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  • FIRST POST
    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 142Posts
    • 419Thanks
    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 7
    • LadyP01
    • By LadyP01 29th Jan 18, 12:24 PM
    • 142 Posts
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    LadyP01
    Iv now been paid!

    Budget has been allocated where it needs to be. Iv managed to pay another £1013.60 off to debt making my new debt total.... £4310!!!!!!!!!!!!!

    I am so happy I have been able to pay such a large chunk off. Although I!!!8217;ve worked out that unless I make some more cuts I won!!!8217;t be able to make my debt free day in may like I planned.

    Im going to go through some diaries for inspiration and see if I can get motivated to make some more savings.

    Just imagine the savings I will be able to make once this debts gone, buy a house, plan a wedding and have a debt free life.
    • LadyP01
    • By LadyP01 30th Jan 18, 12:08 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Iv been looking around to get motivated to get this debt gone and I came across a slogan that said !!!8216;you will never feel richer than When you start to take serious control of your finances!!!8217; and it made me think. I live off £500 a month this includes rent, bills, food, social and money for savings for car repairs, Christmas and holidays etc. If I can continue to live the way i do happily then I will be able to save and have a great life where I won!!!8217;t need credit or loans again.

    Best start thinking about the penny!!!8217;s and that will take care of the pounds.
    • LadyP01
    • By LadyP01 31st Jan 18, 5:06 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Spring clean
    Afternoon,

    Iv been spending a lot of time looking on the internet for some motivation to give my debt busting that final push. I came across this article about having a good clear out and how that can help you to save money and live frugally. Now I donít have anything thatís worth selling, everything I did I got rid of last year at the beginning of my debt free journey. But I thought screw it the house needs a tidy anyway and I got stuck in.

    Well what a money pit I have. I feel like Iv just come back from the shops having spent hundreds of pounds!!!!!!!!
    First up was the makeup table and the bathroom. I only went out yesterday and purchased shampoo and conditioner both at 89p to do my swapping and changing from high end to low end. A quick unpacking of my draws, travel cases and bathroom and I have unearthed loads of hotel bottles of shampoo and conditioner from all my trips away, atleast 15 bottles in total even if they are small ones. These will help me push my shampoo and conditioner an extra month of two as Iíll be able to swap the products around to keep my hair looking fresh.
    Next up on the makeup table... samples! I have loads of samples of things. Even tho Iím on a budget and I live as frugally as possible I still use high end makeup this is more for medical reasons, I have a skin condition and this product makes that condition disapear so I donít need medical help. I also receive atleast 90% of all of my makeup as gifts for my birthday and Christmas so it costs me less at the end of the day then someone purchasing from a high street retailer. Anyway back to the samples, Iím loyal to one counter in one store, I even make sure all my friends and family purchase my items from there which means the girls on the stand know myself and the people purchasing for me really well... this in turn gets me bags full of samples that they have available so today I have sorted and organised everything and locked away my usual products until the samples are finished. Today alone it has felt like Iv had a facial as my skin has had some different products on it. All from the same range but not my usual items.

    Now I move on.... SHOESSSSSS

    Make do and mend is my new motto. I grabbed all my work shoes that I have in the show box and I have fixed them all up. Polish, buffer, new insoles where needed... total of £2 and I now have 10!!!!!!!!!!!!!!!!!!!! Pairs of work shoes! Thatís a different pair everyday for two weeks!
    Another thing Iím keen on when living frugally is wearing more than one pair of shoes to work. It makes them last longer as they have time to breath between wears and I find I get an extra 3-4 months by using atleast two at the same time compared to just one. Itís also good for your posture if your footwear varies.
    One pair I had used for painting a year ago. These were in the back of my wardrobe. A bit of nail polish remiver and some black polish and they are brand new again

    There will be more savings to come out the wood work as I carry on with my spring clean but for now Iím just amazed at how much I have gained just from a few hours deep cleaning and clearing out.
    Feeling motivated, relaxed and fresh
    • LadyP01
    • By LadyP01 1st Feb 18, 9:18 PM
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    LadyP01
    Just winding down and reading some diaries, and feeling inspired

    Is there possibly stuff that I could sell? Aim for the weekend is to set up an eBay account and upload books dvds etc to it and see what sells and what doesnít. Worth it I guess.

