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  • FIRST POST
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 12th Apr 18, 9:31 AM
    • 90Posts
    • 223Thanks
    thegirlinthegreenscarf
    Recurring theme
    • #1
    • 12th Apr 18, 9:31 AM
    Recurring theme 12th Apr 18 at 9:31 AM
    My existing 0% balance transfer was ending, so I was applying for a new one to help me pay the last 1400 off.


    It was only then, I had realised that my next account had "crept up" to nearly 200 after having cleared it before, I was in my overdraft when my wages got paid into the bank (which means I would probably be struggling at the end of the month), and my "normal" credit card (the one I pay off in full every month) was over 400. I have now started a new 0% card and added the extra 600 making my new 0% balance 2000, rather than the 1400 it should have been.


    I/We also owe my inlaws 3000 for my car (which they paid in cash to save us having to get a loan) and I have approx 6000 in student loans which I am not eligible to pay back yet due to me not meeting the payment threshold.


    I am nearly 40. We have a house and a daugher. We have friends who have nice houses and nice things and go nice holidays (Admittedly some of them will be up to their eyes in credit cards) I am disappinted and disgusted with myself, that not only did I not pay more of the debt off, but that I have had to add 600 to it, yet can't seem to break the habit.


    I have recently set up "piggy bank" accounts as I think that my *one* of my downfalls is not budgeting for major purchases. In addition to setting up a new 0% card, I have set up 2 Instant Access Savings accounts with Tesco - one for my car and one to save up for Christmas (although admittedly I will be cutting back).


    I'm sorry for being so miserable but I desparately need to break the bad habits and get new ones instead......
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
Page 1
    • enjoyyourshoes
    • By enjoyyourshoes 12th Apr 18, 10:08 AM
    • 1,062 Posts
    • 1,306 Thanks
    enjoyyourshoes
    • #2
    • 12th Apr 18, 10:08 AM
    • #2
    • 12th Apr 18, 10:08 AM
    I guess you need to review all of your spending and distinguish between 'needs' & wants.

    Spend on the needs and ditch as much spending on the wants as you possibly can.

    Set up monthly DD to pay off the new 0% before the term expires and don't spend on that card. Use it as a free OD and pay into it monthly.

    Stop judging yourself against others, it will not lead to happiness. There will always be someone with the newest, biggest, shiniest thing ! But its not a NEED.

    Read some of the posts as they will give great advice on reducing spending, budgeting and accruing for major expenses.
    Debt is a symptom, solve the problem.
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 12th Apr 18, 10:38 AM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    • #3
    • 12th Apr 18, 10:38 AM
    • #3
    • 12th Apr 18, 10:38 AM
    Thanks. I have already set up a D/D to pay it off before the term expires. Part of the problem was I didn't do that before with the first 0% card. With the first card I was making payments, but not enough to pay it off before the end of the term.


    I neveer want to have the biggest, the best of the shiniest. I would be happy being in the middle. I just get tired of being the poor relation and I tend to find spending money makes me happy, and I spend to cheer myself up, but I am trying to stop.
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
    • fatrab
    • By fatrab 12th Apr 18, 10:48 AM
    • 857 Posts
    • 2,699 Thanks
    fatrab
    • #4
    • 12th Apr 18, 10:48 AM
    • #4
    • 12th Apr 18, 10:48 AM
    Hi, How long is your new 0% card's term? Without knowing your disposable income it's hard to comment but if you have a long time to pay it off you can do one of two things the way I see it..

    Pay the minimum to the credit card and focus on paying extra to the car loan. Once the car loan is clear throw all available funds at the credit card. This will only work if you can clear BOTH before the end of the 0% deal.

    Or, divide the total balance including balance transfer fee by the number of months at 0% and set the minimum payment so that the card is clear at the end of the term. Continue making regular payments to the in-laws.

    If you can complete an SOA that will give us a far better idea of where you stand, but for now I'd say STOP SPENDING immediately and if there's anything you think you do need to buy then wait 48 hours before buying it. This will help stop impulse spending.

    http://www.stoozing.com/calculator/soa.php

    Completely agree as above, determine what are "wants" and what are "needs" then get rid of the "wants" for a while until you've cleared your feet.

