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  • FIRST POST
    • SuzyN
    • By SuzyN 3rd Aug 18, 10:34 PM
    • 44Posts
    • 96Thanks
    SuzyN
    SuzyN's Debt Free Diary
    • #1
    • 3rd Aug 18, 10:34 PM
    SuzyN's Debt Free Diary 3rd Aug 18 at 10:34 PM
    I have decided to have a go at keeping a diary. I have had what I now realise is a LBM. I had one or two before but they have stopped short of actually reaching out for help. I think this was due to embarrasment - how can I possibly have a good income and have finances that are a total mess?

    Our parents bailed us out after uni when we had close to £15000 debt - each got us a loan. We ran them up again.

    A number of years later we re mortgaged - again cleared MOST of our debts but ran them up again.

    Neither of these were LBM - these were completely irresponsible of us and pre children.

    Post children things got harder - £1200 a month childcare to start with but then a group of friends who all had plenty of available cash and our lack of ability to say no got us started in the downward spiral.

    My two previous mini LBM's are documented in my paper finance diaries I've kept over the years. A flick back to 2012 tells me I investigated IVA's and before that I remember having a total meltdown over thinking I was going to have to declare myself bankrupt (which could cause me my career). I saught NO help or assistance and did not know of these forums then. If only someone had told me about a DMP then... if only... why is debt such a taboo subject?!

    And here we are - debts high having lived WAY outside our means and struggling to the max.

    Im not sure why this time it feels different?! Over the last few weeks Ive come to terms with the fact that we will never be able to pay anything off and then a ban on overtime in work which we were relying on to meet our BASIC needs simply pushed me over the edge. What was I going to do??

    It was time to get the laptop out and find out some figures. Just who did we owe what to???

    The result was astronomical
    Last edited by SuzyN; 03-08-2018 at 10:39 PM.
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
Page 2
    • Summer12
    • By Summer12 5th Aug 18, 11:11 PM
    • 89 Posts
    • 48 Thanks
    Summer12
    Hi!

    Started our journey in Feb/March, took a few months out to consider things and have just this month started token payments for 6 months before properly starting dmp payments. All fine so far, so donít feel any pressure to rush into anything. Well done for all youíve achieved so far.
    Nationwide allow you multiple saving accounts all easily seen together on one screen (you mentioned separate accounts). Also look up Dave Ramsey, heís an inspiration and I now follow some of his techniques (wish I did earlier!). Good luck and you are certainly not alone x
    • SuzyN
    • By SuzyN 6th Aug 18, 10:20 AM
    • 44 Posts
    • 96 Thanks
    SuzyN
    Hi Summer I think I might consider 6 months of token payments. Im doing 3 now but 6 will allow me to gather up some emergency funds too.

    Off to look up Dave Ramsey

    Thank you !!!
    Last edited by SuzyN; 06-08-2018 at 11:45 PM.
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
    • a_silver_lining
    • By a_silver_lining 6th Aug 18, 12:45 PM
    • 296 Posts
    • 795 Thanks
    a_silver_lining
    Couldn't read and not post.

    SuzyN you are doing so well! Fantastic to see you turn around how your feeling by taking control keep up the good work!
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 2.1k personal savings --- Family Loan (3.5k paid direct + 2.5k in saver + 238.05 saver 2) 6238.09/10K paid 62.3%
    #38 1% Challenge take 1: £676.15! 1% Challenge take 2: £76.58/1838.56, now at 4.1%!
    • Scott-Weiland
    • By Scott-Weiland 6th Aug 18, 7:45 PM
    • 220 Posts
    • 456 Thanks
    Scott-Weiland
    Personally, I don't get along with things like YNAB, it just doesn't sit right with me, it's kinda like "you know you're rubbish with your finances, so we'll charge you x amount, to prove it to you"... that said however, it's whatever works for you.
    I use a combination of spreadsheets linked up with a OneNote journal to keep track. Don't see why I should pay for something to track my finances when I can do it for myself...

    You're doing great and making progress; step by step you will get there
    Originally posted by UncannyScot
    I have to agree here re budgetting tools like YNAB i tried using it for a bit and it didnt sit right with me. I used the old fashioned way pen and paper, my income each month is the same unless its bonus month. I worked out what my out goings are and from there what my disposable income was and what i can comfortably pay off debits.

