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    • middleclassbutpoor
    • By middleclassbutpoor 18th Jun 17, 6:28 PM
    • 129Posts
    • 137Thanks
    Stop the regret. Here is to the future
    • #1
    • 18th Jun 17, 6:28 PM
    Stop the regret. Here is to the future 18th Jun 17 at 6:28 PM
    My first post after lurking and reading many other peoples diaries, so here goes....

    Married with 2 dd's aged 3 and 7. Both of us work and are in what I would consider reasonably paid jobs (which may be well paid to some but not to others).

    We currently sit at approx £48k in debt, excluding the mortgage. Our total debt including the mortgage sits at approx 2 times our gross income.

    I have started the journey, had the lightbulb moment and entered all my debts in to the snowball calculator. Looks as though this is likely to be a 2.5 year journey but possibly 2 with some good luck behind us if we get a similar non-guaranteed annual bonus to what we received this year.

    Having our youngest starting school this September is going to massively help by putting £800 back in our pockets each month.

    Starting with the smallest debt which happens to also be the highest interest rate with Next. That will be paid off this month with approx £230 on that.

    We have also transferred the 2nd highest interest paying debt from our tesco credit card to a barclaycard which had space on it to get a 0% offer for 9months. We have set up a fixed amount on this which is above the min payment.

    Full overpayment capability will not start until September but doing what we can now.

    As a reminder to myself when I update and look back on this.. Why am I doing this?

    - To be able to promote a debt free life to my children
    - To be able to pay for a holiday of a lifetime for my 2 children in 3-4 years time where we can go to Disneyland as a family and not be worried about what it has cost.
    - To be able to not worry about one of us losing our jobs and it meaning we are in the deep brown smelly stuff.

    We have wills, life cover, private health cover, critical illness etc but yet I keep kicking myself for getting in to debt.

    I never think about what happens if I find myself needing any of the things we have put in place to protect our family.

    However it worries me now more than ever that we are one job loss/redundancy away from our worlds potentially becoming a nightmare.

    Having removed my credit card from paypal, amazon, asda etc, Im now working on the basis that any overpayment made to my debts wont just offset my additional spending.

    Anyway here is to the future of being debt free.
Page 1
    • Aaleigha
    • By Aaleigha 18th Jun 17, 7:46 PM
    • 394 Posts
    • 2,647 Thanks
    • #2
    • 18th Jun 17, 7:46 PM
    • #2
    • 18th Jun 17, 7:46 PM
    well done for posting its more than I have done

    my debt is so minimal to some peoples

    will subscribe and follow your journey
    NSD AUGUST - 4/19 no spend days this month

    started a zero budget to save as much as I can
    2761 to date
    • another casualty
    • By another casualty 18th Jun 17, 8:53 PM
    • 3,559 Posts
    • 5,502 Thanks
    another casualty
    • #3
    • 18th Jun 17, 8:53 PM
    • #3
    • 18th Jun 17, 8:53 PM
    Great start to a diary. You seem very responsible and focused .
    Some things just cannot be helped financially, and life in general .
    Wishing you all the best in your aims
    • clearmydebts
    • By clearmydebts 18th Jun 17, 9:07 PM
    • 6,093 Posts
    • 17,588 Thanks
    • #4
    • 18th Jun 17, 9:07 PM
    • #4
    • 18th Jun 17, 9:07 PM
    Wishing you the very best of luck. You sound really determined!
    Total debt (starting September 2016): €19,500/€27,000
    BOI credit card: €4,700/€7,000
    Savings: €0
    • jelly head
    • By jelly head 18th Jun 17, 9:11 PM
    • 19 Posts
    • 77 Thanks
    jelly head
    • #5
    • 18th Jun 17, 9:11 PM
    • #5
    • 18th Jun 17, 9:11 PM
    Hi middleclass
    I am in the same boat as yourself so I am going to follow your diary very closely and make my own at the same time. Hopefully we can become debt free and spur each other on to do so.
    I think the hardest part is writing it all down so well done so far.
    • middleclassbutpoor
    • By middleclassbutpoor 18th Jun 17, 9:42 PM
    • 129 Posts
    • 137 Thanks
    • #6
    • 18th Jun 17, 9:42 PM
    • #6
    • 18th Jun 17, 9:42 PM
    Thanks all.

    I think it does help when you write it down.

    If one thing I have learnt on here is that even the best plan doesn't always pan out how you planned. However I think that as long as you keep moving with it the you are winning.

