying degrees of debt but I've never had savings of my own which is quite depressing when you're in your 40s.

Anyway, this is my third DFD and I'm determined to finish what I've started this time. I currently owe £1525.42 to Barclaycard, which is on a 0% balance transfer. I am also £400 overdrawn.

My finances aren't dire; I have a very sensible DH who manages most of the household finances and takes 50% of my wages when I get paid for the household bills etc, and then £300 for joint savings. This leaves me with £820 after my mobile phone bill and a few other small DDs. My plan is to put £255 to my credit card per month, as well as any other money I make, until I am debt free. I will also try and reduce my overdraft by £100 a month but this is a moveable target. I am due £200 extra in my wages next month due to overtime, and I may request a savings break from my tyrant of a husband (joking) to meet my target. We shall see how I get on.

Honestly I never thought in a million years that I'd be 43 years old and still in debt. It's actually absurd. I am hoping that going full MSE will give me the laser focus I need to kick this once and for all, before I find myself carrying debt into my retirement. I get paid on Friday, I've worked out that if I aim to pay £100 off my overdraft this will leave me with £400 to live on. This may seem doable, but it will be a five week month for me and I've got quite a few things on. I've also got to get into work once a week and a couple of birthdays to pay for.

I am basically praying to the Vinted gods that someone will buy some of my misshapen cardigans.

Sardine82

Good luck with your journey. £400 sounds like a lot doesn't it? But then it just goes. I am in the process of working out where mine goes 😂. You will get that paid off in no time. I am rooting for you!

Tunnocks

Thanks for popping by Sardine! My money does just go; I start off the month accounting for every penny and by the end I don’t even want to know. This is the problem, I start off strong and it just gets vague somewhere in the middle.

I got paid on Friday so that was a bit of excitement. Paid £255.42 off my Barclaycard which leaves £1270 owed. I ended my last pay month -£410 so £90 of my overdraft reduced, although this doesn’t feel like much of an achievement. I don’t think I’ve ever ended my pay month in the black which is, again, absurd. I remember yeeeears ago there was a diary on here called “too much month at the end of the money” which basically sums me up.

So if I’m going to “pay off” £100 of my overdraft I am be limited to £80 a week. I’ve been away this weekend and have spent about £55. This leaves me with about £25 until Friday, with my main spend going to be going into work. I usually get a meal deal at lunchtime so I’m going to take in a sandwich from home, save myself about £4. My fare is £8, can’t do anything about that, but I am going to try really hard not to buy anything else.

I’m in charge of a work collection for a colleague’s wedding which is a pain; I always seem to spend money shoring up work collections because I don’t want anyone to feel overlooked. I’ve got £75 currently, hopefully a few more people will stump up. I’m going to the wedding in the evening so might end up contributing to the collection and giving money as a gift, unless I don’t contribute to the pool. I think the going rate for an evening guest is £50, so giving that and putting a tenner in the collection does seem a lot. I’ll have a think. My OH will go halves on the £50, so that’s something.

Smudgeismydog

With regard to the overdraft, as I’m sure you are aware, this is a very expensive form of borrowing. Do you plan to reduce your limit as you pay some off each month?

Sardine82

Every little bit helps!

I try not to give money as wedding gifts - i like to find something personal, then they don't know how much I spent!

stoplurking

Hi Tunnocks,

As your credit card is on 0% could you just pay the minimum next month and add the extra to paying off your overdraft? I’m not sure if the overdraft is interest-free or not, so just ignore me if it is. If not interest-free then you are probably paying a higher rate of interest than you are getting on your joint savings so it would even make sense to skip a month’s savings and get the overdraft paid off.
Good luck with your efforts to clear the debt. It is a great feeling when you get there, and I’m sure you can do it. SL

Tunnocks

Hi all! I know we all mean well but I think we need to lay off my overdraft, it’s been a good friend to me. I bank with First Direct and the first £250 is interest free. My maximum is £500 so I don’t think it’s ever accrued more than £1.50 interest in one month. What a trooper.

Back in the Wild West of my university days in the early 2000s I had an overdraft with Barclays which was evil. I was constantly around £2000 overdrawn (which was granted when I was a student) and on top of that my direct debits kept taking me over my limit so I was clumped with 3 x £35 fines on top of that. I’m pretty sure all this was clamped down upon so that banks can’t get away with it anymore, which is some comfort. Around this time I was withdrawing money using a credit card as well. What a pillock.

My main problem currently is getting out of my overdraft because it has become the complete norm to me to be in it. Getting debt free finally will be totally weird because I was no longer be factoring in the minus monies (I’m way past the point of seeing it as someone else’s money).

