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  • FIRST POST
    • savingholmes
    • By savingholmes 2nd Feb 18, 7:58 PM
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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 4
    • savingholmes
    • By savingholmes 6th Mar 18, 7:59 AM
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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)
    Originally posted by savingholmes
    Due to be 45626 by the end of the month... Not gone off plan - figures above should have been

    47761 Dec/Jan
    46928 Jan/Feb
    45626 Feb/Mar - so will have paid circa 1302 this month - (around 255 still to leave account)
    44484 Mar/Apr - unless I reduce some of the payments....

    In moving my balance transfers my payments will need to change - as on one card I am due to pay an extra 45 after moving it from BC to an empty card. I just haven't got around to changing the minimum payment yet. Similarly - if I do get accepted for the new card - I will then need to review what my payments should be. I prefer to save up amounts rather than significantly over-pay up from when items are on 0% - if I can get interest elsewhere.

    When I am off over Easter (yes I am counting down already) - I want to:
    a) see if I can get cheaper life insurance / better length of term
    b) see if M&S would accept me for car loan as their rate is 0.4% better than my current one.... (to maintain credit score - going to wait a month before applying)
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 6th Mar 18, 12:34 PM
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    jwil
    Well done! Hope you get the balance transfer, even a smaller amount will help!
    "If you can dream it, you can do it". Walt Disney
    • savingholmes
    • By savingholmes 6th Mar 18, 8:49 PM
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    savingholmes
    Well you will all be pleased to know that I took my parcels back to the post office and got certificates of posting so shortly should get around 94 refund form D3b3nhams. Hope it comes before payday.

    A friend had one of my bottle lights today and loved it. Her bottle was a charity shop find but matched her room perfectly and I had added some bling...

    The friend I was hoping to sell the cat jar to hasn't come back so don't know if it was too expensive for him I will still make some more of that one though as I really like it.

    A different friend took me out for a chat and bought me a drink and some cake which was nice. She also gave me an old candle jar to upcycle..
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 7th Mar 18, 8:48 AM
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    savingholmes
    Talked to a friend about how much we pay in debt repayment a month (although didn't tell her our total debt)... she was shocked but supportive. It's nice to have a "real world" rooting for you as well as online support. Interestingly one of the first things she said was that I needed to forgive myself for the debt... She's not wrong.... Why is the hardest person to forgive always ourselves....? Need to ditch shame.

    In terms of savings for things later in the year things aren't going to plan. Will set up savings pots again when I get paid mid month. So I can have guilt free spends on clothes, presents, holidays etc but also see the impact more clearly if I "rob" the pot for a fritter spend etc.

    Still need to try FB selling too. Life feels soooo busy. My procrastination over sending parcels back is what worries me over Eb@y too - I don't want to miss out on sales because I don't send stuff off in time - but then I'm missing out on sales now by not even trying... Arghhh.... You know when you are frustrated with yourself but still struggle to change and breakthrough that invisible barrier... Need to forgive myself for being human....

    Small DFW things I do - almost always take lunch to work. Try to get shopping delivered so I can take stuff out of the basket and not get carried away. Try to avoid going shopping at all as it is temptation city for me - especially "bargain" shops.... Making craft presents instead of buying things.... usually cheaper even than flowers and much more meaningful.

    So financial plan for this week:
    Continue to take in lunches
    Try and get DH to take in lunches too
    Still need to do tax form for both of us
    Make myself list somethings on FB (have done via friends just not formal group yet)

    MIL has said, 'Don't splash out for mother's day." I will follow her direction and give her and her friend something I have already made. She is coming over for sunday lunch and bringing a friend - so just the cost of ingredients. Still need to do something for my Mum but think I have M00npig credit left so can send her a card that way and expect to see her at Easter. Probably should tell her we are coming...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 7th Mar 18, 2:29 PM
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    jwil
    If you set up a 3 day dispatch on eBay, it will give you a bit of breathing space. I have this, though mostly post the next day. I print my postage at home and take it to the delivery office where they stamp my proof of posting. No queuing at post offices and I can drop off any time between 7am and 6pm.
    "If you can dream it, you can do it". Walt Disney
    • savingholmes
    • By savingholmes 7th Mar 18, 11:07 PM
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    savingholmes
    Thanks Jwil I will look into that.