    Another thing people are having a lot of success with is sites like swag bucks... does anyone have any success on these sites? Iv tried and it seems to take forever to reach even £5 or seems to good to be true. Would love some
    Feedback on them if anyone has any.

    Also I think I might start listing my spends per day as I do spend a lot on little useless things so maybe that will reduce.
    • Working Mum
    • By Working Mum 2nd Feb 18, 4:46 PM
    • 65 Posts
    • 330 Thanks
    Working Mum
    Hello there,
    I confess I keep a written journal of all of my spends and have done since 2010!! It's very mindful thing to do and keeps me focussed on know how much I have in my purse and what I am spending my money on!! Plus is a nice excuse to use my stash of beautiful stationery I have built up over the years!!

    I was recommended to use Ziffit for selling books - I used them and there were great - I got a little bit more than other sites, clear some junk and earned a few quid - every penny helps!!

    I have recently joined Swagbucks and have earned 2 x £5 Ama2on vouchers which are sitting on my account - I use Ama2on a lot so am happy with that!! I also joined Nectar Canvass as this runs up points on my Nectar card - have earned £3 this week on that - not much in one way but ti was time I was at work (self employed and in my office all day so can spare a bit of time!!)

    You are doing really well, shifting your focus - it will reap rewards I am sure!

    ((hugs))

    WMx
    • enthusiasticsaver
    • By enthusiasticsaver 2nd Feb 18, 5:14 PM
    • 6,254 Posts
    • 12,387 Thanks
    enthusiasticsaver
    Paying off more than £10k in 2017 is brilliant. Hopefully this year you will be debt free and well on the way to your first property deposit. How are the OH finances? Donít be sucked into lending him money. He is a grown adult and if he canít handle money it is about time he learnt some self discipline. We have seen too many on here who have been dragged down by OHs who wonít sort out their finances and rely on their partner. All the tim you bail him out he has no incentive to change.
    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 3rd Feb 18, 2:23 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Hey working mum,

    Im just like you in my folder I can go back years but I dont write the little things I just pop a heading and a total number for the month so I need to be more like you and put everything.
    Thanks for the advice I downloaded nectar compass and Iv already earned 120 nectar points which would take me a month to gain so it just adds up at the end of the year.
    I think I just need to be more committed to swagbucks it takes a while to get up to any money but maybe that can be something I dedicate to ... a survey a day or something.

    Hey enthusiasticsaver, thanks I cant wait till the end of this month and I will have a whole years total of what I have paid off so Im really excited to see what Iv achieved in 12 months.

    Finances with the oh are difficult. We have different goals and ideas of how we want to spend money but by doing this thread and sharing my experience with all of you Iv learned that I can guide him and I can put my foot down in some areas but hes an individual with his own rights to choose how he spends his money and I dont want to enter a marriage where he feels he has no say or no freedom with money so Im working on how I approach him and how I support as Im like a pit bull with everything I do Im very much like this is what were doing and were doing it now and that will eventually break us so Im slowly learning.
    He has however had 3 months grace while Iv been trying my new step back let him be his own man approach and as to be expected he has had lots of fun and has lots of new things and gone out on lots of adventures but has revealed that hes only paid the minimum payments off.
    *deep breaths*

    4/5 months is what I think I need to become debt free so my focus is on myself and my finances and then when thats done and I feel positive about my finances I would like to sit down with him and have a frank discussion about what we want our futures to be like and how I dont want to enter a marriage in debt or become in debt except for a mortgage that I want paid ASAP. Debt is a big strain on relationships im just working hard to make sure I dont let it ruin mine.
    Last edited by LadyP01; 03-02-2018 at 2:26 PM.
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Feb 18, 2:42 PM
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    • 12,387 Thanks
    enthusiasticsaver
    Attitudes to money and debt are one of the top areas of disagreement in relationships and there is lots of evidence of that on this forum. It can cause lots of problems if this is not sorted early in a relationship once it is clear you see your futures together.

