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    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 201Posts
    • 541Thanks
    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 14
    • Cherryfudge
    • By Cherryfudge 1st Jan 19, 7:52 PM
    • 2,585 Posts
    • 16,091 Thanks
    Happy new year.
    I'm just catching up a bit on diaries and your Christmas sounded lovely. How gratifying to have sorted out personalised gifts... I find myself getting themed gifts too, it certainly helps even out expenditure and be fair to all.
    For future years, how about candles? They are a bit tricky here as scented ones can set off wheeziness, but plain tealights with a nice holder would work too, as would LED candles.
    Another idea could be BBQ aprons - there are lots available with good slogans on (and not so good, but we won't go there!)
    MFW #30 Overpaid by 4,100.58/3000 in 2018 Overpaid by 555.74/2,880.00 in 2019
    Decluttered in 2019: 299/2019 as of 10/3/19
    • LadyP01
    • By LadyP01 2nd Jan 19, 10:20 PM
    • 201 Posts
    • 541 Thanks
    Happy new year cherryfudge

    Candles I have done before and I think next year could be a good year to return them.
    BBQ is my theme for the boys... great minds!

    I feel like I did really well today. I have completed the buying part of a little girls birthday that is coming up. Sale shopping came up with some great gifts. I have a handmade idea to go with them so I will be busy next week executing that idea! If that works out in total the gifts will work out to 11.69 I think and he budget was 20. Already a win.

    I'm also extremely pleased to have stumbled on a gift for my friend in the Disney store for 4.50 it's a perfect gift for her and I think it will pair nicely with a beautiful tree decoration aswell. I will probably buy that next year unless I stumble on one in the coming weeks.

    All the other gifts were for me but I got some good bargains!

    I'm planning on popping out again on Friday but more locally to see what shows up.
    I need gifts for little boys mainly and I also want to get bits for these bbq sets. Hot spicy sauces must be on sale somewhere.
    • LadyP01
    • By LadyP01 8th Jan 19, 11:15 AM
    • 201 Posts
    • 541 Thanks
    Quick update.

    Finances have been looked at this week and we are on track.

    Went over the last of December. I didn't keep on at my other half as I wanted him to have some previcy around my gifts so it was a surprise and not like I had dictated everything.
    I'm pretty disappointed. Not only did he come into some money and decided to not pay off debt. There was also a bill that didn't need paying and he spent the money for it.
    Iv not said anything he's said well that will have to come out of my own money won't it and I will leave that for him to decide if he should be paying the money back or not.
    I'm guessing he won't.

    Our new budget is in and coming along nicely. Already frustrated as we wrote the budget together and agreed everything and then first month he says we haven't allocated enough for petrol!
    Well now we need to go back and work out where we will trim to get enough money for petrol.

    2019 for us will see most of our contracts end. The oh hasn't been on this journey anywhere near as long as I have so we are still in some high contracts that need reducing.
    By the end of the year we should be freeing up about 500 that goes on bills and nearly 1000 that we are putting towards and wedding. Life should be really comfortable in 2020 ready to buy our new house

    Nothing happens overnight but the little things we do eventually give us a more comfortable life.
    Just wish my oh could see how great our lives will be debt free.
    • GlendaSugarbean
    • By GlendaSugarbean 9th Jan 19, 7:40 AM
    • 483 Posts
    • 3,672 Thanks
    Hi LadyP, it sounds like you are getting a little frustrated. You have come a long way though, and your OH is in a much better mindset now than in the past - yes there is a way to go but things are moving in the right direction . And yes I think the extra spends do need to come from his money!
    • Cherryfudge
    • By Cherryfudge 9th Jan 19, 9:42 AM
    • 2,585 Posts
    • 16,091 Thanks
    I think getting control of finances is a learning curve, so hopefully your OH will reflect on how his finances go over time and work out how to optimise them.
    Great that you are getting near the end of the expensive contracts! You have reminded me we need to review a couple of things that will otherwise roll over and get more costly. Well done for being on track too - what a good start to the year.
    MFW #30 Overpaid by 4,100.58/3000 in 2018 Overpaid by 555.74/2,880.00 in 2019
    Decluttered in 2019: 299/2019 as of 10/3/19
    • LadyP01
    • By LadyP01 13th Jan 19, 5:32 PM
    • 201 Posts
    • 541 Thanks
    Thanks guys

    It's the hidden contracts, you think oh that's ok it's a normal contract but when you add it all up it's a big cost every month and one I just want gone.

