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    • luffa
    • By luffa 4th Oct 16, 11:31 AM
    • 19Posts
    • 18Thanks
    mad at myself: 12K and counting
    • #1
    • 4th Oct 16, 11:31 AM
    mad at myself: 12K and counting 4th Oct 16 at 11:31 AM
    Not even sure where to start. I hate debt. It makes me feel miserable. I can't seem to stop spending though, and I'm completely rubbish at budgeting. Income is decent, I own my flat (with a large mortgage but this is London - rent would've been higher). Yet I'm drowning in debt and it's not going down. Last week it was the last straw.... tooth abscess, root canal re-treatment - part of it is paid by private insurance provided by work, but there's still a good chunk left to be paid by me, to the tune of 500. And of course I didn't have any emergency savings... so that's going on a credit card next week

    Grand total credit card debt is 12,075 (AA, BOS, and Barclaycard)... most of it on 0% promo rates for another 18-20 months or so (I have to check dates). 700 of it is on 7.9% though on my Barclaycard, so I have to get rid of that first (plus the tooth abscess money) - can't balance transfer anymore as the promo rates on the AA and BOS cards are no longer valid, not for new transfers. I've got no other loans or debt apart from the mortgage. Credit rating is unblemished so at least that's not a concern.

    I'm not sure where to start. I've changed utility providers, reduced TV package/net/phone cost, stopped eating out, and now trying to but 'down a brand' for everything - from food to clothes. Holidays - for now not taking any until summer 2017 - if I can find money for it, I won't be putting that one on a card.

    Any other ideas? Thanks for reading.
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    • luffa
    • By luffa 7th Oct 16, 10:25 AM
    • 19 Posts
    • 18 Thanks
    @louby40: "year 4", not 4 years old :-)

    @Siebrie: I tried to get it paid but they don't do it unless WFH it is the company's choice - however, that might happen in the future as there is talk about hot-desk-ing and slashing the permanent desks in half. If that happens, I will be able to expense even my Internet connection, not only phone.

    Thanks for the cool ideas re Christmas!
    • elsien
    • By elsien 7th Oct 16, 10:37 AM
    • 16,164 Posts
    • 40,858 Thanks
    Have you tried keeping a spending diary? You say you don't think the surplus is going on food, meals out etc, but you'd be surprised how what seems like the odd pound here and there adds up. Ask me how I know.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • luffa
    • By luffa 9th Oct 16, 9:23 AM
    • 19 Posts
    • 18 Thanks
    @elsien: I've started to do that this month. I'm using an app called the Spending Tracker app. I'm scared to get to the end of the month and do totals.

    So this weekend was good and bad.

    I met a great guy (from Tinder). We went for a couple of drinks on Friday evening and we're seeing each other again on Thursday. I liked him so much I'm scared, I need to slow down... but then I haven't liked anyone so much in ages. Can't wait for Thu evening, we're going on a 'real date' :-)

    The bad thing is money-related, I managed to buy ankle boots that are too expensive, 95! I'm still on budget until pay date - that is, if I we live frugally until then, which shouldn't be hard. Checked the calendar, no b-day parties coming up. Here's hoping... need to check in here more often, it helps me stay on track.
    • luffa
    • By luffa 18th Oct 16, 9:44 AM
    • 19 Posts
    • 18 Thanks
    Hello diary, it's been a while. Mixed news again... the dental work has set me back a whooping 850 - all went on the Barclaycard (some of it will be covered by insurance but it takes a while). It's a front tooth and a complicated dental procedure so I felt compelled to go private. Things are looking sad this month, no money left in my bank account until the 25th, just emptied my account this morning - one week worth of groceries. I do have about 25 in cash which I hope it will be enough.

    I've been thinking a lot over the past weeks about money and debt and realised that for me - all these 0% offers, access to "cheap credit", high credit limits and so on - is actually not a good thing. I'm not disciplined and wise to use it responsibly and I'm better off without. So I think what I need to do is stop it completely, close off the credit cards and simply stop using credit (apart from the mortgage which is another discussion). Easy to say - I need to pay off debt first. However, the plan is to leave the cards at home, including the Barclaycard. And just live off the money in my bank account. I know it's not realistic to pay off the debt at a 500-600 rate monthly, which is what I was planning, so perhaps I will need to adjust that down/ Or maybe it is realistic, once I stop credit card spending... Big resolution, I know... I need to do it though, as this debt is just getting bigger and bigger and I'm not even playing the lottery, let alone winning it.

    PS. Going on a 3rd date with the guy I met a while ago, yay!
    • Hayles70
    • By Hayles70 18th Oct 16, 10:38 PM
    • 31 Posts
    • 50 Thanks
    I still haven't had the courage to post my SOA so well done!

    However, I am determined to get rid of my debt and I thought I'd share a few things that I have found Are really making a difference.

    1. I put the child benefit (83) into a seperate bank account. Then I use this to buy my daughter's clothes, shoes, trips etc. I find that it builds up quickly and I know that I always have money for her needs and It helps me budget!
    2. I use Quidco, I did my first online shop with Morrisons last night and got 12 off my shopping and 3 cashback. Every time I build up 15, I pay it off my credit card.
    3. I used to pay 15 a month for my bank account, I changed to a reward account that costs 3 a month but I get 8 cash back from bills every month plus cash back from spending and I've now built up 85 in my cash back account. When I get to 90 I plan to exchange it for a 100 Debenhams or House of Fraser voucher. This can be used for my makeup, clothes and presents.

    LBM 06/07/2017(Last updated 05/08/17) Total Debt = 25,811/26,698
    BC 11,160/11,121
    TCC: 6,688/6346
    NWCC: 7,331/7299
    Next: 382 My mum: 300
    OD1:1000 OD2: 450/150
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