    My DH and I have the same attitude to money (ie no debt) luckily but he is not as good in being disciplined with spending. We had many disagreements in the early years of our marriage when he would spend (usually on diy so to our benefit) but without discussing it first so I would constantly be juggling money to make sure direct debits were covered. Over the years we developed a system and I can honestly say we have not had one argument about money for as long as I can remember but we have been married 35 years!

    I think you are right to focus on your finances and I presume you are not married or have kids and obviously no mortgage now? The time to really thrash this out is when his attitude to debt and money impacts on your hopes and dreams say to buy your own home or have a baby or get married. If he takes so long to clear his debt he cannot afford to save for any of those things what would your view be if he continues to spend a lot on entertainment etc rather than focussing on clearing the debt and saving for your future and cutting back a bit?

    We went totally joint finances after marrying and had small amounts of spending cash each and we would talk through a joint budget monthly discussing priorities - like if the car needed servicing or something needed doing on the house or one of the children needed new shoes. Money was really tight but we both agreed no debt and we learnt to save. It has been the single most reason why we paid our mortgage off early, did some lovely holidays, helped our girls with house deposits and university costs and retired early. We still help with childcare costs for grandchildren etc etc. We both have the same amount of spending money now (although a lot more than it was in the early days)in our own personal accounts. Having joint finances ironed out the differences in income when we had children as I did the bulk of the childcare so only worked part time. If my partner was not on the same page and have the same attitude I think I would have thought twice though. Now he appreciates the reason I suggested he pay 10% into his pension from his 20s due to his high pressure and lots of travel job as he was able to retire early. It is difficult to think so far ahead but with money being so important to most peoples aspirations it is IMHO essential.
    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 3rd Feb 18, 6:22 PM
    • 142 Posts
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    LadyP01
    Thats amazing, I hope we can be like that one day and not argue about it.

    I want us to discuss finances regularly and not bury our heads in the Sand. Also to allocate money in percentages so itís fair and leave 10% or less of our individual incomes to spend on ourselves in any way we want whilst using the rest to pay for cars, holidays, mortgages, maternity pay etc I know I can keep us happy and make us feel rich by using a good system I just hope when it comes to it that he trusts and believes me.

    Maybe Iíllcross that bridge at christmas! And tackle that hurdle he has been given a stern word that the debt has to be gone ASAP so everyone cross your fingers for me.
    • LadyP01
    • By LadyP01 4th Feb 18, 8:10 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Quick update.

    Thursday - NSD
    Friday - NSD
    Saturday - NSD
    Sunday- £2.40 on chocolate nibbles

    To tired to feel motivated back on it tomorrow.
    • LadyP01
    • By LadyP01 5th Feb 18, 11:08 AM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Febs budget
    I thought Iíd put my budget for the month up here so I can see what changes I can make.

    Income - £1547.04

    Bills

    Rent - £250
    Phone bill - £17

    Cash bills

    Petrol - £80
    S/world- £40
    Food - £40
    Social - £50

    Savings

    Car- £60
    Maintenance£40
    Christmas- £40

    Two birthday parties - £40
    (Both my family so I pay for both of us to have a few drinks oh pays when itís his friends or fam this Includes petrol as itís not local £20 per party)

    Credit card- £1013.60
    One birthday present - £12

    I think I can reduce some spending on areas like social and food which is why Iv put my budget up for all to see.
    • enthusiasticsaver
    • By enthusiasticsaver 5th Feb 18, 11:57 AM
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    enthusiasticsaver
    What is s/world? Slimming world? What do you get for that £40? Maybe the chocolate nibbles best avoided if you watching your weight

    Your food looks low for a month. Savings pots are good. Two thirds of your income going to debt is quite a high percentage. Fine if you can sustain that but not if you leave yourself short and spend on the card again.
    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 5th Feb 18, 12:59 PM
    • 142 Posts
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    LadyP01
    Yh its slimming world. It gets me my weeks weigh in and two boxes of the gluten free veggie bars. These are actually cheaper then the ones I can get from supermarkets unless they go on offer then I get them from there. I did cut them out to save money and had more fruit and yoghurts when I needed a sweet tipple but with fruit already costing £2.40 a day for two of us it was hiking it to £3.60 per day so overall wasnt seeing a saving on the money front.