    Today a friend gave me a 10 note in a card to give away / invest as a seed for 10K that she is believing that I will receive. She told me she was going to a couple of weeks ago I just haven't seen her since.

    Today DH got offered an interview next week for a new job which if he got it - he's asked for a 10K pay rise for - he works for a charity and that's about how much he's underpaid. Definitely hoping and praying for success for him through that method or some other means. It would really take the pressure off me and mean we could give DS what he needs, repay debt and still have some money for luxuries / fun.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 8th Mar 18, 6:09 AM
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    savingholmes
    The friend I was hoping to sell the cat jar to hasn't come back so don't know if it was too expensive for him
    Originally posted by savingholmes
    He has sent me a message saying he does want to buy it for 8. So happy and excited again. The person I sold to at work - has kept her bottle light on her desk so everyone has been admiring it too and giving me positive feedback. So since I am awake anyway - I will now try and make myself list some more things on FB - but this time on the buy and sell page and not just my own...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 8th Mar 18, 6:49 AM
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    savingholmes
    So I've took the plunge and listed 7 glass craft tiems on a local FB group. Probably didn't set it out right but hopefully will still work. Now to see if I get any takers... It's like letting my babies loose on the world... scary!!
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 9th Mar 18, 1:38 PM
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    jwil
    Good luck to DH with the job and fingers crossed for some sales
    "If you can dream it, you can do it". Walt Disney
    • savingholmes
    • By savingholmes 10th Mar 18, 1:20 PM
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    savingholmes
    Guy picked up the 8 craft candle jar today and seemed pleased with it.

    I think I have been accepted for at least some of the balance transfer as my bank have said a direct debit payment has been set up. Not had any details through yet though so don't know whether they let me transfer the whole amount I wanted or not. If they did at such a low APR for 37 months it would be amazing... I think the longest I've ever had before tarting between cards I already had was 20 months - and usually at 3% not 1.89%.... Here's hoping they honoured the rate....

    Good news OH's suit fit him whereas he was worried that would need replacing. Had to get him some smart shoes. He doesn't need them in his current job and he threw his last ones out as they were too uncomfortable. Managed to get some for 30 at TK M@xx that look smart. Got him a couple of new shirts too - although I will encourage him to try what he has already before opening the pack. Unfortunately though he's put on weight recently so some of his formal shirts are a bit tight. Got 10% off though as DS has a colleague discount card.

    I've had an email saying 52 of items received and refund on the way. I should get that back in the next 3-5 days. I sent the stuff back in 3 different parcels. Still waiting on the rest.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 10th Mar 18, 2:16 PM
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    savingholmes
    Need to spend today decluttering and tidying up ready for MIL and her friend coming tomorrow. Did manage to get some reduced price items at M&S which was a bonus. Unbelievably lamb was a better price than at T3sc0.

    Think need to list items on FB individually if they are to sell. If I can't sell them there need to go back to the idea of a craft stall or Etsy but was hoping to avoid post and packing.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 12th Mar 18, 8:56 AM
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    savingholmes
    MIL has said, 'Don't splash out for mother's day." I will follow her direction and give her and her friend something I have already made. She is coming over for sunday lunch and bringing a friend - so just the cost of ingredients.
    Originally posted by savingholmes
    So lunch was expensive as we had lamb (17) and had to buy soft drinks (5) etc- but not as much as eating out.

    Actual presents: circa 6.50 each for hand decorated items:
    2 x 2 (for her and her friend) for charity shop bought pretty coloured balloon glasses
    2.50 x 2 (for flowers)
    Hand decorated recycled candle jars (free from friends) using glass paint - material costs (2 worth of more expensive set)
    30p x 2 Maxi nightlights
    50p x 2 Decoupaged Wooden hearts

    I've never been sure my MIL liked my craft stuff - but it turns out her bottle light has run out which suggests she has used it. I gave her a new cork light (1-2) and told her to give us the old one when she next sees us

    The only reason I've given you prices is to encourage those of you who don't feel you can give presents on a budget... you can if you are creative / spend some time thinking about it.

