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    • FiscalPickle
    • By FiscalPickle 4th Dec 17, 5:38 PM
    • 108Posts
    • 258Thanks
    Time to turn this around
    • #1
    • 4th Dec 17, 5:38 PM
    Time to turn this around 4th Dec 17 at 5:38 PM
    I had my lightbulb moment recently. Despite the fact I have a good job in an industry that means I should know better, I've got myself into a bit of a pickle. The goal for the next 2 years will be getting out of debt, out of the consolidation trap and into a good position re savings. The 2 years after that will be aimed at saving for a house deposit. My debts are:-

    HSBC loan 7872.48
    Virgin credit card 4019.39
    MBNA credit card 2825
    Car loan 5011
    Tax bill 139

    Grand total of 21,266.47 - I realise this doesn't add up please see post dated 18/12/17 for explanation!

    Once Christmas is out of the way and I've paid the tax bill, which is due at the end of the year, I've worked out a budget as follows:-

    Rent, household bills, food 1060
    HSBC loan 238.56
    MBNA CC 75
    Virgin CC 400
    Car 94.89
    Car ins 29.08
    Car service & repairs 50
    Contact lens scheme 26
    Entertainment 50
    Christmas & birthdays 80
    Clothes/shoes 50
    Hair 40
    Holiday fund 60
    Emergency fund 50

    This comes to 2303.53, my nett wage is 2,305. I'm throwing all I can at the Virgin balance until I've paid the spending part off, 1200 of this is on 0% until November. Then I'll concentrate on the MBNA, then the HSBC loan. Then I'll reevaluate. The HSBC loan is 7% APR, I'm halfway through paying that so most of the interest has probably been paid. I've set up the piggy accounts for car maintenance, holidays and emergencies. I've been in the habit of saving for Christmas and birthdays all year for some time now. Here goes!
    Last edited by FiscalPickle; 18-12-2017 at 4:58 PM. Reason: Amending total debt figure
Page 7
    • FiscalPickle
    • By FiscalPickle 8th May 18, 12:26 PM
    • 108 Posts
    • 258 Thanks
    Week 23
    The money chat didn't happen over the long weekend, Mr P has had a stressful time of late, particularly with his daughter, I didn't want to add to his worries.

    We have decided to go away for Christmas this year, the 80 I save for Christmas and birthdays will cover the cost, along with birthday gifts and a dramatically pared down Christmas gift budget. We're staying in a hotel for 3 days, then with my brother. The thought of not having to do food shopping or clearing up is pure heaven, I'm very excited.

    On the weight loss front, I binned Weight Watchers off quite a few weeks ago when I started to gain weight
    Their new Flex plan just isn't for me, I find it very restrictive and boring. At 21 a month, I wasn't impressed. I'm going to try a new approach for me, any snacks I have must be a fruit or vegetable and I'm going to try new fermented and probiotic foods. Things like home made kefir and shop bought sauerkraut are supposedly very good for gut health, I have a feeling my poor gut could do with a rest. I'm back to my January weight, which is slightly depressing but WW did make me go on a slightly mad binge.
    DFD - 26/10/19
    In the process of shedding 20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 14th May 18, 12:43 PM
    • 108 Posts
    • 258 Thanks
    Week 24
    Nearly 6 months has passed since my lightbulb moment, as predicted the grind and the boredom of drilling down debt and trying to be frugal with everything has grown. I've crept into my overdraft through lack of planning, which is a result of a distinct lack of enthusiasm.

    To try and inject some of the enthusiasm back, I've done a forecast of what the debt is likely to be by the end of the year. With a fair wind, it will be under 12k. Once I get to a certain point, I'll be able to chuck almost 900 per month at the debt and it will diminish fast. Getting to that point though, feels like light years away.

    By autumn 2019 the finish line will be very much in sight, I will hopefully by then be better at planning, discipline with money and completely unlikely to ever take out a personal loan or fritter money on a CC ever again.

    DFD - 26/10/19
    In the process of shedding 20k and 35lbs
    • Cherryfudge
    • By Cherryfudge 15th May 18, 12:21 AM
    • 1,701 Posts
    • 9,169 Thanks
    It sounds as though it's hard going. These things seem longer looking forward than they do afterwards, looking back, but you can do it! Sometimes even silly stuff can be a motivator: 'wombling' loyalty points (my DH never really bothers with his so I grab them), playing with that calculator somewhere on this site which tells you how much you are spending on regular small treats over a year, even selling incredible stuff on ebay (there is an article somewhere about people selling the tubes out of toilet rolls). Maybe you can find something to get you through this phase till the 900 a month part kicks in, when I expect we won't see you for dust - that's a whopping chunk to pay off on a regular basis!
    MFW #30 Paid off 1,622.77/3770 as of 4/5/18
    • FiscalPickle
    • By FiscalPickle 21st May 18, 5:55 PM
    • 108 Posts
    • 258 Thanks
    Week 25
    After a weekend of absolutely zero spends, I'm very much looking forward to payday this coming Friday. Got a few nice things planned for the long weekend out of the entertainment budget, including the cinema and a meal out. There may be a couple of drinks either at or after work on Friday, in honour horror of GDPR becoming enforceable.

    I'm just waiting for one more interest certificate and then I can submit my tax return. Every year, getting this from HSBC is unnecessarily complicated. I have a feeling that I might be in line for a small rebate, fingers crossed. If so, it's going straight to the Virgin CC.

    I had another look at my MSE Credit Club profile, according to this I am using 45% of the available CC credit I have, but conversely it still says my affordability for loans/CCs is poor, as it perceives my disposable income to be rubbish. Well they're not wrong about the disposable income, it's going to be so much healthier once Debt Mountain has been eradicated. However, if I were using the maximum almost 14k of credit available (*shudders*) it would be even worse? Perhaps it factors in the whole amount, its a moot point really as I was just curious. I still have an excellent score of 984, so things are looking good for once the debt is cleared and a house deposit has been saved.
    DFD - 26/10/19
    In the process of shedding 20k and 35lbs
    • Drawingaline
    • By Drawingaline 21st May 18, 7:17 PM
    • 425 Posts
    • 1,429 Thanks
    Hi fiscal pickle, just been catching up. I am also at the incredibly bored stage with debt busting. Mine is on the back burner until the madness of the summer holidays are over, plan is 2k between sep-dec, we shall see lol!

    Onwards and upwards....
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