    Im really lucky with the food my rent covers and main food shop so I get a £10 top up shop of fruit and veg mid week so easily sustainable.

    Iv found that I can live happily in that budget as I save a little every month to pay for big bills, Christmas, clothes and haircuts. This feb birthday is the only one I have before being debt free so Im holding off birthday savings till after my debt free day.

    Things will change when I have my own house. Im really lucky to be living on such low rent that includes all my bills which has allowed me to tackle this debt head on.
    • LadyP01
    • By LadyP01 6th Feb 18, 8:40 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Just checking in with a spending update:


    Thursday - NSD
    Friday - NSD
    Saturday - NSD
    Sunday- £2.40 on chocolate nibbles
    Monday - NSD
    Tuesday - NSD

    I need to get some petrol and food bits tomorrow so it wont be a nsd for me but a good week so far.
    • LadyP01
    • By LadyP01 7th Feb 18, 4:55 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Two weeks since pay day so Iv done a quick money overview and counted everything up.

    Thursday - NSD
    Friday - NSD
    Saturday - NSD
    Sunday- £2.40 on chocolate nibbles
    Monday - NSD
    Tuesday - NSD
    Wednesday - £19.99 Petrol
    £7.46 food

    Counted what I have left:
    Petrol allowance - £40
    S/world- £30
    Food - £20.79
    Social - £10

    This is a 5 week month so I still have 3 weeks left to go. Might be tight! See what comes up.

    I also checked my accounts for presents and car to see what I have in there.

    Car - £188.46. I did expect there to be a little bit more, Iím not sure why when this is 3 months worth of savings at £60. This pot needs to be £400 to cover all my car payments for the year and any unexpected tyres.

    Presents - £54.26 this was a nice surprise! I realised at lunch that I have another family birthday next month so itís good to see I have some extra in that account for that. I can also purchase this months birthday present from this account and send the £12 I was planning to debt.

    Tonightís to do list:
    Purchase the birthday gifts
    Send off what I havnt spent to credit card

    Overall budget is going to plan, just need to keep updating it like I have done this week so I donít overspend.

    • LadyP01
    • By LadyP01 8th Feb 18, 8:05 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    So todays been a day of dreaming and coming up with ideas of closing the gap I have to hit my debt pay off. I have some ideas to get a few extra hundred towards debt for the may payment, feeling positive about it.

    Im so excited about being debt free Iv started thinking about the emergency funds I need to set up the month after and the savings plans I need to put in and just how great it will be to have that weight lifted.

    Todays spends:
    Thursday - weigh in £4.95
    Gluten bars- £3.90
    Yoghurts and fruit - £3.95
    • LadyP01
    • By LadyP01 10th Feb 18, 5:02 PM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Freezing cold weather is making it harder to be possitive and proactive today!

    Still havnt got the presents as Im struggling to find the exact one Iv seen.

    Tonight wont be spend free but I have an action plan to spend very little... squash should keep the price down I want to spend a maximum of £10 and Im driving. If the money drys up then its time to leave.

    Spending:

    Thursday - weigh in £4.95
    Gluten bars- £3.90
    Yoghurts and fruit - £3.95
    Friday - NSD
    Last edited by LadyP01; 11-02-2018 at 11:35 AM.
    • Cherryfudge
    • By Cherryfudge 10th Feb 18, 6:41 PM
    • 1,612 Posts
    • 8,526 Thanks
    Cherryfudge
    Squash sounds like a very good idea! Or squash and soda for a bit of fizz.

    Have a good evening.
    • LadyP01
    • By LadyP01 11th Feb 18, 11:38 AM
    • 142 Posts
    • 419 Thanks
    LadyP01
    Hey cherry fudge, turned out that I didnt spend a thing. A few drinks that were provided and a few waters, had a great evening and feeling positive today.

    Thursday - weigh in £4.95
    Gluten bars - £3.90
    Fruit and yog - £3.95
    Friday - NSD
    Saturday - NSD
    • Cherryfudge
    • By Cherryfudge 11th Feb 18, 6:18 PM
    • 1,612 Posts
    • 8,526 Thanks
    Cherryfudge
    Isn't is nice when you get a great evening without spending anything! Those NSDs are starting to multiply.
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