    Best wishes
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 12th Apr 18, 10:58 AM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    • #5
    • 12th Apr 18, 10:58 AM
    • #5
    • 12th Apr 18, 10:58 AM
    Hi


    I am currenly paying the credit card by direct debit from my salary. Any extra income (from any tutoring that I do - cash in hand) to the car loan as its interest free from my inlaws.


    I defintely need to stop impulse spending - I think I need to do things like remove my payment cards from websites and thing like that as well as having a 48 cooling off period before spending.


    An SOA is complcated - not just because its difficult to see/do - because my DH and I do not have a join account so we share the bills. I can do a SOA for what I spend on my part of the bills etc. I have kind of done that myself on a spreadsheet. But I will also need to do a spending diary. This is part of the reason I have been opening separate accounts as it will force me to look at al the other things I buy. I hope this is making sense. Here goes:


    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details

    Monthly income after tax................ 1500
    Partners monthly income after tax....... 0
    Child Benefit................................ 82
    Total monthly income.................... 1582[/b]


    Monthly Expense Details

    Mortgage................................ 450
    Secured/HP loan repayments.............. 0
    Mobile phone............................ 14
    Petrol/diesel........................... 60
    Other child related expenses............ 50 (golf/swimming lessons with local council)
    Life assurance ......................... 23
    Presents (birthday, christmas etc)...... 80
    Other (haircut/make up)................. 30
    Entertainment/clothes etc............... 300
    Gift subscriptions (these are mostly payment to our parents for free child care!)....................... 30
    Lenses.................................. 17
    Car fund (tax/ins/MOT etc).............. 80
    Cleaner................................. 66
    Total monthly expenses.................. 1200




    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 54000....(450)......3.5
    Total secured & HP debts...... 54000.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    0% Credit card.................1200......75........0
    Family loan for car............3000......0.........0
    Total unsecured debts..........4200......75........-


    Monthly Budget Summary

    Total monthly income.................... 1,582
    Expenses (including HP & secured debts). 1,200
    Available for debt repayments........... 382
    Monthly UNsecured debt repayments....... 75
    Amount left after debt repayments....... 307

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -54,000
    Total Unsecured debt.................... -4,200
    Net Assets.............................. -58,200

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by thegirlinthegreenscarf; 03-05-2018 at 2:52 PM.
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
    • fatrab
    • By fatrab 12th Apr 18, 11:19 AM
    • 857 Posts
    • 2,699 Thanks
    fatrab
    • #6
    • 12th Apr 18, 11:19 AM
    • #6
    • 12th Apr 18, 11:19 AM
    My wife and I keep totally separate finances too so just do the SOA based on your share of the spending but be brutally honest. Nobody here will judge you and there are folk on here who have given me some of the best advice of my life, I'm sure they'll do the same for you.


    It's going to be more about working to a realistic budget and throwing every spare penny at the debt for a while, make a plan and stick to it. If you can make any cut-backs along the way then great, if not then at least you'll have a timescale in mind and an end goal to strive towards!
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 12th Apr 18, 11:46 AM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    • #7
    • 12th Apr 18, 11:46 AM
    April's Goals - 8/21 NSD - 8/20 Lunches - 11/28 AFD - 12/31 TAFD (take away free days)
    • #7
    • 12th Apr 18, 11:46 AM
    April's Goals - 8/21 NSD - 8/20 Lunches - 11/28 AFD - 12/31 TAFD (take away free days)


    What does your signature mean?
    I get NSD (No spend day) but what are AFT and how to you plan TAFD?
    We regulary had a take away once or twice a week (one mid week and one at the weekend) but we cut down to 1 at the weekend or if we had one during the week we wouldn't have one at the weekend.
    Even lately I have not been enjoying take aways as much. The best pizza we have is the ones we make ourselves (esp if you "splash out" and buy the tesco bbq base for 1!) but you need to have the ingredients in the cupboard.
    We can normally make our own chinese and indian inspired main courses and even the sides, but I can't seem to get the starters (mini spring rolls or pakora) right. Its just not the same.

