Debt Free Determined!!!

SavingAtNumberTwo · 7 March 2017 at 2:28PM

Hi everyone :wave:

Starting a diary to encourage myself to be realistic with where I am financially, stop burying my head in the sand and address all the things I waste all of my money on... :mad:

My current debts are as follows;

Credit Card 1 - £3491.16
Credit Card 2 - £3981.71
Catalogue - £708.27
Overdraft - £2350
Car Finance - £4348.38
TOTAL £ 14,879.52

I am so determined to get these paid off now! I'm 25 now and have had debt since I was old enough to have a CC/OD! I would, one day, like to be a homeowner but it feels impossibly unobtainable at the moment

If anyone has any tips or advice it would be greatly received, I will let you know how I get on, I can do this!!!

R x

[purplesignup][/purplesignup]

SavingAtNumberTwo · 7 March 2017 at 4:07PM

I have done a spreadsheet for my weekly wages, what I have to pay and when. I need to tackle the catalogue ASAP as this is only interest free for the time being (it then skyrockets!) so out of this weeks wages I will pay £219.98 off of the catalogue debt. Next weeks wages will go to CC's.

To be honest the weekends are a real struggle for me to avoid spending, how does everyone combat this?

I aim to have halved my debts by Dec 2017 (straight down the middle to put a number to it - £7439.76), the interest on CC's are really eating up so much of my payments it feels like I'm making such little progress. I applied 8 months or so ago for another CC to balance transfer but was rejected, maybe this was a bit of a blessing given this was pre LBM!!

NSD for the foreseeable - I'm assuming the best way to do this is be prepared? Packed lunches to work and dinner planned ahead. Does anyone have any other tips?

R x

kittykatneedscash · 7 March 2017 at 5:19PM

Weekends are a real struggle to me I live alone and can't for the life of me not go out or spend money at the weekend. I don't buy myself much 'stuff' but I do end up spending money on drinks , taxi's, food etc. I just try and be extra good during the week and then be a little more relaxed at the weekend not very MSE but if not I think I'd go stir crazy

SavingAtNumberTwo · 7 March 2017 at 5:46PM

Me too Kitty its hard finding that balance between paying off debts and still having a social life! Before I would have paid for drinks, food, trips away on my credit cards for fear of missing out but I'm trying to think of the end (debt free) result now. I wish I didn't buy much stuff but I am a sucker for temptation so I am avoiding shopping at all costs

LollyC_x · 7 March 2017 at 5:50PM

I don't know what your living situation is but I try to invite friends round at a weekend to watch a film or cook that way you still socialise but it's relatively cheap?

SavingAtNumberTwo · 7 March 2017 at 6:31PM

I live with my OH who is opposite end of the money spectrum to me.. if he can't afford it he doesn't buy it, I really need to adopt that attitude! So this weekend he's working every hour under the sun and a lot of my friends work weekends or want to go shopping which I'm desperately trying to avoid. I'm dog sitting at my dads house while he's away this weekend so will be a good excuse to stay in, chill out and hopefully not spend.. fingers crossed!

Bobarella · 7 March 2017 at 7:44PM

Good luck with it all. It's good your OH is a frugal guy that will help loads.

timetobefrugal · 7 March 2017 at 8:01PM

Just wanted to pop in and say hi! Another 20 something who has been in debt forever and wanting it gone.

I think it's full of ups and downs trying to get yourself out of debt, sometimes I think yeah this is great I'm sticking to my budget not spending money on stuff I don't need. Then other days I'm like ugh why am I in this mess I can't even afford to go and splurge £50 on clothes as a treat for myself! Then I remember that thought process is the reason I'm in this mess and my inner impulsive buyer is quashed lol!

Anyway good luck

SavingAtNumberTwo · 7 March 2017 at 9:12PM

Thanks Bobarella, I could definitely learn a thing or two from him! He's self employed so has to be better with money but he also has the opportunity to earn a lot more if he works more so it's swings and roundabouts. Overtime is not an option for me.. maybe a blessing in disguise really.

Timetobefrugal you sound just like me, I used my Christmas bonus to pay a chunk off of my credit card (barely scratched the surface but it felt like an accomplishment in itself) then January sales came and I spent double what I had paid off!! At the time I was convinced I REALLY needed that new handbag.... I think it will be a long drawn out battle trying to quash my inner impulsive buyer but I'm working on it!

SavingAtNumberTwo · 8 March 2017 at 11:30AM

Successful NSD yesterday, hoping for the same until payday on Friday. I have £15.22 left once rent and car insurance payments have left my account tomorrow. My spreadsheet is now quite extensive with budgets to December 2017 listing my wage each week and exactly what it’s attributed to. I get a huge sense of satisfaction highlighting the things I have paid for as each week passes.

I had a pay rise week before last and had started my budget prior to this so decided I would put the pay rise money into a savings account. It’s about £30 a week extra and I thought I would put it in there to accumulate and eventually treat myself to a last minute holiday deal after the summer. It probably won’t materialise but at least there’s something of an EF there if I need it.

Hearty dinner in the slow cooker, just as well as it’s a cold, wet and miserable day, OH working late this evening so the plan is to have a long, peaceful soak in the bath.

SavingAtNumberTwo · 9 March 2017 at 1:15PM

Plans of both NSD and a soak in the bath did not last long

the last of my £15.22 has been spent..

My mum has been unwell and phoned me at work yesterday in tears, she's ill and fed up of being ill. So I picked her up some flu tablets, fresh fruit and flowers and stopped by hers after work. I also picked up a bar of Dairy Milk for my Grandad who's in a Dementia home not too far away. Mum feels guilty if she can't make it up there so I spent an hour with him after leaving hers. He seems to be declining quite rapidly lately. I call him Steve McQueen because he thinks he is serving time in prison and often makes attempts to escape!

This week is always a boring week for getting things paid as it’s the week rent is due, it doesn’t leave much room to pay anything else rent week, but I’m looking forward to making some more progress over the next few weeks. Hope everyone is having a good week? Does anyone do anything in particular with the odd left over £’s and pence in their account?

Debt Free Determined!!!

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