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  • FIRST POST
    • Thick n Thin
    • By Thick n Thin 28th Oct 18, 10:45 AM
    • 28Posts
    • 42Thanks
    Thick n Thin
    Taking back the control
    • #1
    • 28th Oct 18, 10:45 AM
    Taking back the control 28th Oct 18 at 10:45 AM
    So here goes ...... Iíve been a member of Mse for a number of years under a different user name, not always active and just tended to dip in and out, reading peoples diaryís for tips etc but have decided to take the leap and start a diary of my own, Iíve spent the last couple of days reading some diaryís from start to finish and I have been very inspired by some of the achievements!
    So a bit of my back story, we have been in debt for a number of years at its worst it was almost 30k and the monthly repayments where killing us, we where robbing Peter to pay Paul and a lot of the credit was at high interest and I was finding it difficult to swap to lower rates, basically my credit rating was shot. After burying my head in the sand for a number of years years I decided that the only way to tackle this was to remortgage and clear the debt completely, thankfully I found a financial advisor and we stopped our mortgage that was interest only to a repayment and borrowed enough to not only ensure that the mortgage would be paid at the end of the term but also to pay off the bulk of the debt, we now have 1 credit card that we couldnít quite pay off with the surplus which has 2k outstanding. So fast forward 18 months and I canít belive the difference that having all my debt consolidated into one place has made to me mentally however I do need to shift this final 2k as I am just making the minimum payments so itís not really reducing, once this has gone Iíd like to start overpaying the mortgage and start thinking about retirement planning. A bit of a long 1st post but Iím looking forward to getting started now.
Page 1
    • redofromstart
    • By redofromstart 28th Oct 18, 11:55 AM
    • 2,013 Posts
    • 12,494 Thanks
    redofromstart
    • #2
    • 28th Oct 18, 11:55 AM
    • #2
    • 28th Oct 18, 11:55 AM
    Happy new diary, and good luck with your journey.
    • Thick n Thin
    • By Thick n Thin 28th Oct 18, 8:06 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    • #3
    • 28th Oct 18, 8:06 PM
    • #3
    • 28th Oct 18, 8:06 PM
    Thanks redofromstart!
    Well today has passed by in a flash even with the extra hour, have just been pottering really, taken a few things to the local recycling centre, mowed the lawn and spent an hour with my mum and dad for a catch up, hoovered and dusted all of upstairs rooms and a quick clean of the bathroom, trying to think of how I can pay of this 2k, did a quick assessment of my bank account, I get paid in 5 days and I am currently £17 short, I will use my overdraft to the max and still be over so when o get paid I really want to clear my overdraft of £250 straight away so this is going to be my 1st target on my debt busting mission!
    • UncannyScot
    • By UncannyScot 28th Oct 18, 8:17 PM
    • 1,695 Posts
    • 9,292 Thanks
    UncannyScot
    • #4
    • 28th Oct 18, 8:17 PM
    • #4
    • 28th Oct 18, 8:17 PM
    Hello and welcome (back )

    First up do a SoA for yourself at least if you don't want to post it up on here. I t should give you a clearer picture of what's going out where and what you may be able to cut down on or do away with etc.

    Good luck on your new journey and if you need owt just post up and someone will pop along to help
    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.
    • Thick n Thin
    • By Thick n Thin 30th Oct 18, 6:15 AM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    • #5
    • 30th Oct 18, 6:15 AM
    • #5
    • 30th Oct 18, 6:15 AM
    Thanks Uncanny Scot! Sao has been done and there are definitely areas that can be cut back on, itís not like I struggle with having the money to pay the card off itís just that it hasnít been treated as a priority.
    So I ideally want to post daily to make myself accountable on a daily basis but I had such a headache when I got home yesterday I was in bed and asleep by 830pm, then spent from 2am till my alarm went off tossing and turning. Yesterday was pretty uneventful Iím terms of moneysaving, not much will happen now until I get paid. Quick wins below.

