Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 180Posts
    • 496Thanks
    LadyP01
    16,000 debt, turning regret into positive action.
    • #1
    • 23rd Apr 17, 10:10 PM
    16,000 debt, turning regret into positive action. 23rd Apr 17 at 10:10 PM
    So here i finally am, writting my debt free journey out for you all to read.
    I had my LBM back in febuary when i finally relised that my attempts to be debt free were failing me. I had just purchased alot of holidays and spent alot of money redecorating, i soon relised i was undoing all my hard work.

    When i relised something needed to be done this was my financial situation:
    Loan - 10,000 - only had 800 paid off
    Credit card 1. -2,900
    Credit card 2 - 2,600
    Overdraft - 40

    I decided to get a loan total out of 16,000 this was obviously a little more then i needed but i put i decided to borrow more to start an emergency fund from day 1 so that i avoided having to borrow on credit again.
    I cut off my overdraft so that is gone, so now i just have a 16,000 loan!!!!!!!

    This is now technicly my second month moving into my third month of debt busting and so far im really pleased with how hard iv worked. Iv decided to use a savings account to hold all my savings till september with the hopes of having 10,000 to make a dent in that loan on a repayment. Then i can pay off the final 6000 on a 0% credit card and continue paying it off interest free.
    My progress so far in my savings account is: 5,645.60

    I have a long way to go!!!! But i feel i have been doing some massive savings already to knock away my debt. I really want to be debt free in 2018 and im desperate to make this happen.

    I will do a spendings break down on here later i forget what you call it to show how im spending my money. Iv been coming up with lots of ideas to save myself money and get back into the black.

    Thank you for reading, hope i didnt go on to much... Need to keep this motivation going

    Quick update:
    Its now June and i have officially brought my debt total down to 9428

    Keeping motivated
    Last edited by LadyP01; 03-06-2017 at 11:36 PM. Reason: Update
Page 11
    • onedaysomeday
    • By onedaysomeday 19th Jun 18, 11:06 AM
    • 560 Posts
    • 819 Thanks
    onedaysomeday
    Well done - debt free is so close!
    Just trying to make up for past mistakes and work towards the future I want
    • LadyP01
    • By LadyP01 9th Jul 18, 10:05 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Hey everyone

    God I needed to come and chat here a lot earlier than today. I'm about to sit down and do my finances but wanted to post first.

    Lots of money needed to be spent this month already and were only at the beginning. Two work trips that need paying back so I'll get the money for those put through ASAP.

    The weather has simply been delightful sonsome cheap days out have been had. Petrol to the beach and parking is a cheap day of absolute bliss especially when we don't have a holiday this year.

    Also had to buy some camping equipment for the oh birthday weekend. We're planning on using it a lot this summer and maybe next so I'm happy with the coatings as we have got some bargains so cheap. 40 for the tent 7.50 for the bed. Not to bad.
    Diving into the world of cheaper holidays in the uk and swapping my usual hotel room for a cheaper camp site. Maybe now I can get myself down to Devon cheaply.

    Last but no least my car.

    It is all over

    My plan of paying off debt and then saving for a new car had been whipped away but I'm ok with it I have settled with the fact that it's happened and he car made it up to he last bit of the debt repayments so I can't complain really just wish it had a few more months in it yet.

    That debt freedom is looking a little way off now
    • LadyP01
    • By LadyP01 9th Jul 18, 10:35 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Quick finances look!

    First note- I need to go back to getting cash out at the beginning of the month. It's the only way for me.

    To do today! Send expenses off! ASAP and get my money back.

    My rent had increased by 20 a month which is ok and easy to deal with.

    At the moment I have 649.40 left for the month.

    3 weeks till pay day.

    I will also have my expenses due back to me aswell on top of that.

    My debt to pay off is around 1100

    Not going to make it this month but we can be chipping away at it to make next months easier.

    I'm going to sort out what I'm owed and organise birthday presents and money for our weekend camping trip and see what I have left and distribute accordingly.