    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
    • alan_d
    • By alan_d 12th Apr 18, 11:53 AM
    • 70 Posts
    • 44 Thanks
    alan_d
    • #8
    • 12th Apr 18, 11:53 AM
    • #8
    • 12th Apr 18, 11:53 AM
    I am nearly 40. We have a house and a daugher. We have friends who have nice houses and nice things and go nice holidays (Admittedly some of them will be up to their eyes in credit cards) I am disappinted and disgusted with myself, that not only did I not pay more of the debt off, but that I have had to add 600 to it, yet can't seem to break the habit.
    Originally posted by thegirlinthegreenscarf
    I think it's important to not judge yourself on others.
    I see almost every house near me has a car under 5 years old on the drive, and i'm always seeing friends on expensive foreign holidays on social media.
    By contrast our cars are 10, 14 and 18 years old and we go camping. BUT - I have no car debt, am almost debt-free elsewhere and should have the mortgage paid off in 2 years. I expect most people have expensive car PCP finance or loans and will be busting out the credit-card regularly. I have several friends who consider this normal, and change cars at 3 years old and never stop paying for them.
    To me, they are the sheep trying to keep up with each other and I don't really care!
    Last edited by alan_d; 12-04-2018 at 11:55 AM.
    • fatrab
    • By fatrab 12th Apr 18, 11:56 AM
    • 857 Posts
    • 2,699 Thanks
    fatrab
    • #9
    • 12th Apr 18, 11:56 AM
    • #9
    • 12th Apr 18, 11:56 AM
    Lol, they're personal goals. I'll go through it ..

    AFD's are alcohol free days, look on the "Cutting Down Alcohol" thread for this one.

    TAFD's are my own invention. I work away from home so I got lazy and ate out constantly. A take-away to me is anything that you buy from bakeries, cafes, fast food places, even supermarkets if you're buying ready made food. I now plan my meals and buy very little outside of my weekly shopping. I still have a serious snack habit to kick but at least I buy the snacks as part of the weekly shopping instead of spending 4 every day at the bakers or local shop.

    Lunches are another thread on here called "Bring your lunch to work" which is again another motivational thread to encourage planning ahead, cooking meals that can be brought to work instead of going to KFC for lunch!

    You are correct though, homemade never tastes the same, but it also doesn't cost the same and is usually healthier too!
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 12th Apr 18, 12:13 PM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    Brill.I usually take my lunches to work anyway. Where 's the thread?
    I also need to get onto the one weekly shop and meal planning.
    It is something as a family we are very bad at.


    I genually prefer home made pizzas and sometimes even the chinese/indian curry sauces
    Its the starters that get me..... I'm not sure if I could persuade my husband to go out and buy starters while the main course was cooking! lol
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
    • fatrab
    • By fatrab 12th Apr 18, 12:20 PM
    • 857 Posts
    • 2,699 Thanks
    fatrab
    Have a look at the Savvy Shoppers Cookbook, its a reciepe book but the have a website too with loads of good ideas. If you don't already shop there, consider changing to Lidl/Aldi. I'm eating better for less than I ever have.


    http://forums.moneysavingexpert.com/showthread.php?t=5820917


    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • ReadingTim
    • By ReadingTim 12th Apr 18, 12:40 PM
    • 2,843 Posts
    • 4,091 Thanks
    ReadingTim
    I have recently set up "piggy bank" accounts as I think that my *one* of my downfalls is not budgeting for major purchases.
    Originally posted by thegirlinthegreenscarf
    It's not just budgeting for major purchases - you need to budget for every purchase: in short, ensure that you spend less than you earn.

    Suggest you keep a spending diary to see where it is going, then complete a statement of affairs (SOA) to budget where it should be going.

    The good news is that you've caught this relatively early, and the amounts are (relatively) small - many people don't realise until it's too late...
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 3rd May 18, 2:08 PM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    Well, I have already cut my new 0% down to 1,566.22 from 2000
    My new statement isn't until next month but I made an extra payment of 400 the day before I got paid last month, and then another 100 (which would have been what I paid for the d/d anyway) when I got paid yesterday. I *really * want to xfer another 200-300 this month.


    I have been checking my bank /card statements daily to keep me focussed. I must get around do a spending diary. I could probably back date it from Tuesday as I am sure that Tuesday was a NSD and I only bought lunch and a birthday card yesterday so shouldn't take too long.
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 9th May 18, 11:57 AM
    • 90 Posts
    • 223 Thanks
    thegirlinthegreenscarf
    Working slowly but surely, but I have FINALLY cancelled by d/d to Equifax so I am now 2.99/m better off!
    MBNA (Was 2000), Now 1,441.22 (Expected date Dec/2019)
    CAR (Was 300) Now
    2,280 (Interest free loan from family member)



    **Want to be on my way to being debt free for 40**
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