    I did what you have done and rejigged a few things. Did you speak with sky/manage to reduce anything else???
    Cashback Earnings Ish YTD £71.88 Survey Earnings YTD Ish £396.20
    "We are what we repeatedly do. Excellence then, is not an act, but a habit."
    • UncannyScot
    • By UncannyScot 6th Aug 18, 8:57 PM
    • 1,577 Posts
    • 8,710 Thanks
    UncannyScot
    Scott - I just don't trust any app like that with my financial data... after all, it monitors all the interactions between all your accounts, all your transactions, all the stuff you spend money on... so, apart from you, who else gets access to all that data??? Sorry, nope, maybe its just paranoia, maybe I'm overthinking it. It took me ages to get around to using internet banking with my bank accounts and it was the same with their mobile banking apps. I needed to have some kind of assurance that my data stayed with them.

    For me the epiphany was when I started to keep a spending diary of my own and updated it throughout and/or at the end of each day... after a month I realised where I was wasting money and on what and was able to make the necessary changes to plug that breach and make savings.

    Sorry SuzyN, we appear to be hijacking your thread here... sorry
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • SuzyN
    • By SuzyN 6th Aug 18, 11:54 PM
    • 44 Posts
    • 96 Thanks
    SuzyN
    Loving the hijack as it just shows that we are all different. Ive got a free subscription and love apps etc so its up my street. I may hate it soon - a bit like my relationship with my fitness pal where I can't be bothered to input what I eat after a few days but sure will see what happens ha ha!!

    Haven't made any other changes at the moment Scott but paid some things off today that have been sitting there for ages so feeling good about that and had a conversation with Nationwide online banking re my new account online access and apparently if you mess up online banking registration then you have to wait for ONE WEEK to have another go?!?! So have to wait until the end of this week then see if the holy grail will allow me access or not!!

    Loving reading every one else diaries so keep it up
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
    • GlendaSugarbean
    • By GlendaSugarbean 7th Aug 18, 7:07 AM
    • 94 Posts
    • 608 Thanks
    GlendaSugarbean
    Happy new diary Suzy, you sound so positive and you've made great orivesss so far.

    I love YNAB, but I have the old desktop version and am too grumpy to pay out for the annual fee!

    Re accounts and tracking, have you looked at something smartphone based like Monzo? You can choose to get an account without an overdraft, it takes very little time to apply and more importantly (for me) it shows all your spending in real time - as soon as you make a payment it pings up on your phone. You can also set budgets for spending, saving etc. and set up DDs. It's regulated by the FCA too.
    • SuzyN
    • By SuzyN 7th Aug 18, 9:01 AM
    • 44 Posts
    • 96 Thanks
    SuzyN
    Thanks Glenda I will definately have a look at that
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
    • efes shareholder
    • By efes shareholder 7th Aug 18, 9:11 AM
    • 219 Posts
    • 397 Thanks
    efes shareholder
    My daughter absolutely loves monzo however I had a look at the trial on YNAB and I couldn't fathom it out

    I think the old school way is the way for me however lots seems to find these apps helpful , they can't all be wrong
    • SuzyN
    • By SuzyN 7th Aug 18, 11:29 AM
    • 44 Posts
    • 96 Thanks
    SuzyN
    The good thing about the free trial is you dont have to input any card details etc... it really is free and no having to cancel. There are lots and lots of !!!8220;webinars!!!8221; that you can watch live (free) where they teach you how to set it up and use it. I also YouTubed it and found some helpful ones there.

    Im not sure how it will work in the long term but this morning my fuel light came on and for the first time EVER in my life I thought !!!8220;oh I have money in my category for that!!!8221; so I know I can get fuel and not worry about other money as I know I will still have my grocery money, kids pocket money, uniform money etc etc...

    Pen and paper is also fab but this works for me as my hubby and I can both see it live on our phones 24/7 and can see when each other use something up so we have better control.
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
    • Scott-Weiland
    • By Scott-Weiland 7th Aug 18, 11:56 AM
    • 220 Posts
    • 456 Thanks
    Scott-Weiland
    Scott - I just don't trust any app like that with my financial data... after all, it monitors all the interactions between all your accounts, all your transactions, all the stuff you spend money on... so, apart from you, who else gets access to all that data??? Sorry, nope, maybe its just paranoia, maybe I'm overthinking it. It took me ages to get around to using internet banking with my bank accounts and it was the same with their mobile banking apps. I needed to have some kind of assurance that my data stayed with them.