    I have also just started running doing the C25K program and one thing that has resonated with me is that by breaking down your goal into smaller chunks, it doesn't seem so big a challenge.

    Unfortunately my journey for this goal will be longer than 8 weeks however maybe I should consider looking at my journey in smaller periods. 2.5 years = 130 weeks = 10 x 13 week periods.

    One to ponder over the next couple of days and review my snowball calc and commit by writing here...

    Watch this space.
    • glass_half_full
    • By glass_half_full 19th Jun 17, 9:40 AM
    • 285 Posts
    • 702 Thanks
    • #7
    • 19th Jun 17, 9:40 AM
    • #7
    • 19th Jun 17, 9:40 AM
    Hi there,
    Good luck! You goals will help you stay focused.
    All the best.
    Non-mortgage Debt free 21st June 2018

    Mortgage June 2018 £79,600 I Mortgage now - £79,600 I MFW Target July 2023
    • middleclassbutpoor
    • By middleclassbutpoor 24th Jun 17, 10:37 AM
    • 129 Posts
    • 137 Thanks
    • #8
    • 24th Jun 17, 10:37 AM
    • #8
    • 24th Jun 17, 10:37 AM
    Well, just a quick update.. Paid off the next card as planned following pay day... So just waiting for that to show so we can close down the card.

    The next debt to focus on is my Barclaycard which has 13.5k on it... I have removed the card from all my online accounts and removed any regular payments that were coming from it.

    The Minimum payment is around £300 for this. I want this down to 11k if possible before end of September so thats a target of 2.5k over 3 pay days (plus interest).

    Remaining focused..
    • beanielou
    • By beanielou 26th Jun 17, 6:39 PM
    • 55,474 Posts
    • 222,671 Thanks
    • #9
    • 26th Jun 17, 6:39 PM
    • #9
    • 26th Jun 17, 6:39 PM
    Great start
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • Chandelier.
    • By Chandelier. 27th Jun 17, 11:02 AM
    • 672 Posts
    • 1,690 Thanks
    Keep going ! It's great you've paid off your next card. Now to focus on the next one. You're goal by sounds impressive, but when there's a will there's a way.

    Use this diary as well as others to keep yourself focused. Baby steps each time along the way.
    • middleclassbutpoor
    • By middleclassbutpoor 1st Jul 17, 6:43 PM
    • 129 Posts
    • 137 Thanks
    Thanks all for the encouragement so far!

    As I mentioned earlier I started running and even when I was at school, I hated it. 6 weeks ago, I had to run for 60 seconds and walk for 90 seconds and that was tough.

    This morning, 6 weeks later, I have run for 20 mins solid and today I did a PB for 5k in a little over 32mins. Really shows if you follow a structured plan which is sensible you reach your goals. running is really giving me some time where I don't have to think about anything - it's great!

    This week has presented some other things to think about - other than running and becoming debt free.

    I have been advised that my end of year bonus may be altering this year which if signed off could offer a bigger pot with a max paying probably double what I got this year. The chances of double happening though is not likely but potentially a realistic 33% increase. Wohoo!

    In addition to this, I have also been approached by a competitor who feel I may be a good fit for them. I am really torn on this one. I absolutely love my job, have a good number of years with them which would would give me a fairly decent payout should redundancy ever happen and am in a position where I basically look after myself with very little interference from elsewhere. My role allows me to work from home.

    The role I have been approached for would increase salary by 30% and offer an annual bonus of potentially 6 x my current potential giving me a realistic 50-70% increase in income overall. This is a massive financial difference and I could pay off not just my debts but potentially my mortgage within 3-4 years if I was successful. This role would include more travel and working from an office in the city closest to me which is about 35miles away.

    So why am I torn...? I think the only reason I am considering it is because I often wonder whether working for the same employer works against you these days and I want to progress more where I am but the opportunities are not there at the moment. I do wonder whether I am in my comfort zone?

    The fact is that if I didn't have my non-mortgage debt, I would probably be in a position where I could easily have a fantastic lifestyle without the need to have a job that requires me to travel loads. It really does put a question on how much I value the freedom of my job and whether my desire to earn more is to try and provide that lifestyle whilst carrying the debt...

    Anyway, I guess it's one for me to reflect upon and consider whether taking the slow and steady approach will continue to work for me, or whether I should consider pushing myself and going out of my comfort zone into a company/job which I may not like as much as my current one...

    Regardless, the plan remains the same - get debt free, enjoy the journey and continue with the plan.