    My latest antics show how easy it is to go back to where we all used to be and how hard we still all work on controlling our expenses.

    I desperately wanted a Fitbit. New year I really wanted to track my steps and my swimming.
    Perfect... I picked out what I wanted and I was happy I had enough physical cash to spend on it.
    Then... I looked at the Apple Watch! All 400 of it in its glory. It's everything I'm looking for and more. It's ideal, the colours are a match and it's so high tech I will achieve so much.
    I stopped myself from paying 400 even though it was torcher. I looked everywhere second hand for what I wanted and it's just not available at a reasonable second hand price.

    I was close to signing contracts I was close to handing over all my cash. I was so close I was transferring money in front of the watch that I wanted but shouldn't be buying.
    I also left it for two weeks to see if I still wanted it and I did.
    But actually! It was a want. I want one I don't need one. I don't need one now. I can wait for the colour I desperately want instead of compromising to have it right now.

    That was a tough tough decision to stop myself. I might have reached my debt freedom and be working towards a joint freedom with the oh but the compulsiveness to buy things we desperately want has not gone away.

    A sharpe reminder that we will met these challenges for life. Sad thought.
    • LadyP01
    • By LadyP01 13th Jan 19, 10:52 PM
    • 201 Posts
    • 541 Thanks
    Having a mini melt down, very mini.

    Weddings how do people pay for them. I have planned the cheapest wedding I can, cutting costs in every place. All the money I saved still won't cover it in this day and age. We need to save harder. It's hidden costs that you don't see.
    I know we have everything planned out and that it won't be to bad and a lot of these things are little things I'm just having a moment.

    I know that the month we get married we complete on a lot of the repayments that we are paying but I'm still just staring at a page full of bills and that makes me worry.
    It's late, maybe that doesn't help maybe it does. I know we will be ok I just can't believe how much these things cost.
    Every penny is worth it we are as low key as we want to be. Cheapest food but in an average venue we love. Driving friends and family's cars and not hiring. Reduced the suits we will be paying for and the budget I set out for them might come in under yet.
    I'm going to have to save up money for all the beauty stuff I would like to do. I was hoping it could come out the wedding money but there's just no spare money so if I want those extra touches I dream of as a bride then I need to buy them myself.

    We do both have a birthday before the wedding so as gifts we could ask for some of these items like make up and vouchers for shoes.

    Even as I type this I can feel the anxiety slipping away. It's all doable and we will get it all done.
    • Cherryfudge
    • By Cherryfudge 13th Jan 19, 11:26 PM
    • 2,585 Posts
    • 16,091 Thanks
    A massive well done on resisting the watch! I don't have one so I don't 'get' the temptation but I do have a Fitbit and I love it. Even more I love it when I've used it to good effect and feel fit and healthy. They are tools in the end, not the end in themselves...
    I dread to think what a wedding costs nowadays (will probably have to face up to it some time as DD will probably eventually tie the knot ) but it's a huge burden and I still remember the preparations were stressful. It's very true to say, though, that the wedding is just one day and the marriage is what really matters. Trust me - I clocked up 30 years married a few months ago

    ETA: here endeth the sermon
    MFW #30 Overpaid by 4,100.58/3000 in 2018 Overpaid by 555.74/2,880.00 in 2019
    Decluttered in 2019: 299/2019 as of 10/3/19
    • LadyP01
    • By LadyP01 14th Jan 19, 10:46 AM
    • 201 Posts
    • 541 Thanks
    Congrats on reaching 30 years!

