Financial Freedom + Self Care

SnowBallBunny · 25 November 2017 at 2:03PM

Hello everyone,

I want to pay off my debt and move forward with my life. I am a young woman with no children and I am capable of addressing this, I can change things for the better now.

I thought I'd seek support and encouragement here as this whole process can be so stressful. And although a lot of people are in debt, it is a taboo subject, no one talks about it. I will be logging my progress here at least once a week. I plan to complete Dave Ramseys Baby Steps 1 and 2 by the end of 2018.

Baby Step 1 Save £1K Emergency Fund.
Baby Step 2 Pay off debts smallest to largest.

At the moment I am temping at a University as an Administrator until mid February 2016 - while looking for a permanent role or contract role (12 months+). I would like to be self employed as a Project Management Officer and retrained late last year in order to do this work. The market is slow at the moment, and I have been approached about roles but have not secured anything yet. I can make my company dormant for a year or two while I work at a permanent/contract role and pay off the debt.

I am an Artist at heart but pursuing my creativity is part of the reason that I am in debt now so I'd like to earn more money and perhaps find time (either weekends or holidays) when I can do something creative just for myself. Once I have paid off the debt my mind will be clearer. I also considered starting a small side-business this year selling hair care products as I make them for myself but I just feel so stressed by this debt, it is hard to think about anything else.

It is hard to not obsess about the debt and the stress has affected my sleep. I have slept 4 hours a night each night over the past two weeks. I bought some herbal sleeping pills and will do more to calm myself down and practice self-care:
Aromatherapy - I already have oils have and know how to blend oils so this will not cost me anything.
Meditation - Free and there is a Buddhist Centre near work that I can go to as well as a Chapel I can visit to relax and be still.
Walks - I can walk at lunch time and part of the way home to begin with, 30 mins a day does not feel like much but it is a start.
Swimming - I can swim for free on weekends within my local area.

I find myself regretting so many decisions that I have made. I could have saved so much money while I lived at home and made better decisions. I worked so hard and did not save, instead I got into debt. I did not feel like I could tell anyone for ages or get any help and I have felt so stuck, defeated and alone.

My sister is the only one who knows about the debt and I do not want to stress her out or to burden her with what I am feeling. I do not feel like I can tell any friends or other relatives. Also I have not seen my friends for ages and felt so isolated at my previous workplace that I really need to socialise - for free. I will be volunteering at a local homeless shelter today.

In five years my aim is to work as a Business Analyst. I am studying for a Business Analysis qualification and will save up for the exam as soon as I can afford to. I have the textbook and reading it is free so I think that is the best thing for me to do right now, simply study at home.

I am budgeting and watching every penny. As I am working as a temp, I am getting paid per hour and receive money weekly. So I have weekly and monthly budgets as my hours can vary slightly.

Week One Summary
Task: Use my Debit Card only.
I have had to use CC 1 for travel and food over the past few weeks as I was waiting to get paid, through my Debit account. As I got paid yesterday I can now switch to my Debit Card and move forward using that one card. This will stabilise the debts on the other cards moving forward.

Debts
Credit Card 1 £6,000/£5,944.34
Debit Card 2 £5,000/£4,899.63 (Using this account to pay bills so it will fluctuate)
Credit Card 2 £1,200/£1,186.48
Accountancy Bill £144 (Last Payment in December)
Tax Bill £750 (Monthly instalments December 2017 !!!8211; May 2018 / £150 per month)
Library fines £90
Donation for a group art project I have decided not to do £15
Total £13,029

Week Two Goal
Put £200 in Energy Fund - Unexpected expenses can arise so my aim is to set aside £200 for an Emergency Fund. I am temping so I want to set aside a 1 month Emergency Fund of £1K by January just incase something happens with this contract. Then I will move to Baby Step 2 and pay off the remaining debts from smallest to largest.

Week Two Budget
Earnings £458.28
Bills Broadband £18.99
Credit Card 1 Payment £150
Travel £15
Food £15
Total: 259.29

I am not going out, socialising or doing anything fun that is not free of charge. Hopefully I can go to a free art exhibition or something like that sometime soon. The stress I have been feeling has been so draining. The University has a free telephone counselling service, I called last week and spoke to someone lovely. I will try to call again more regularly. My minimum payments and bills are being met and now I will have some additional money to fund Baby Step 1.

I do not drink alcohol or smoke so that is not an issue, as Dave says I am eating Rice and Beans, Beans and Rice until this is taken care of.