    Hope you are all enjoying your weekend.
    • dionysia
    • By dionysia 2nd Jul 17, 9:44 AM
    • 76 Posts
    • 152 Thanks
    Well done keeping up with your running! Those couch-to-5k programmes are really good for building a habit.

    Your job offer sounds like a nice problem to have . Being able to be mortgage-free in a few years could open up so many possibilities. But being very self-directed and working from home are really valuable too, 35m into a city centre every day could end up being a killer commute. Is there any chance of an honest conversation with your current manager and perhaps leveraging the offer into more money or a commitment to develop you more where you are?
    June 2017: owe £16,818.
    June 2018: owe £13,263.
    • middleclassbutpoor
    • By middleclassbutpoor 2nd Jul 17, 4:40 PM
    • 129 Posts
    • 137 Thanks
    Yeah it is a nice choice to have.

    We have experienced redundancy within the household which happened shortly after starting a new job so that sticks in my mind still also. Its this that makes me even more cautious when I think about walking away from nearly 10 years service with a 3 month notice period required.

    I have spoken to my manager to wanting to progress. He is really supportive but the issue is that until a position opens up there isn't a lot they can do. There is talk of the company growing over the next couple of years and opportunities being created but you just never know. Lots of 'ifs and buts'.

    Re trying to get more money, it is something I am considering in how I approach. Its one of those things where I don't want to ruin a good thing either so will see how it plays out with the other company I think. I do feel like my role has had increases in responsibilities of late so maybe thats an angle to approach it on.

    Re the other job, I believe it would add about 3hrs on to my day. Which seems fine in summer but come winter, I know it will be less appealing. I just couldn't see the role being more than a 5 year role with that kind of travel involved.

    The bottom line is that I appreciate what I have and whilst that is there, I think it would always make it a difficult decision to move. There are no doubt many people on here who are in a far worse position than we are and my problems are not bad problems.
    • welshlady33
    • By welshlady33 2nd Jul 17, 5:03 PM
    • 38 Posts
    • 225 Thanks
    Hi MCPM

    Just my humble opinion but your girls will never be this adorable age ever again - enjoy as much time as you can with them, I wouldn't change jobs if it meant more time away from them.

    When you kick the debt to the kerb you it will be like having a pay rise anyway.

    All the best
    • middleclassbutpoor
    • By middleclassbutpoor 28th Jul 17, 4:28 PM
    • 129 Posts
    • 137 Thanks
    Been a little while since I updated.

    Having started a 2 week break from work last week, it was nice to not have to think about work or jobs.

    We took a decision to try and have a last minute few days break with the kids and appreciate some family time together. Today we have come back from 4 days at Butlins. We got a really good deal which has cost me my credit card overpayment for this month but haven't come back with any financial regrets as a result - as it's not been done on the never never.

    As an added bonus due to the flatness of the park, I managed to run 10k with a couple of 1 min walking breaks along the way - super impressed apart from my first running injury of my moobs and t-shirt causing joggers nipple!

    A bit of a curveball for me was that I have been presented with an expected bill however the unexpected bit was that it was nearly double in cost than I was led to believe. I will get this repaid as I have agreed to pay it in a couple of instalments. This has taken nearly a year for them to complete some work which in the main was done last summer.

    The plan to hit 11k for end of September has now become a real challenge but going to try and flog some stuff that I never use etc and have set out a budget for the rest of this month so it should still possible with some good planning I believe.

    As an update on my career conundrum, I managed to have a conversation with my boss before starting annual leave. It seems to have landed as well as I could have hoped at this stage. There is likely a lot of things going on within the business which will require some changes so he thinks there will be a good opportunity to get this on the radar but agreed that now was better timing given the last time the business was in the middle of some major projects.

    Not counting my chickens but as it has accepted and agreed that my responsibilities have increased there seems to be a good case for a review of grade and title etc. So will see what happens there when Im back from holiday.

    I am really lucky to have an employer like I do so this has really made me appreciate that the grass may not be greener and even though I'm unlikely to get an increase on the same scale as going elsewhere the pay is still excellent and I don't think I can put a price on having to start again in building up a profile.

    Anyway, another week off to go and relax with a view of spending as little as possible.
    • middleclassbutpoor
    • By middleclassbutpoor 12th Oct 17, 6:39 PM
    • 129 Posts
    • 137 Thanks
    Just a quick update. I decided in the end that the grass wasnt going to be greener and remained in my role.