    I know that's what I'm always telling my oh we have gone extremely basic. And still the bills are adding up it's honestly shocking.
    I feel so much better and relaxed this morning.
    I'm going to pay for all the beauty things I want myself. I have re worked my personal budget so I can afford it.

    I might find a dress cheaper yet aswell so I can relax a bit about that. If I don't then I don't but hopefully I will. It is just for one day after all.
    • LadyP01
    • By LadyP01 15th Jan 19, 11:50 AM
    • 201 Posts
    • 541 Thanks
    Newbie advice
    As it's a new year I just wanted to post some tips that's I found so useful at the start of my journey.

    Firstly I recommend that you research blogs of people who had gone debt free or live a zero waste life style. These are so inspiring, have lots of great tips that you wouldn't even think of and just make you feel like your not alone.
    Debt free and zero waste are becoming more and more popular, gone are the days where people want to live with excessive stuff or debt. The figures from Christmas as much as they are blaming it on brexit I believe it down to the new culture of mindful living.

    Budgets- have a fund for everything. In your yearly budget plan for everything, birthdays, Christmas, car issues. Set these funds up before over paying debt. The idea is eventually you will
    Be at a point that when you hit January of a year you will already have all the money you need to survive and won't need to touch your pay for the entire year.
    This is obviously the end goal but it's a good habit to start at the beginning. The reason I didn't have to borrow any more money was because I had already saved what I needed for emergency's, even holidays! You do have to treat yourself.

    Make a list of who you need to buy for and track what you purchase to avoid getting them the same thing every year. I theme each year to avoid this and keep track of all previous gifts given.

    Charity shops are my favourite. Do you have a friend that loves reading? A few will buy them books that they will really appreciate rather than that 10 gifts set from boots.
    Kids... have you herd of the rock craze? Google it, you could easily paint a selection of FREE rocks, even turn it into a treasure hunt for them. It requires effort and forward planning but kids will remember doing things rather than that T-shirt you purchased.
    Do you have kids? My favourite items I receive are made by the kids, they truely are priceless.
    Sales- look at every sale going for stocking fillers etc and keep an eye on primark etc all year round for socks, pants and general stocking items. Aldi market is my fav for gathering stocking fillers.

    Lastly wrapping. Do you buy wrapping for every gift? Some people have a stash a lot like I do at home but not everyone does.
    I wrap a lot of gifts for close family in cloth. Bed sheets, T-shirt's or fabric from the bargain bins. This is all reusable. Start collecting Christmas fabrics, tea towels throws etc in sales and build your own reusable wrapping for stockings for kids etc. The item costs 1/50p now but you will never need to buy rolls of paper again.

    Shop your house
    Much like shopping your own wardrobe
    If you have read my whole diary you will know that I have spent the last year using up everything in my house. Body lotions, creams, shoes, clothes.
    I have repaired all my clothes this year until they are completely non usable anymore... than they become wrapping material!
    Body lotions... I have saved a fortune on baby oil as I have kicked that for the body lotions I used to dump. Saving a fortune.
    Make up, I used everything up I really did have a lot and saved a fortune.
    To many socks? Could these be cut and sewn to repurpose as tissues? Boxes of tissues when your sick add up, soft material is so much nicer on my nose and the environment.
    Shower gel! Ditch it! Dove soap bars are only 25p a bar and last atleast a month! That's a 4 a year roughly on washing. Also plastic free.

    Lastly, start a blog on here, remain honest with yourself. I wouldn't have paid my debt off without this place.

    Sorry it was long but if this puts one person on the right track then I'm happy.
    • LadyP01
    • By LadyP01 22nd Jan 19, 6:57 AM
    • 201 Posts
    • 541 Thanks
    Tough realisation for OH yesterday.

    Probably won't be the last time I have to explain this to him.