    I need to get back to posting everyday and being on my game. This sunshine distracts me.
    • Cherryfudge
    • By Cherryfudge 9th Jul 18, 1:45 PM
    • 2,065 Posts
    • 11,986 Thanks
    Cherryfudge
    Sorry about the car. Expensive creatures; have you replaced it?

    Getting cash out for spending helps me too: when you can see what you have left it help you focus. I'm also getting good at using up ingredients.

    Lots of people (including me) find it helps to post everyday - I'll keep a look out for you! And the sunshine is a distraction, yes, but it's also like a free (cheap) holiday. Well done on the bargain camping gear by the way - that should add up to lots of low-cost relaxation.
    MFW #30 Paid off 3,535.94/3000 as of 6/11/18
    • LadyP01
    • By LadyP01 10th Jul 18, 8:16 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Posting everyday helps remind me I'm on this journey.

    We've replaced the car and Iv actually sold my car for over twice it's actual value in a good deal and it's a joint venture so that eases the costs. I'm really happy with car and I spent a lot of time looking at my options and I think Iv made a good choice.

    This sun really is like being on holiday. I intend on taking that tent and booking some weekend breaks with some cheap pitch fees and relaxing. If we have got it might aswell use it.

    Didn't get time to do my expenses yesterday but I'm going to try and go in today and get it done just so I know what I'm expecting and when.

    Also need to move all my money around from all my accounts into my main one so I know what I have.
    • Cherryfudge
    • By Cherryfudge 10th Jul 18, 11:09 PM
    • 2,065 Posts
    • 11,986 Thanks
    Cherryfudge
    It sounds as though you've done really well regarding the car!

    There's no hurry to get out in the sun - it looks as though we'll have it for a while yet. Still, it doesn't hurt to practice unwinding and destressing, does it?
    MFW #30 Paid off 3,535.94/3000 as of 6/11/18
    • LadyP01
    • By LadyP01 17th Jul 18, 9:48 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    It doesn't hurt no Its so nice at the moment it really does feel like your on holiday.

    I love my new car it's so refreshing. The petrol is a little bit more for a full tank but I get a lot more miles with it. Let's see how my finances have to be adjusted.

    Expenses done so waiting for them to be paid.

    Camping is also done I believe. I hope we have everything we need. It's only a long weekend but I'm hoping to book a week in August and use it all then.

    I tidied up some of my finances the other day. I'm just waiting for the expenses to come in so I can pay off some of the debt I have left.
    • enthusiasticsaver
    • By enthusiasticsaver 17th Jul 18, 4:36 PM
    • 7,284 Posts
    • 15,966 Thanks
    enthusiasticsaver
    Just caught up on your diary. I know you have changed the car so presumably your DFD date is a bit further away but at least you don't have a car loan and 16k of debt as you had when you started this diary.

    A couple of things really stood out reading your diary in that in the past people have told you it is normal to have debt and therefore it is ok. As most DFWs know there is such a thing as good debt. Well managed debt for an asset or investment in skills. Mortgages, student loans and yes car loans could fall into this category. Did you finance yours on a loan or a pcp deal? As to other debt, credit cards, personal loans etc etc It is subjective as to what is acceptable and it differs for everyone. Some people think so long as they can manage the repayments or no interest is paid then that is fine. My DH and I always had certain rules we would follow re debt. A low rate personal loan for a car was ok until we could afford to pay outright in cash. No more than 3 years. Interest free credit for furniture also we would do. Outstanding balances on credit cards rarely and then only at 0% repayable within one year and for large items like a long haul holiday or expensive home improvement project. Agreeing with your OH what debt you will take out going forward is a good move. Definitely getting into a savings habit is even better.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • LadyP01
    • By LadyP01 23rd Jul 18, 9:25 PM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Hey enthusiaticsaver thanks for that I agree, when the car was dead I looked into every option, cheap run around, scrapage on finance, loan for second hand etc and as much as I was looking forward to being debt free I realised that a car is an investment for me I keep cars for years and years as I'm attached to my investment and this was a joint investment together for something we could share for our future. I got a great deal. 3% with my bank rather than 19% and 9.9% that some car dealerships were offering before even checking my finances!!!!!!! RIP off! I did have a 0% offer on a card but the term time for it was low and we have some big changes coming so a fixed loan was the agreeable and we used the money we already had for the car to cover the interest payment if you like. Either way it's in a good place and we are both happy and it suits are future and like you have said some debt is good debt and it was nice to agree on spending money together for a change instead of me saying no all the time