I am keeeeen to pay off my credit card because I only have 15 months to do it before the 0% term ends so it seems the thing to do. I aim to have it cleared by Christmas and have already told my OH I am likely to take a one month break from savings. I feel bad when I take a break from savings though because it feels like my crap money management is impacting both of us. The fact is, although I’ve kept up joint payments to the household and the savings, my constant debt has impacted us because I can never really afford to do anything like go on holiday. I honestly live my life in a weird cycle of paying for things I committed to do, which I don’t even particularly want to do, usually involving members of my family. I will never admit I don’t have the money, so go along with it. My absolute weakness is my mother, I think I’m seeking to atone for being a very annoying teenager! Perhaps when I get debt free I’ll invest in some therapy…

Tunnocks

Post weekend update - all going rather well. I ended last week with £8 left over so I’m pleased with that given I was away last weekend. I didn’t go into the office in the end which saved me probably around £10, not a long term money saving strategy (unemployment would not be helpful) but I’ll take the win whilst everyone is off on their summer holidays and won’t miss me too much.

I’m holding with my plan to give myself £80 every Friday to spend, this week I have a wedding to attend so most will probably go on that. I’ve completely stayed out of trouble this weekend so have all my money still to play with. I also have an unusually clean house so it’s all a win win. The problem with me is that as long as I don’t have to go anywhere my money is safe. As soon as I go anywhere (particularly if drink is involved) all common sense goes out the window. This is chiefly how I accrued debts of £1400 since March.

Looking forward to the following week, we’ve obviously got the bank holiday to contend with and I really do need some moisturiser. If I’m gonna get my moisturiser I’m going to have to come up with some cheap and wholesome ideas. At least I don’t have children to entertain.

On another note entirely, I’m currently on a bit of a side mission to break up with my mobile phone. This is relevant to my money saving journey because I developed a bit of an obsession with an online game and made the mistake of spending money on it to buy coins. I think I was spending about £35 a month which is just ridiculous. It was also seriously hurting my neck.

Have a good week money savers!

Tunnocks

Another week over and another boring diary entry. I am concerned this diary will be leading you all to think I am good with money; I promise this is not the case. I worked out the other day that I spent £1000 on two people’s combined birthdays this year which is complete madness.

I went into the office this week and had a meal deal and bought some milk which, with the train, took my spend to £12.90. If I’m honest I’m not sure I can wean myself off the old meal deals, they are so convenient and because I batch cook at home I never have anything like bread in. I also think there are other fights to be picked. It is my little treat to myself; although I realise that’s quite tragic.

I had to give £11.50 to a new baby gift and put £25 to a wedding gift so ended up with £27.10 of my £80 for the wedding itself. Me and OH had a combined spend of £72 (I didn’t manage to throw myself across the bar in time when he bought the father of the bride a drink) so I had to use all of my £8 left over from last week to balance the books. However, I paid myself my new £80 on Friday and I haven’t spent any of it! Another quiet weekend and if I make it to Friday in tact (when I am going into work again) I may actually get my moisturiser from Boots. The excitement.

Tunnocks

Another mundane update and things are still on track with my £80 a week budget.

I managed to keep £40 back in week 3 so was able to buy my fancy moisturiser from Boots. I needed night and day cream, so used a coupon for £10 off the night cream then got another coupon in that transaction. I then skulked back across the shop to get some day cream to use the second coupon. Felt like a shoplifter but it was all perfectly legal I assure you. This week I’ve spent £10 on a collection for some flowers for someone at work and £25 on some more flowers for a friend for a birthday. I know, I know, but if I don’t keep the country’s florists in business who will?

As a running total I have £16.45 left over from my weekly budget, with a new £80 due tomorrow. I have no birthdays or any plans this week so not sure where my money will go. It’s contrary to the spirit of what I’m doing, but I’m tempted to try and stick to £40 and finish the month only £250 in my overdraft. It would feel like such an achievement to not get a text from First Direct telling me that I’m being charged interest!

As a more general musing, it is weird to actually feel like I have money to spend. When I do, and there’s no one else to spend it on, I don’t think I actually know what to do with it. I have spent so much money on other people, it’s like a compulsion. My clothing is basically just what is in the sales, so I need to work on my personal style, not just buying whatever is cheapest. I think I am quite frumpy for my age and I’d like to work on it a bit. Vinted is probably the way forward but I had such a nightmare on there this week I’m thinking about deleting my account. I sent someone an item for £4 and they launched a barrage of abuse at me saying that the item smelled (it definitely didn’t) and they wanted a refund. I didn’t want to pay £3 postage for her to return a £4 item she presumably didn’t want and she hit the roof. Honestly for the sake of £4 is it worth it? It really ruined my day.

abaka

Hello! I sympathise with your pain about still being at this so long. I’m similar. Been in some debt since I was 26, I’m now 39 and I’ve got 53k worth of debt hanging over my head. Had thought I’d addressed it 4 years ago when the debt was 30k and reduced it to about 15k and yet somehow ended up back here!

I don’t think it matters how long it takes but as long as the mentality changes then that’s what matters! Will follow your diary to cheer you on!