Thanks for reading and all the best with your debt-free journeys.

Lauralozzle · 25 November 2017 at 4:21PM

Hello

I like the idea of working in baby steps. Makes everything much more manageable and less stressful, plus, when you hit each step it's a mini win.

I look forward to reading your progress

SnowBallBunny · 25 November 2017 at 4:35PM

Thanks for the encouragement Lauralozzle! It means a lot. :beer:

Yes I think that mini wins will help too.

MeenaM · 25 November 2017 at 4:46PM

Hi and welcome! I love the name , I have also discovered the snowball effect , except i am paying off the higher rate interest ones first.

I'm glad you are talking to some one and its easier to do that with someone like a counsellor who is totally independent as with relatives etc you end up not wanting to stress them out either!

good luck i am sure you will get there

SnowBallBunny · 25 November 2017 at 4:57PM

Thanks for your lovely comments. Yes, I'll make my first snowball payment on Friday 1st December, it might sound strange but I feel excited. I look forward to reading your Debt diary and everyone else who responds, whenever I can. Feels good to know that there are other people who are working on this and moving forward. :beer:

I've felt so isolated and talking to someone else helped. Between calling the counsellor, posting here and just trying to remain positive I'm going to move through this. My sister is being very supportive too.

I look forward to paying this off, saving some money and looking back on this time - lesson learnt.

MeenaM · 25 November 2017 at 5:06PM

I made my first snowball payments yesterday and I know what you mean about being excited lol Glad you are feeling less isolated now

117pauline · 25 November 2017 at 8:39PM

Hi SnowBallBunny

Sounds as though you have a plan for the money side but perhaps everything is getting you down too?

The mindfulness things will really help you. It can clear your mind of those horrible little devils who shout nasty negative messages.

I would suggest you set yourself the task of creating your own self care manual. Treat it like one of your projects you would manage. Investigate all the art and music free activities in your area. This would be interesting to you as well as having something to look forward to. Then diarise the first of the month to check all the listings for anything new.

The university will have loads of free artistic and or cheap activities. I live in Nottingham and the two universities here have some amazing events.

Join your library for free e-books, magazines, audio books etc.

Good luck, keep posting
Pauline

SnowBallBunny · 26 November 2017 at 11:34AM

Thanks 117pauline.

Yes, I've been feeling down and full of regret, even though I know I can't change the past. I can make better money decisions moving forward.

The University does have events and exhibitions so that's something I can look into. My local library also has events so that's another option.

I think that updating this thread can act as my self care manual as I can note the things that I've done to support myself.

I'm studying for my Business Analysis certificate so I want to focus on that and get my mind off the stress.

SnowBallBunny · 26 November 2017 at 12:03PM

Update:

I volunteered at the Homeless Shelter last night, it was a really positive experience. I helped to sign people in, allocate their bedding and answer questions they had. I did this with my sister and the rest of the team were so organised. I think that we really made the shelter guests feel welcome.

My sister told me that in a year I can turn my financial situation around and when I've saved some money I'll be able to decide what I want to do next.

I have been kicking myself, because I was in debt while she was slowly saving for a mortgage. I know better, so sad and frustrated with myself. But I know that beating myself up won't help.

I need to keep myself busy. So today I'll:
- Study Business Analysis
- Do some laundry
- Cook for the next few days
- Write down some of my negative thoughts and emotions so I can be more mindful of them.
- Listen to one positive song.

Lauralozzle · 26 November 2017 at 1:08PM

Don't beat yourself up, you're now making a positive plan to tackle your debt. Trying to remain positive is important.

Visiting local library/universities for events/exhibitions is a good idea as it will give your mind something else to focus on, even if just for a little while.

Visiting and volunteering at the homeless shelter is a fantastic thing to do! Well done.

SnowBallBunny · 26 November 2017 at 2:17PM

Lauralozzle wrote: »

Don't beat yourself up, you're now making a positive plan to tackle your debt. Trying to remain positive is important.

Visiting local library/universities for events/exhibitions is a good idea as it will give your mind something else to focus on, even if just for a little while.

Visiting and volunteering at the homeless shelter is a fantastic thing to do! Well done.

Thanks Lauralozzle. Yes remaining positive is important. I'll be more mindful of that this week.

It's so great to know that I'm not alone. I'm cheering you all on along this Financial Freedom journey. We're all doing something about the situation. That does mean a lot. :money:

Also working at the shelter was a reminder that I have a lot to be grateful for. Look forward to volunteering there again.

Financial Freedom + Self Care

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