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  • FIRST POST
    • savingholmes
    • By savingholmes 2nd Feb 18, 7:58 PM
    • 8,955Posts
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    savingholmes
    Prosperous soul in the making
    • #1
    • 2nd Feb 18, 7:58 PM
    Prosperous soul in the making 2nd Feb 18 at 7:58 PM
    So a little about me...

    I have been on the forums before but have had a gap for a number of years. Unfortunately I have a serial debt habit and at times have cleared debt only to restart.

    Debt excluding mortgage 46554. This does include two car loans which between them account for about 26835 of this. This leaves approximately 19719 of CC / HP debt. In good months we repay about 1070 a month. Other than the car loans it is all on 0% balance transfer cards. We snowball and tart our cards regularly. Last year we repaid over 10K :even after a blip where we added about 1.5k of new debt.

    So why the diary.... Well I really need to break my over-spending habits and clear debt once and for all. This year I am wanting to set up a new craft-based business to help me do that. I have never sold anything on Ebay or Etsy. I don't have a paypal account. I am debating whether to set up a company - to protect my income - as otherwise any profit will just get lost in tax. My goal for the business is not just to clear debt but also to help me fund my son at Uni.

    I need some encouragement to not give in and add to the debt when the going gets tough. I also need some impetus to actually sell what I'm creating and not sit back and be perfectionist and say its not good enough. I am a closet hoarder and that's a habit I also need to break. I have also written a kid's book. I need to finish editing the grammar and have the guts to submit it somewhere and not leave it to gather dust. Oh and me and my husband both work full time in reasonably well-paid jobs that leave little spare time. We also have a teenage daughter.

    I don't want to post an SOA as I have done Martin's Moneymakeover and know where we've been going wrong - mainly fritter and impulse spending. We've recently changed our utility supplier. Next I intend to look at our life insurance and employment insurance and see if we can make savings there.

    Thanks for reading. If any of you crafters out there have used craft selling to get out of debt, please share your story as it would encourage me.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
Page 2
    • jwil
    • By jwil 5th Feb 18, 6:24 PM
    • 8,621 Posts
    • 26,605 Thanks
    jwil
    Good luck, great news about the claim
    "If you can dream it, you can do it". Walt Disney
    • Choccygirl123
    • By Choccygirl123 5th Feb 18, 6:27 PM
    • 115 Posts
    • 125 Thanks
    Choccygirl123
    That is great news about Barclays and well done for applying. The 8217 is a rather annoying glitch that happens when I use apostrophes and it is driving g me mad! Good luck saving, you are off to a great start.
    Always counting down to pay day, but making baby steps getting life on track! Looking forward to cracking the debt once and for all.
    • savingholmes
    • By savingholmes 5th Feb 18, 8:59 PM
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    savingholmes
    Thank JWIL and Choccygirl. I am so thrilled. I have been struggling with flu followed by sinusitis for about a month - but getting the news this morning blew away some of the cobwebs and gave me fresh energy. I feel so much better for being able to help out my son too.

    I have paid off my Xmas spend CC 212.04 today so now just have my longer term cards to deal with. PO have sent me an offer where I can move a balance for 6 months at 0 cost if I do it by the 15th. So thinking of doing it that - even though really I don't need it until 1 April. It would still give us some breathing room - and take us to 15 August which would be good. Alternatively I have a 20 month offer from a different card for 2.9% but I think I will get that again later so think I should do the free one for now.

    I need to pay 145.07 off X by 1 March and either pay or transfer 2608.55 by 1 April so they're my current focus. (2753.62). The PO card can only take 1800. My normal payments will take about 260 off between now and 1 April. So potentially I would pay 693.62 from my windfall and leave the rest as emergency funds / towards DS uni costs.

    I got OH to check the balance on one of his cards today - so excluding my Xmas CC spend that I cleared today - our debts currently stand at 46414.43.

    From reading other people's diaries - I think I need to go back to dividing up my savings pots / emergency fund into clothes, holiday, insurance, gifts etc. That probably worked for me the best. Our budget deteriorated last year when I stopped doing that and it meant that I had no guilt free spends which when you are a long hauler is an issue.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 6th Feb 18, 6:59 AM
    • 8,955 Posts
    • 17,015 Thanks
    savingholmes
    Well tonight I am going to someone's leaving do and can take one of my bottle lights. Hope they like it.

    Had an NSD yesterday. I need to take some money out today for DD's dinners, my cleaner (not giving her up) and small spends.

    I need to get back on track with my diet. I am eating too much chocolate again - which is impacting my weight, sleep and giving me hot flushes - possibly due to the caffeine.