    For me the epiphany was when I started to keep a spending diary of my own and updated it throughout and/or at the end of each day... after a month I realised where I was wasting money and on what and was able to make the necessary changes to plug that breach and make savings.

    Sorry SuzyN, we appear to be hijacking your thread here... sorry
    Originally posted by UncannyScot
    Haha sorry too hijack too.

    So you won't be an advocate for Open Banking when it comes in lol. Google it uncannyscot i am dreading it when it comes in. Its basically an app where you can access everything in one place ie all your account.

    I use two mobile banking apps and thats it and pen and paper i know what i have, i tick off when stuffs being paid. Any extra cash i get ie survey money i either pay off extra off debts or save it or treat myself but i dont budget deviate.
    Cashback Earnings Ish YTD £71.88 Survey Earnings YTD Ish £396.20
    "We are what we repeatedly do. Excellence then, is not an act, but a habit."
    • UncannyScot
    • By UncannyScot 7th Aug 18, 12:06 PM
    • 1,577 Posts
    • 8,710 Thanks
    UncannyScot
    The important thing with this Open Banking is to ensure that you refuse to share your info. Means that no-one can snoop on your data and you can still use the banking app. Not sharing the data spares you from the incessant offers from finance providers...
    It's the older generation that will struggle with these kind of things. My wee mam has enough trouble using the atm never mind all the apps n stuff that banks are shoving on folks. She still insists on going into the bank and dealing with a person. Yes, she complained when they done away with the bank books and issued cards...
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Scott-Weiland
    • By Scott-Weiland 7th Aug 18, 1:16 PM
    • 220 Posts
    • 456 Thanks
    Scott-Weiland
    I am 38 and old lol I prefer the old ways I am going on holiday tomorrow and have no printer I have had to leg it up to the travel agent to get boarding cards what happened to the good old days where they post you everything gerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
    Cashback Earnings Ish YTD £71.88 Survey Earnings YTD Ish £396.20
    "We are what we repeatedly do. Excellence then, is not an act, but a habit."
    • Kitten868
    • By Kitten868 7th Aug 18, 8:09 PM
    • 950 Posts
    • 2,088 Thanks
    Kitten868
    Nationwide still does saving books - very good for putting money away and resisting the temptation to spend.

    SuzyN so so so glad you fixed your mortgage! And so glad you've moved over here. You definitely can do this. You've not lurched straight into a DMP, you've done your homework and you're doing it the smart way. I don't know if I said before but you can put on there that you smoke to give yourself some leeway too (build up savings?)

    So I'm intrigued which debts have you cleared already? I think you should tick them off as you go. Plus not to make you run before you can walk but do consider selling stuff too - some very quick wins to build up your pots. Xxx
    Loan 1 £5700/£8000
    Loan 2 £3700/£5800
    Total £9400/£13800 32% PAID

    And CC £1700/1900
    • SuzyN
    • By SuzyN 14th Aug 18, 8:11 PM
    • 44 Posts
    • 96 Thanks
    SuzyN
    What a busy week its been - trying to keep on track on YNAB and I still have money left for the month which is amazing as usually I'm down to my last few quid and wondering how Im going to cover the rest of the month?!? NOT THIS MONTH

    Of the debts I need to sort before DMP beginning...

    This month I have paid off £986:

    Dr's Bills - £200
    Overdraft - £100
    Capital One - £55
    Vet - £339
    Halfords Finance - £292

    That leaves me with the following:

    Car tyres and service - £300
    Barclays - £396
    Barclays - £396
    Emergency Fund - £1000

    I have been looking at where we spend our money and have realised that we hardly eat in the house. Need to look at this - need to see why and make some changes.
    Last edited by SuzyN; 14-08-2018 at 8:18 PM.
    LBM: July 2018 - Contacted SC

    Paid off to date - £986
    • Kitten868
    • By Kitten868 15th Aug 18, 10:06 PM
    • 950 Posts
    • 2,088 Thanks
    Kitten868
    Wowee! £1000 paid off in a week! Well done you! And money left over.
    I like replicating what I have when I go out. Nandos chicken for one. Fraction of the price at home.
    I hate meal plans. But you might love them. But having the food in the house does help kerb the take away craving as you can make food quick x
    Loan 1 £5700/£8000
    Loan 2 £3700/£5800
    Total £9400/£13800 32% PAID

    And CC £1700/1900
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