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  • FIRST POST
    • emmie26
    • By emmie26 21st May 17, 9:15 PM
    • 499Posts
    • 1,890Thanks
    emmie26
    Oops I did it again, I played with my cards!
    • #1
    • 21st May 17, 9:15 PM
    Oops I did it again, I played with my cards! 21st May 17 at 9:15 PM
    Well Iím backÖBack in debt and back being a Debt-Free Wannabe!!

    I am gutted but need to take some decisive action because at the moment every month we seem to have more going out than is coming in and that is a recipe for financial disaster.

    I have been here before. 7 years ago (when I was 26 Ė hence the name) I grabbed the bull by the horns and knuckled down and cleared my debt. Fast forward 7 years and we are in a slightly different position than the last time. Last time we had built up loads of debt and had literally nothing to show for it. This time the debt was planned.

    18 months ago, we had an extension on our home. We went from a typical 1930ís semi with 2 bedrooms and a box room to a large semi with 4 double rooms and a box room, this made good financial sense because we could not find a 4-bedroomed house that we could afford and we liked our location and neighbours.
    To finance the extension, we added £40,000 to our mortgage without increasing the term. We used around £20,000 of savings and for the final finishing touches such as bathrooms and appliances we borrowed £8000 on 0% credit cards. I had read about stoozing and felt that this would save us money on the mortgage interest rates but I did not anticipate that it would stretch us quite as much as it has.

    I have just finished reading through the debt-free diary that I completed in 2011 and it has inspired me to jump back into the frugal way of living. I have done it before and I can do it again.

    The only difference is that I have got used to having savings in the bank and having a lot of disposable income (we were managing to save around £1000 a month in the run up to the extension). I have not had to watch the pennies for so long but I did quite enjoy it last time and hopefully I will get back into it this time.

    I will post a SOA in a separate post, feel free to berate me about my spending and the amount of debt we are in. If anyone can see anywhere we can save please shout up.

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
Page 14
    • WannabeFree
    • By WannabeFree 9th Feb 18, 7:08 PM
    • 1,449 Posts
    • 12,087 Thanks
    WannabeFree
    It is scary when you write everything down isn't it!

    My diary was deleted

    x
    ďOnce you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.Ē
    • Cherryfudge
    • By Cherryfudge 10th Feb 18, 7:46 PM
    • 1,625 Posts
    • 8,624 Thanks
    Cherryfudge
    I think you should set yourself up in business as a milkshake seller - you would soon be rich!

    A couple of suggestions, if I may. Could DH get a set amount out for you to spend on groceries? Say £20 a week. That way it would still come off the card and you would need to keep it separate from other cash but it might help.

    Also - at some point (when you are down to fine details) it may be worth keeping your supermarket receipts and seeing what you are actually spending on when you're there. How much is 'real food'/cleaning materials and how much is treats and empty calories?

    I'm still shaking my head that milkshakes could cost a fiver each>
    • in need of direction
    • By in need of direction 11th Feb 18, 10:35 AM
    • 4,979 Posts
    • 28,656 Thanks
    in need of direction
    that's the difference between me and a died in the wool MSEr. i'm wondering what flavour of milkshake and am craving one!
    Mortgage at 01.01.14 £119,481.83 today £76,508.97, target £65,000 by 31/12/18 Offset fund today £207.27 target £5,500 by 31/12/18
    Emergency fund £0.7/5.5k & £200/200 cash.
    Current weight loss RUBBISH need to refocus
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • emmie26
    • By emmie26 11th Feb 18, 8:08 PM
    • 499 Posts
    • 1,890 Thanks
    emmie26
    The milkshakes were crazy! Itís a very inappropriate post dentist treat haha! They were some crazy monster shakes one Oreo and one unicorn fairground - I didnít have one!

    As far as groceries are concerned I feel we are pretty good, we are trying to cut down on meat intake at the moment so I think that will drastically reduce our outgoings. I am going to try and keep a close eye on receipts though and try and do a once monthly trip into town to go to Home Bargains, Wilkos and pound Land to get all cleaning products, toiletries and pet products so we literally only have to get food from the supermarkets.

    Today I had a crazy urge to go to dunelm and Home sense for a browse, but I resisted and instead spent a few hours decluttering and reorganising my DDís bedroom, I got 4 bags of rubbish and 2 bags for selling or charity shop. Once I clear out some other rooms I may go and do a car boot sale because I have loads of books, clothes and toys.

    Yesterday we went swimming which was another £13 but it was lovely but today was a NSD

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 12th Feb 18, 7:13 PM
    • 499 Posts
    • 1,890 Thanks
    emmie26
    Well, not a nsd today but an essential £10, because we have been down to our last iPhone charger shared between 6 devices as all the chargers have been either lost or have broken so I saw a deal for 3 for £10 on Amazon so spent that at 6am this morning, a bad start really haha

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 14th Feb 18, 7:44 AM
    • 499 Posts
    • 1,890 Thanks
    emmie26
    Well feeling so positive at the moment, I really feel that I will be able to clear all except the car loan by the end of the year and itís really motivating me. Every time I think of some Home project/improvement I just think, well I may as well wait a short time. Had an email to say Iíve paid off the kitchen loan and Iíve done a balance transfer to a 0% card as my 0% deal was coming to an end. This means I can focus entirely on my card and DHís card will be paid off by the end of the year if he continues to pay £150 a month.
    Despite my motivation, I had to buy a flute exam book yesterday for DD and buy a canvas for DS for art, so that was £20 I added to the non-budgeted spends, although I made a valentines card for DH rather than buying one, small victories

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • enthusiasticsaver
    • By enthusiasticsaver 14th Feb 18, 8:02 AM
    • 6,266 Posts
    • 12,460 Thanks
    enthusiasticsaver
    £10 for milkshakes!!

    Well done firstly on doing your bathroom without adding to the debt and paying off your kitchen loan. Good that the credit cards will hopefully be gone by the end of this year too so just the car loan to go.

    You need a savings pot for all the kids expenses as those seem to crop up with residential trips, canvases, music books, sweets etc.

    I am with your DH on the paying by credit card. Can you not get a second card on an account you clear every month? We use a cashback card only for supermarket and fuel spends and DH and I have a card each. It is easier to keep track of how much we are spending as we have set a monthly limit. It is cleared every month. I wouldn't recommend it for everyone as you need to be disciplined to clear it but you seem to be pretty good at managing your finances now.
    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
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