    Low spend day - used a loyalty card to pay for a coffee ( this is one area I need to reduce)
    Put £10 out of my purse into my current account and remembered that I have £17 in my PayPal account so that will be transferred today.
    Lunch taken in so no spend there
    Found 20p - added to my loose change Ď found on the street jarí
    • pidge04
    • By pidge04 30th Oct 18, 6:33 AM
    • 503 Posts
    • 1,404 Thanks
    pidge04
    • #6
    • 30th Oct 18, 6:33 AM
    • #6
    • 30th Oct 18, 6:33 AM
    Good luck!
    CC1 £2400/£422 CC2 £3000/£2269 CC3 £600/£0 LOAN £13,000/£4871
    • enthusiasticsaver
    • By enthusiasticsaver 30th Oct 18, 6:43 AM
    • 7,288 Posts
    • 16,020 Thanks
    enthusiasticsaver
    • #7
    • 30th Oct 18, 6:43 AM
    • #7
    • 30th Oct 18, 6:43 AM
    Consolidating debt is usually frowned upon as it does not change spending habits and tricks the debtor into thinking they are debt free which of course they aren't, having just moved the debt rather than repaying it. Usually the pattern of spending continues so now you have an increased mortgage or consolidation loan and continue to build up debt on overdrafts and credit cards so the debt increases. It obviously has helped you by reducing monthly payments but presumably you must have become more disciplined if your debt has not started to increase again.