    I worked through my budget again last night:
    By the end of the Feb pay day period (which runs to mid month) I expect to be at 45446
    By the end of the March pay day period (with extra payment from windfall) I expect to be at 43507
    (Leaving the spare cash stoozing until then).

    After that I have a CC which 0% expires in June which I need to tackle. I owe approx 5230 on that. I am due to pay that card 700 over that period - leaving a balance of 4530 to transfer / chip away at. I have a perfect credit score (part of the problem) so don't expect to have any issue getting a 0%. I tend to tart between existing cards rather than going for new ones as it is simpler but may check and see if I can get a longer term deal as that would help - or cashback from a new CC.

    I have asked OH to get a settlement figure for his car - and we will see if we can move it to a cheaper loan. I wonder how many times I will need to chase him. He is pretty good at not fritter spending (that's me) so I can't complain too much. Also it looks like on one of OH's card he may be paying more than the 0% rate so I will ask him to check and if so balance transfer it. I hope we sorted that out last Jan - but if we didn't he has been paying 4.9% for a year which would be irritating and unnecessary as we have cheaper transfer offers.

    Hope you are all having a good money saving day and thanks for reading
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • EssexHebridean
    • By EssexHebridean 7th Feb 18, 11:32 AM
    • 8,716 Posts
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    EssexHebridean
    I'm another who has savings money for annual spends and longer term stuff divided up into lots of pots and yes I've always found that works better for me too - the long term stuff is stashed aside, the ISA works as our emergency fund, and then I have individual accounts for car costs, household costs, holiday etc that get fed via automatic transfers at the start of each month. All that gets left in our personal accounts is our individual monthly spending money - which means at any given time we know exactly where we stand.

    Something else I've also found works for me is to start the week with a set amount in my purse - so I visit the cashpoint weekly, and take out sufficient to "build back up" to my level again. Unless we've got a weekend away or something the cashpoint doesn't then get visited again for another week. I've found this works well as a way of keeping track and then using that cash for all personal spends during the week does help to reduce frittering incidents.

    Hope the recipient of the bottle light loved it!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/995.38 (22/06/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • savingholmes
    • By savingholmes 7th Feb 18, 4:55 PM
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    savingholmes
    Thanks EssexHebridean - I am moving around 1K out of the account each month to earn some interest - which is more than enough to cover my savings pots. What I've stopped doing though is individual savings pots and I definitely need to restart. Until my latest LBM - I've ended up transferring the 1K back before the end of the month just to stay out of overdraft. I can't remember how much my savings pots are supposed to be - but certainly this time last year I needed about 670 each month towards annual bills / savings goals.

    Currently thanks to the refund I got I have money still in my main bank account and some savings...

    I don't know if the recipient liked the pressie as they didn't open it in front of it but I showed other people who all liked it. (It was in a gift bag).
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 14th Feb 18, 6:36 AM
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    savingholmes
    Sorry I've been absent for a week. I have had a manic week - was away at the weekend.

    I've given a couple of people bottle lights recently and they loved them so that's good news. On the money front, spent a bit more than planned recently. Had to buy DD a new coat and shoes - but got both for 50 in total so not too bad. I also have an important meeting this week so bought a new top for that. Completely overspent on food this month - so something to tackle next pay month that starts this weekend.

    Checked and OH's card is on interest free until the end of the year so that's good.

    Need to send meter readings to old and new utility company - will then get a final bill - think we owe currently as monthly DD set too low for our usage
    OH still needs to get a settlement figure for his car - so we can see if can get a cheaper loan
    If I'm doing the free balance transfer I need to do it today/tomorrow - have cleared that card so should be able to move 1800 for free for 6 months - will see if I can do that right now.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • clearmydebts
    • By clearmydebts 14th Feb 18, 10:34 PM
    • 6,093 Posts
    • 17,588 Thanks
    clearmydebts
    Welcome back Saving H. It's lovely to see a familiar face
    Total debt (starting September 2016): 19,500/27,000
    BOI credit card: 4,700/7,000
    Loan:14,800/
    Savings: 0
    • savingholmes
    • By savingholmes 15th Feb 18, 8:59 PM
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    savingholmes
    Just moved the 1800 which is a relief as was able to do it for 6 months at 0 cost...! So on track to clear what I need to by 1 April which is when my next 0% finishes (after the 1 March one).
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 15th Feb 18, 10:22 PM
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    savingholmes
    Just looked at my free credit report and decided to pay 33.52 off a card to lower my % of credit used on that card. For those who keep track of such things - checking my finance data - I found some balances were slightly higher than I thought when I started the diary - I had missed one of OH's debts out.