    Realistically I will have to take on more debt but I hope to save up enough that I won't have to. A mortgage will be debt and who knows what our future will hold but we need to have a conversation together now that you have said that and set some terms that we agree are reasonable around debt. Especially as you will know he isn't that great with debt himself.

    I'm back from a speedy weekend away. Even when your on the cheap things add up but overall we all did really well and it gave me some headspace for myself to think about things.

    I have tomorrow morning free to do a financial overview before pay day this month and work out where I am and what I am doing.

    Hopefully I'll pay a very small chunk of my debt off tomorrow... possibly the smallest payment so far coming up.

    I'll keep you posted
    • LadyP01
    • By LadyP01 24th Jul 18, 10:04 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Finance refresh
    Updated l my finances for the month today.

    First issues

    177.58 on food! No budget set before pay day... big mistake.

    Petrol 147.83 compared to a budget of 80. A car change and a driving holiday contribute to that and all the extra driving whilst searching for a car are all factors.

    Wins

    Social was only 58.85 but with a holiday being accounted for seperatly as that was for two people spending I would expect it to be lower.

    Some of the extra food I might add is from the camping but it's still far to high.

    Two lots of tax this month on two cars. Just waiting for one card refund to come back.

    Expenses.

    Iv sent off for around 100 of expenses to be paid. Once that's in my account I can transfer that directly to debt.

    Iv spent a lot of the car account money I had saved up that I planned to transfer over to debt. Unfortunately that was unable to happen but we shall get there.

    Now for a debt update!!!!!!!!!



    Another 315.64 paid off to debt! That is a lot more than I expected to be able to do this month but still one of the smaller amounts since my journey began I'm sure.

    My debt now sits at 809.

    With the 100 I'm expecting to come in that will come down to 700 nicely and be much more achievable.

    Next month will be tight. Extremely tight to see what more I can hack away at it all.

    I thought I would be there by now and I'm a little disappointed as I had so many plans but to be 809 away from that 0 I was striving for feels good aswell.
    It's been tough and it's harder as that debt was amounted from poor habits. I need to remember my drea to reverse it all and reverse my habits.

    Need to get back into control.

    • LadyP01
    • By LadyP01 25th Jul 18, 9:57 PM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Spent 5 today on some food shopping.

    13 left in the bank and 15 left in cash... two days to pay day.

    Found a good function on my car. Mpg tracker so I can see how I'm consuming my fuel. Been really fun working on getting a good score per trip. I think I could see a saving with it to bring my petrol down as I now have a bigger car
    • Rachel24
    • By Rachel24 25th Jul 18, 10:07 PM
    • 201 Posts
    • 740 Thanks
    Rachel24
    You are so close :-) 809 to go!
    • Cherryfudge
    • By Cherryfudge 25th Jul 18, 10:10 PM
    • 2,065 Posts
    • 11,986 Thanks
    Cherryfudge
    Well done for getting the debt well under the 1000 mark.
    The petrol tracker sounds useful: it should help you get into good habits if you aren't already! Very easy to go a bit faster and use more fuel than you need to.
    Are there any plans to build up the car account again?
    MFW #30 Paid off 3,535.94/3000 as of 6/11/18
    • LadyP01
    • By LadyP01 26th Jul 18, 10:19 PM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Yes car account build up continues next month. I have insurance later in the year and I like to have money for unexpected issues.