    My standard advice is to reiterate what US has suggested in doing an SOA and a spending diary so you can see where you are spending. Emergency savings should be another priority so you are not tempted to use credit when you get an unexpected bill. Well done on changing your mortgage to repayment. Interest only mortgages are a timebomb. How old are you? Are you close to retirement?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Thick n Thin
    • By Thick n Thin 30th Oct 18, 7:15 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    • #8
    • 30th Oct 18, 7:15 PM
    • #8
    • 30th Oct 18, 7:15 PM
    Thank you enthusiastic saver, I couldnít agree more with your comments and I donít think I have really addressed my spending habits. For a long time I resisted consolidation but in the end it really felt like I had no option as it drastically reduced my monthly outgoings, fortunately I do know that I can never be trusted with credit again and in the 18 months since we consolidated I havenít used a credit card. Our mortgage will be paid off in just over 7 years which made a big difference to the monthly payments going from £252 per month to now just over £ 800 but at least I know it will be paid off at the end of the term, I was paying just under £1500 in debt repayments alone before that so itís now more than manageable. In answer to your earlier question Iím 47 and OH is 54 so retirement planning is very much at the forefront of our minds. We both have company pensions but would like to add to this to ensure we are comfortable!
    Thanks for your input, I appreciate it x
    • Thick n Thin
    • By Thick n Thin 30th Oct 18, 9:15 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    • #9
    • 30th Oct 18, 9:15 PM
    • #9
    • 30th Oct 18, 9:15 PM
    Well today has been a total disaster, £8.50 I. Coffee shop and after a s&;t day in work couldnít be bothered to cook and picked up 2 ready meals and a bottle of wine on the way home so a further £12 spent not happy today x
    • Thick n Thin
    • By Thick n Thin 2nd Nov 18, 7:24 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    So this week has been a total disaster in the run up to pay day and I have been very disorganised resulting in shop bought lunches, take away coffees and the odd bottle of wine. I have realised that talk is cheap and when it comes down to it I spend when Iím stressed or emotional with no regards as to weather I actually have the money. However today is a new day and I have been paid so I can start my debt busting in earnest.
    I have listed all outgoings this month and have paid my bills that I can online today, this included tv licence and gas and electricity bill that I pay as and when they come in, one thing I am hoping to do as part of my new attitude to money is to start saving for these monthly and have worked out £100 per month should be sufficient. However this month I have prioritised paying £150 off my £250 overdraft and reducing it to £100. I have also paid an additional £50 off the Tesco credit card, and suddenly my bank account is looking very empty indeed! I have decided not to use my debit card at all this month and have taken all of my personal cash out instead and once itís gone itís gone, I think part of my problem is I donít see the card as spending real money!
    Achievements for today-
    Organised money for the month
    Ate reasonably well
    Ran 10 k in the gym
    Resisted buying a bottle of wine on the way home, have got into the habit of drinking on a Friday night which isnít good for my waistline or my purse! Tucked up in bed now donít really feel like cooking tea so will have some toast later
    • beanielou
    • By beanielou 3rd Nov 18, 7:13 PM
    • 58,105 Posts
    • 239,412 Thanks
    beanielou
    Well done on organising this months money.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Onebrokelady
    • By Onebrokelady 3rd Nov 18, 7:56 PM
    • 889 Posts
    • 4,669 Thanks
    Onebrokelady
    Well done on making a start with your debt,I was one of those people that consolidated but didn't change my habits so now have more debt and am still paying the extra I borrowed off my mortgage,it's a slippery slope becasue you think small spends won't matter but they are the worst,the odd coffee here and there or bottle of wine paid for with th debit card and before you know it you have run up your overdraft and have to use a credit card to help out
    I have finally learnt my lesson and all my credit cards have been destroyed,I entered into a DMP because I had no choice and I knew it would wreck my credit rating ,I needed this to happen because i just can't be trusted with a credit card,I am an emotional spender and it has got me into a right mess
    I now budget for every last penny,my food money is taken out on payday and divided up into envelopes for each week,if there is any personal money for me to spend I draw out the cash on pay day and wheniys gone it's gone
    I wish you luck with your debt free journey
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £1,440 Total Now Owed = £16,190
    Emergency Fund = £300 Xmas savings = £400
    • Thick n Thin
    • By Thick n Thin 4th Nov 18, 8:12 AM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    So budgets done, personal spends withdrawn and food money for the month taken out and divided into 4 weeks. Food shopping is one area that I tend to underestimate and overspend constantly, I used to be a tes&o shopper religiously because I liked the loyalty card and store layout however I am now an al£i convert and canít belive how much I am saving per week. I have budgeted £280 for the month for 2 adults and this will be a challenge as we do like to eat healthy so thinks like nuts etc tend to bust the budget.
    • Onebrokelady
    • By Onebrokelady 4th Nov 18, 10:14 PM
    • 889 Posts
    • 4,669 Thanks
    Onebrokelady
    Sounds like you are on a roll with your budget plans,food shopping is the area that gets me too,because of lack of transport I shop in my town center and that means shopping at Mr S and they are pricey,we have a Mr A store but it's not easy for me to get to and they don't stock much for vegetarians,we do have a huge Mr T on the outskirts of the city I can go there but it's two bus rides as I don't drive,with me it's lack of planning and lack of transport that ruins my food budget but I'm getting better
    I went Mr M today which is one bus from my road practically to their door,it was ok so I might start to go there now,some of their food wasn't any cheaper than Mr S though so will have to be careful
    I need to get better at looking for special offers and buying them when I see them too
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £1,440 Total Now Owed = £16,190
    Emergency Fund = £300 Xmas savings = £400
    • Thick n Thin
    • By Thick n Thin 6th Nov 18, 9:57 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    Hello diary,
    Not much to report, not much happening now however I have managed 3 no spend days in a row, should be able to make it to 4 easily as I have nothing to buy tomorrow. Personal spends are tight this month, I have £70 to last me 3 weeks which means I wonít be able to get my roots done this month I will have to use root spray, I need my roots doing once a month at least and I wonít do it myself as I have had too many disasters and oh moans that it ruins the grout in the bathroom.
    I have decided to start saving £2 coins, I have 3 to add to my collection!
    Ran 8k in the gym and had ate well! So a quiet but day !
    • Onebrokelady
    • By Onebrokelady 7th Nov 18, 11:11 PM
    • 889 Posts
    • 4,669 Thanks
    Onebrokelady
    Well done on the NSDs and the 8k run in the gym,I used to love running, I can't do it now and I do miss it
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £1,440 Total Now Owed = £16,190
    Emergency Fund = £300 Xmas savings = £400
    • Thick n Thin
    • By Thick n Thin 9th Nov 18, 12:44 PM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    Thanks One broke lady, I love running too, it really clears my mind and helps me remain calm, planning another 8k for this evening! I’m now on my 5th Nsd in a row and I’m really pleased, I’ve been so disaplined this week with my work lunch’s and not nipping to the supermarket after work, just making do with what we have in the cupboards, I may need to buy a loaf later but that comes out of food budget so I won’t of touched my personal spends at all! My oh mentioned last night that he had noticed I had reduced my trips to the hairdressers and salon to get my nails done and offered to pay for me to get my roots done but I turned him down and proudly said I couldn’t afford it and sometimes you have to make sacrifices to get to where you want to be! ( don’t think I’ve ever said anything like that before) but I can manage another 3 weeks! I’ll just wear a hat!
    • Thick n Thin
    • By Thick n Thin 10th Nov 18, 8:11 AM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    Just discovered Tilly Tidying 62p moved to savings account! My savings are now......62p!
    • Thick n Thin
    • By Thick n Thin 10th Nov 18, 9:41 AM
    • 28 Posts
    • 42 Thanks
    Thick n Thin
    So plans for today
    eBay eBay eBay- I have an eBay pile that has been cluttering up the spare room for months so I’m determined to get it all listed today there is also a few big items I want shut of so will list these too!

    2 loads of washing (lights) on the airier
    Declutter 10 items
    Meal plan for following week to try and empty freezer and generate shopping list from this
    Clean bathroom
    So better make a move as I’m still in my pyjamas!
    • Onebrokelady
    • By Onebrokelady 11th Nov 18, 12:04 AM
    • 889 Posts
    • 4,669 Thanks
    Onebrokelady
    Well done on all your NSDs,you are definitely on a roll now
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £1,440 Total Now Owed = £16,190
    Emergency Fund = £300 Xmas savings = £400
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