    Dec-Jan pay day balance was 47512
    Jan-Feb pay day balance was 46730 including latest payment
    Feb-March aim to get to 45554
    Mar-Apr aim to get to 43617 (slightly higher debt figure than I hoped due to starting debt being higher)
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 17th Feb 18, 10:33 PM
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    savingholmes
    I've been paid which is good so that restarts my pocket money. Today I went to charity shops for materials for my crafts. As well as any money making potential - doing crafts helps keep me sane!!! They also make useful gifts.

    * Managed to get 3 hexagonal glasses for 2.50 (total) that I am hoping to glass paint and sell for more like 10-12 each.
    * Got some nice glass bowls for 2 for 3 that I am hoping to make into candle holders
    * Got 3 sets of beads for 99p each which I am hoping to make into a heart shaped hanging decoration - perhaps adding buttons, old clip on earrings and other bits and piece to it. May even make more than one. I think I could sell a heart on Etsy for 15-20 each.
    * I struck it really lucky in one charity shop as I walked in as someone donated a large plastic carrying case full of ready made hexagonal quilting shapes, spare materials (fat quarters) and threads and scissors, tape measure and special plastic measuring thing. I got it for 5!! I need to ask a friend to teach me how to make some stuff with it. Failing that I have been looking at Pinterest and other places for ideas. I fancy making a heart shape or a rabbit. Could make several items out of it as the box is say almost A3 size but square and at least a couple of inches deep.
    * I also got a hanging picture frame with a couple of hearts on it for 2.

    I then had a belated valentine's lunch with OH (we agreed to wait until my payday) and we then went to a National Trust property and had a 3 mile or so walk. The most I've walked this year so far.

    This evening I ate leftovers and then have made crafts. Experimented with adding blue food colouring to a small sample of chalk paint which worked. Have sponged white and blue chalk paint onto bottles and jars and then added embossing power to give a glittery effect. Looks really nice. (I had previously put some decoupage on them - book and nature characters...)

    I have also sponged the white frame I bought with the blue chalk paint- and took off the two hanging heart picture frames. I want to use them separately and put other smaller hearts on the frame with messages on. I felt the original hearts were oversized compared to the frame which was probably why someone donated it to charity in the first place. I already have spare hearts that I got half price at H0bbycr"ft a few weeks ago. I have even decorated some already so will see if any of them are suitable for this.

    I also bought about 12 of craft items in The Works including gift tags, ribbon, glitter, wooden letters, double sided sticky tape and some plastic covers for cards that I make/have made.

    A friend gave me around 20 empty jars this week - really nice candle jars with lids etc. So they are currently in the dishwasher getting clean and shiny ready for decorating. I am hoping to glass paint some of them to start with and then see what else they need if anything.. May decoupage some of the others. Still debating whether to sell them empty or whether to buy candle wax and add that. It would increase the cost and effort to me if I add candles but may not improve the selling price so need to weigh up the advantages / disadvantages of that and likely costs.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 17th Feb 18, 10:44 PM
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    savingholmes
    Checked into OH's car loan, it's already interest free so not worth moving will just need to consider how to deal with it when it ends about June 19.

    Sending DS 200 at uni tomorrow and then another 200 after OH payday so meeting that goal.
    Currently have 1300 in savings/emergency fund. Debts and loans repaid during the month by direct debit so currently on track. Goal for this month is not to go into savings rather than pay off extra debt.

    Food is still costing too much. Spent 66 on groceries and got it delivered today to reduce temptation to buy other items. They refunded me 3.12 as something was short dated but let me keep it which was good.

    Thanks for reading. Hope you are having a good weekend.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 17th Feb 18, 10:54 PM
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    savingholmes
    Also got OH a belated Valentine's present from a charity shop - cut glass whisky style decanter for .... drumroll..... 3.50! Don't know what they were thinking as even in charity shops they are normally more like 12 where we are.... Also bought him his first new coat in years - it looks like a leather jacket but is pleather - we thought it was 40 but it was actually 20. Plus it had slight marks so got 10% off it and then my DS works for the shop so we got a further 10% off. So really pleased.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • Drawingaline
    • By Drawingaline 18th Feb 18, 7:33 PM
    • 431 Posts
    • 1,447 Thanks
    Drawingaline
    Wow, some fantastic bargains there!
    • savingholmes
    • By savingholmes 19th Feb 18, 8:13 AM
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    savingholmes
    360 goes out to car loan one today.

    OH gets paid tomorrow - I never know what he's going to get - as they have a canteen vending thing that is deducted from his wages.

    I have the day off today. If the weather is nice may go to another National Trust property. Need to organise all my craft stuff and what I've already made too and decide where to store them. I Have been experimenting with different techniques and I like some better than others. I think the glass painting looks most effective so far versus decoupage... although I've had some success with both.

    Would also be good to do some batch cooking - good from a slimming perspective and reduces the temptation to eat out / go shopping again.