    He's struggling on the budget massively. I thought he was doing well but it's just not working out for him. He's yet to go a month without 'borrowing' from his next months allowance. When I asked what he thought the solution might be? He simple said he needed a bigger allowance
    I explained that we don't need bigger allowances and that actually we need to make better choices with our money.
    He was also under the impression this wouldn't last forever so I payed out our future finances and where we will be and how I coudnt see how we would have any more than 50 extra a month if we wanted to have all the things we wanted.
    A slow realisation and what looked like defeat. It's so hard to see the disappointment but at the same time once we are at the end of his debt and his journey and he has money for all the things he wants he will feel great. He just always wants to spend the money he has for which makes me worry about any future savings we might have as his other solution to pay for things is to use our emergency pots.

    It's always a battle and I think it always will be a battle. I wonder if we should start doing money silently like some couples do where one person does everything and the other hasn't a clue. That was he won't get so down hearted about things. I just like him to be fully in the know.
    • LadyP01
    • By LadyP01 26th Jan 19, 10:59 PM
    • 201 Posts
    • 541 Thanks
    Near the end of the month and just two days away from pay day.

    Used the last of my petrol money which worries me as I should have used that up a few days ago... need to check something hasn't gone horribly wrong somewhere.

    Still have a few penny's left. Will do a full check of it all soon.

    Had a realisation today that the oh and I are the first couple out of all our friends and family who are paying for everything themselves for the wedding.
    Dealing with peoples expectations on what we should be able to do with our money day to say to accommodate them and how much they want to see us. They seem to have forgotten that we are one of those rare couples that don't have any support for the wedding.
    What we lack in financial support we have received in physical support. We have borrowed items. We have friends favours and it's all just lovely just pondering what a feat it is to achieve such a task these days.
    At the end of this we deserve a little pat on the back.
    • GlendaSugarbean
    • By GlendaSugarbean 27th Jan 19, 8:48 AM
    • 483 Posts
    • 3,672 Thanks
    Your wedding is for YOU, not anyone else. Having to pay for it all does focus the mind on what is important .
    • Moneywhizz
    • By Moneywhizz 27th Jan 19, 9:18 AM
    • 177 Posts
    • 832 Thanks
    Often read your diary but haven't commented before. You have done so well and have a great handle on budgeting and using your money. Paying for your own wedding definitely makes you focus your mind to what is actually important to you. Regarding the best way forward for dealing with your finances as a couple there are a couple of options. One person (ie you) could take control completely, pool all resources and allocate the same amount of personal pocket money to each of you. If you intend to have a family this is probably the best way to go as long as you are happy to accept the responsibility for doing that and it does sound as if you would be happy to be that person. The other way that can work if you don't have children is to calculate all household expenses, including a substantial house fund, and split the total percentage wise according to your incomes. Whatever you have left over is then yours to spend as you please. Both ways can work but the first option is definitely the better long term. However some people are not happy just to be handed pocket money so it can be worth considering the second option. Good luck whatever way you decide and happy wedding planning.
    • LadyP01
    • By LadyP01 10th Mar 19, 10:50 PM
    • 201 Posts
    • 541 Thanks
    Hi moneywhizz! Thanks for posting and for coming to read my diary.

    So it's now March and I posted at the end of January, how did that money fly past?

    Wedding plans are coming along nicely, I have re allocated all of our money into sections so I know everything is covered.


    I hold my hands up I'm guilty!!!! I may have gone out drinking with a friend and became a bit reckless with money! First time in a long time. I have also been a bit speedy recently! Purchased a few things I have been saving for and I think the rush of those new items made me think yay I'm going to buy things!!!

    The good news

    One of oh bills will be paid off next month with just 120 left to pay.

    We have now converted his phone bill to a much lower phone bill now that he's out of his contract... a savings of 40 a month.

    I need to do a full debt sum up in another post. I will sit here tonight and do it all. Very low repayment money this month which is disappointing but it's just one month and that's what I need to remember.