    I feel good I'm so close just seems so far away! I'll get there.
    • LadyP01
    • By LadyP01 3rd Aug 18, 7:58 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Not done my finances yet but Iv been preparing the budget and allocating the money and already I only have 600 left and Iv not even paid anything to debt. I have 800 left to go. When will I ever get this paid off?

    I'm wondering what I can sell that I have left to try and close this gap?

    Feeling desperate to get the debt paid.
    • LadyP01
    • By LadyP01 14th Aug 18, 7:56 AM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Still not completed finances. Hoping to get it done later today.

    Birthday presents were a win. I got 10 off one gift and used some vouchers for the rest of it so no money spent for one gift.

    The second gift required some thinking outside the box and I spent about 12 on it and he was one happy child.

    Very happy with them.

    Need to do my finances and pay debt but as I thought I would be debt free by now I thought I would have sorted out my pots of money. I havnt and I have throngs like car insurance creeping up so Iv decided to hack away at the last bit of debt slowly as it really is just at the end and make sure that I have enough money in all my pots to pay for my out goings.

    Further post to come I hope
    • LadyP01
    • By LadyP01 14th Aug 18, 12:35 PM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Finances are done.

    Iv paid another 209 off to debt. Making my debt total 600.

    Why is it the end that just seems so hard? It's like your so close but it's so slow. As long as it's gone by Christmas.

    Money wise things are ok budgets are looking good and healthy. Iv had a few unexpected party's to attend this month where my best co workers have left but spends have been kept low.

    Two birthday presents this month as previously posted and I kept them really low aswell.
    I'm still waiting on 130 of expenses to be paid and Iv got a cheque to pay for 25 from the tax office so I'll put both of those to debt to get that figure down.

    It's August so of course I am now on Christmas mode! Iv spent the last hour working out gifts and my budgets etc. It's time to get out there and spot the deals for everyone. The kids are easy to get out the way now and so are the girls to be honest so expect more Christmas posts coming soon to keep everything low.
    Maybe this will be the year I finally make something?

    Another thing I'd been focused on in relation to gifts is waste and plastic. I love wrapping I love the idea of making a gift look amazing but Iv never considered the waste that comes with that. Every Christmas we must throw atleast two bags of recycling just from gifts. This year I'm lookin at what we have in the house and how we can use up what we have in order to have a better waste free Christmas the year after. This also in turn will save money. We have lots of birthday wrapping for baby's and children that they have grown out of. Ideal for sack presents to avoid that paper ever getting wasted. Leaving a lot of the nice paper we have for nice gifting to friends and family so I can still enjoy decorating them nicely.
    This will save me ALOT of money this Christmas.

    More to post as I have lots more thoughts and I'm hoping for a productive day today.
    • Rachel24
    • By Rachel24 14th Aug 18, 12:42 PM
    • 201 Posts
    • 740 Thanks
    Rachel24
    600 you are so close :-) if you have it paid off by the end of the year then at least your 2019 will start off debt free.
    • LadyP01
    • By LadyP01 14th Aug 18, 6:55 PM
    • 180 Posts
    • 496 Thanks
    LadyP01
    Thanks Rachel that is true. It's exciting that I'm so close but it's like watching paint dry with anticipation.

    Didn't get as much done today as I thought I would as I don't feel very well but I'm feeling positive about Christmas with some good low budget gifts planned.
    So far I feel I'm on a win this month
    • enthusiasticsaver
    • By enthusiasticsaver 14th Aug 18, 7:49 PM
    • 7,284 Posts
    • 15,966 Thanks
    enthusiasticsaver
    Well done for almost getting out of debt. Are you planning on carrying on saving afterwards?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

927Posts Today

6,261Users online

Martin's Twitter
  • Today's FRI Twitter poll: As everyone knows, you're a creative genius with an huge range of highly honed skills.? https://t.co/KV5FHAqK6v

  • Watching Theresa May... seriously would anyone in their right mind truly want her job right now!

  • RT @thecheekypostie: @MartinSLewis Thanks to this, I have just skim read it. To those in Scotland - on page 548, Dounreay is mentioned by n?

  • Follow Martin