    I did spend another 35 or so at HB yesterday - mostly on things like food and tissues and toiletries but even so probably not all justified and an area I need to continue to work on. I went in for garden wire that cost me 99p.... enough said - still need to conquer impulse / fritter spend.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 19th Feb 18, 9:31 PM
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    savingholmes
    Had the day off. Mixed day - took some stuff back to the shop but pretty much re-spent it. OH is also out on a meal with friends tonight which may blow our eating out budget as we ate out on Saturday.

    I have just set up PayPal which is a good first step to selling on Ebay or elsewhere. Target: Get some stuff together to list on facebook or ebay by the weekend. Ideally to include:
    1. * My archery kit - used once - nice bag, bow, quiver etc - cost 160-200 new
    2. * Possibly an art print if OH agrees to let it go - cost about 500 but currently worth about 200
    3. * OH's golf clubs and bag - birthday present 7 years ago - he tried out one - just cluttering up the garage - cost around 60 new - unsure what can sell it for - got it from Sports Direct originally
    4. * Will look if have any music to sell on music magpie or equivalent
    5. * Will also look at books to sell
    6. * The quilting thing I bought for 5 looks like it could easily be worth 30 on ebay plus postage - may be easier (and end up being cheaper) than me trying to make something with it although I may keep some of the materials... Not sure...
    7. * Some of my recent craft bottles and jars
    8. * Old craft stuff I have lost interest in (eg rubber stamps)
    9. * Perhaps clothes / shoes

    Need to see what else we have around the house and make a concerted effort.

    I've listened to various talks on financial freedom today - and realised I am currently taking the scenic route - ie slow - but freedom would be so much nicer... I recently looked into my car loan too - I frontloaded the interest in my quote of debt level which means if I did need to sell the car I would probably get within about 1K of what I owe. I know I haven't posted an SOA but even with our current amount of debt our assets:
    • Car 1 and Car 2 are worth approx 24K between them
    • House is worth about 235K - on which we have roughly a 145K mortgage
    • So even with a 46K debt - in the unlikely event we ever needed to sell up we would still be about 70K in credit over all.

    We recently changed gas and electricity supplier - next step is to upload our meter readings so can get a final bill. Expecting to owe original supplier 200.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 20th Feb 18, 9:02 AM
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    savingholmes
    Yesterday the following payments went out in addition to the car loan:
    H 18.34
    D 51.50

    If I am to stay out of my emergency fund / savings will have to sell stuff this month. I am gutted as in my excel spreadsheet I had missed out a payment of 273 so thought we were doing better than we were. So ideally would want to make this up.

    Opticians costs are intended to come out of my savings pot as are clothes. DD and I both have opticians appointments this pay month. Considering trialling YNAB or other app to see if it would do more of the work for me. Would have to get OH involved too though as sometimes he spends money without warning and it wrecks my plans...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 21st Feb 18, 11:11 AM
    • 8,621 Posts
    • 26,605 Thanks
    jwil
    Good luck with the selling
    "If you can dream it, you can do it". Walt Disney
    • natsplatnat
    • By natsplatnat 21st Feb 18, 11:47 AM
    • 2,801 Posts
    • 2,499 Thanks
    natsplatnat
    sometimes he spends money without warning and it wrecks my plans...
    Originally posted by savingholmes

    I think quite a few of us know this all too well!
    LBM ,- Wed 19th Nov 2008 21,225 PAID OFF
    *DEBT FREE 28th September 2015*
    *2018 cashback pending 99.80, paid ??*


    • savingholmes
    • By savingholmes 21st Feb 18, 9:16 PM
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    • 17,015 Thanks
    savingholmes
    Thanks Jwil and Natsplatnat

    I need to look at gas and elec switching again. I tried to switch to Avro and for whatever reason it didn't go through - they are saying they requested some info I didn't send but I don't have the email so I am really frustrated. They cancelled the switch - which leaves me on a really high tarrif that I thought I'd ditched. Need to work out what to do instead. It appears we now owe our current supplier about 400 not the 200 I thought. I hate it when they put up direct debits without warning but it seems pretty stupid of them not to suggest putting up the direct debit on this occasion. It's currently 113 - so to be 400 in the red shows they really underestimated when they set up the DD.

    OH's tyre blew when it caught on a massive pothole on an A road last night. So potentially need to fix it 82 and make a claim. Unfortunately a couple of his other tyres need replacing.

    Good job I had the B@rclays payout as I am about to have to use it. It will probably blow my ability to use it to pay off a CC balance though - so I may need to do a transfer to an existing card or a new one by 1 April instead. Soooooo frustrated.

    At least OH was safe last night though - things could have been a lot worse. Luckily he also knew how to change a tyre to the spare - I wouldn't have been able to do it....
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
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