    I have managed to get my barclaycard balance down to £9618 which has come down from £13,500 in June. - I set a target to have it down to 11,500 by September so given where I am it looks as though I have smashed this. The reality is that I thought I would try and see if I had any PPI and found that I did so I have been able to surpass this target with a successful claim.

    There looks like another one to come in the next couple of weeks so I am going to put a target of having this down at 5.5k by the end of the year. I am paying £1100 now on direct debit so have Oct, Nov and December to come so this should take me to around 6,500. The PPI hopefully will get me down to that point.

    I am going to review our spending and I am looking to try and increase the £1100 to a higher payment to see if I can ensure that xmas doesnt impact on my debt repayment.
    • enthusiasticsaver
    • By enthusiasticsaver 12th Oct 17, 10:41 PM
    • 6,684 Posts
    • 14,183 Thanks
    Brilliant debt busting there.
    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 Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to
    • missmental123
    • By missmental123 12th Oct 17, 11:04 PM
    • 55 Posts
    • 154 Thanks
    HI! Well done so far on paying the debt and the PPI claim. I have just made a claim for PPI too! Fingers crossed.
    Total: Debt July '17 -£23,806.33 - now
    -£16,910 (£6896 or 28.9% paid)
    • middleclassbutpoor
    • By middleclassbutpoor 21st Oct 17, 7:28 PM
    • 129 Posts
    • 137 Thanks
    I am now down to £8964 following a further £610 repayment that I have managed to do.

    Its getting quite addictive is this debt repayment game. My DD of £1100 is going to come out too before the end of the month so I am hoping that my balance will start with a 7 by the end of the month.

    It's half term week next week and Im off work - going to see what else I can do to get this down. Having tried to estimate when I will have this paid, I hope to have this done by April next year.

    Ive not really talked about the rest of my debt but after this we have another card with around 8k and another one with what should be around 4.5k by April - both of which are on 0% deals. I am hoping our annual bonuses will pay the 4.5k in March next year and then we can spend 4 months paying off the last credit card with the snowballing effect.

    I keep dreaming about when I get to the point of paying the credit cards off and wishing it would happen faster as I have a personal loan to hit after the cards - which should probably be paid before the 0% cards as interest bearing at around 3.5% but I just want to be credit card free for the first time in my adult life. I will make a final decision on what to pay next when I have got this interest bearing cc repaid fully.

    Based on this all going to plan we hopefully will be celebrating around this time next year as we will have paid that off too. So just got to stay focused and not get carried away about how I will be able to properly save for cars/holidays etc in the future.
    • middleclassbutpoor
    • By middleclassbutpoor 27th Oct 17, 5:12 PM
    • 129 Posts
    • 137 Thanks
    This months payment has gone and my card is down to £7664. There is £200 to go onto this so I increased my £1100 payment to £1300 this month to account for this and stay on track.

    The statement that has just been produced has a figure of over £12k so it is quite amazing what the overpayments and PPI have done to this balance.

    Just been looking at our bank account and have worked out what Direct Debits need to come out and it leaves us with around £1,200 to last for just over 3 weeks. This is looking good but for some reason we always seem to spend more than expecting in the last couple of weeks leading up to pay day.

    I have therefore tried to come up with a budget of sorts:

    Here is what I think we will need before the end of the month.

    £180 for groceries
    £120 for fuel for 2 cars
    £100 for half term entertainment
    £100 for after school club, Swimming lessons and 2 weekend entertainment.

    Im thinking of drawing the money out of the bank and then putting a 'no card payment' rule in place to see if this controls it. This would leave us £600 in credit for the month.

    My car insurance is due at the start of December and I'm just waiting for my renewal but expect it to be around £500 for the year so it would be good to have this set aside ahead of this.

    As we are off with half-term I have been asked about 100 times whether i am going away. It was getting very difficult to keep saying no in my head.

    I am desperately in need of some warm weather as not had a summer/sun type holiday in nearly 3 years.

    I'm not going to lie and tell you that I haven't been questioning myself about the severity of my cutting back to reduce these debts and whether I really need to forego these things. Surely I could take a bit longer to pay these things off right? Well I have stayed strong so far. Just keep thinking how much better we will be when all of this is gone.

    Anyway, I had a letter confirming my 2nd PPI complaint is being investigated. I would be delighted if this allowed me to clear this card before the end of the year but my wish for this balance to start with a 7 this month has been achieved. I will have next month starting with a 6 hopefully and it starting with a 5 in December. I doubt the PPI will be £5k so unlikely that I will have this fully repaid by then.

    Anyway - onwards and upwards in life (or should that be downwards for my debt?)
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