    The future is positive
    • LadyP01
    • By LadyP01 10th Mar 19, 11:21 PM
    • 201 Posts
    • 541 Thanks
    Quick bills overview

    Since September we have managed to decrease the oh debt by 3257.38 and that's not including the bit bills I paid off for him just the debt I coudnt clear back then.

    It's slow but we are planning the wedding so we are taking bite size chunks off everything.

    Our current debt total is 5087.70

    Not including my car that Iv got.

    We have reduced our monthly bills by about 200 a month and I can see some area we will be able to slim down as soon as contracts are up.

    Currently our monthly bills are as follows:

    Income: approx 3800 pcm

    Rent - 546
    Petrol - 380
    Car 1- 215
    Car 2 - 273
    Gym - 110
    Phones - 35
    Car insurance - 42

    Debt repayment
    Parents 100
    Loan - 39

    Emergency funds
    Car - 150
    Christmas - 40
    Birthdays - 30
    Medical - 50

    Social - 400

    Areas that we will tackle next

    Gym- we had these as individuals so the cost was low when we were operating independently but together it is high so we've agreed we will track our usage and see where our value for money actually is.

    Petrol- I think there's a saving to be had here even if it's in vouchers.

    Cars - one car is 0% the other car only has 5 payments left.

    All of our spare money goes on the wedding right now, once the wedding is over we will be able to storm through the rest of the debt.

    Social is non negotiable, I have the oh as low as he is prepared to go right now. It's looking at other finances to cut costs.

    Iv enjoyed going back to basics here as it's shown me what we can be doing to make changes.
    • Cherryfudge
    • By Cherryfudge 10th Mar 19, 11:29 PM
    • 2,585 Posts
    • 16,091 Thanks
    Just popping in to say things really look to be going in the right direction, despite the occasional rocky patch!
    I did enjoy your new year list: I have been planning to make reusable gift bags over this year (once I have my other sewing projects under control, which may take a while). I spend so long at Christmas wrapping things, and it's all in the bin by the end of the day. One thing I like to do is add a small Christmas decoration as a gift tag so people can build a little collection - this is only for main presents. It occurred to me I can keep this going while using reusable fabric bags if I want to. I also recently came across an idea for turning old duvet covers into long strips which are then crocheted into bags - easy to care for and, if the photos are anything to go by, nice to look at. I doubt you would get the time right now though, with the wedding to prepare for!
    MFW #30 Overpaid by 4,100.58/3000 in 2018 Overpaid by 555.74/2,880.00 in 2019
    Decluttered in 2019: 299/2019 as of 10/3/19
    • GlendaSugarbean
    • By GlendaSugarbean 11th Mar 19, 6:46 AM
    • 483 Posts
    • 3,672 Thanks
    Great progress!

    On the social spending, is that split 50/50? If not, I suggest that once the wedding is sorted you make room in the budget for an equal chunk for both of you here. Yours can go into a personal savings account if you need it to, but don't use it to pay off his debts! Gives you a nice buffer in case you need it.
    • LadyP01
    • By LadyP01 11th Mar 19, 10:07 AM
    • 201 Posts
    • 541 Thanks
    Hey cherryfudge, thank you, love the idea of the reusable bags, Iv got lots of material for projects to make wraps for gifts and repair a lot of clothes with holes in so I can wear them again... first to relearn how to use a sewing machine.

    This year I'm going to try and go down the diy route and make things for people if I can... lots of sewing I guess.

    Hey Glenda, that's 50/50, I put half my allowance away for clothes or mini holidays for myself. After the wedding the oh would like to have that budget go up. I'm on the fence as we still have a lot to pay off and a house to buy but it does allow me more in my personal account for myself when I want a trip away with my friends etc.
    • GlendaSugarbean
    • By GlendaSugarbean 12th Mar 19, 7:28 AM
    • 483 Posts
    • 3,672 Thanks
    No harm in a budget review after the wedding - maybe if he sees the figures for house saving /debt busting he'll come round .
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