    In other news - one of my church friends has said she loves what I've done and would like to buy some. Need to make another jar like the one I gave MIL as she liked that one.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 12th Mar 18, 1:11 PM
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    jwil
    They sound lovely gifts. I haven't a creative bone in my body!
    "If you can dream it, you can do it". Walt Disney
    • savingholmes
    • By savingholmes 12th Mar 18, 8:01 PM
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    savingholmes
    Well I have definitely been accepted for the CC for the 0% transfer - I just still don't know what my limit is or whether the balances have gone through but the DD confirmation and account number and pin arrived today.

    175 and 47 payments went out to CCs today.... Just 30 left to pay this month

    My attempted savings have been ravaged though - so need to do a review to see where it went wrong and try and plan better next month.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • milann
    • By milann 12th Mar 18, 9:52 PM
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    milann
    All sounds good SH. Everything going in the right direction.
    • savingholmes
    • By savingholmes 13th Mar 18, 11:11 PM
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    savingholmes
    Thanks Milann and Jwil.

    Just entered gas and electric meter readings so likely to get more updated bills soon.

    Get paid Friday which will be good. Fresh start. Definitely need to divide our money into savings pots this month and see where that takes us. Need to be more disciplined as no longer have the two month free of council tax benefit...

    Still not heard re OH's interview...

    A friend asked me about doing a specific piece for her. She is going to look for a piece of glass she likes and then get me to decorate it.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 14th Mar 18, 6:42 AM
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    savingholmes
    Great news I have been accepted for #6K of balance transfers to MBNA. Still need confirmation of whether they gave me the 1.89% transfer rate and the 0% for 37 months but if they did that would be amazing. That would equal a #113.40 fee. I think they want 1% minimum payment a month which would be roughly #61.

    Previously I was paying roughly #225 against this debt so IF I needed it - this releases some money. I can hear some of you screaming at me already... but I am trying to ensure I have enough money to pay for DS at uni for his study abroad year. In his third year he is on industrial placement and should earn his own money so we should get a break from any payments before restarting payments in the fourth year. Writing that I can see that it is still a cop out - as if I managed my budget better in theory I can pay his #400 and the debt.

    I have paid off the #5.43 remaining M&S card balance. On BC I still have a balance of around #3K that has a series of 0% end dates spread between about November 18 and January 19. I need to pay roughly #80 minimum towards this (not counted in the #225 above). My next target is therefore the PO which let me transfer 1800 free until mid August 18. #225-61=164 available to save / pay off the debt. I think my minimum repayment with the PO is around #45 - so I would potentially save #119pcm and gain some interest in the meantime. I will then need to look at balance transferring #816 at that point unless I manage to sell some things to cover it in the meantime or OH gets a better paid job.

    Selling #816 of stuff between now and August should be doable... Need OH to get on board and help with that too....
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 14th Mar 18, 7:18 AM
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    savingholmes
    Reflecting on this - I don't think I trust myself yet to save the money. I think I should just pay it off. But need to ensure that BC direct debit is reduced before overpay on PO or could find myself in difficulties. This will potentially make my August shortfall higher.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 14th Mar 18, 2:07 PM
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    jwil
    Great news about the card
    "If you can dream it, you can do it". Walt Disney
    • savingholmes
    • By savingholmes 15th Mar 18, 1:20 PM
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    savingholmes
    My new card gave me an 11K limit - 0% to April 2021 - amazing. i have 60 days from when I applied to do balance transfers. I have used 6K so far. Assuming they let me I could move H@l1fax and PO to them which would mean less individual payments going out my account and take pressure off tarting later in the year. I may even be able to move more of BC. Chuffed
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
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