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Waning enthusiasm

(11 Posts)
LiquoriceWheel Thu 23-Feb-17 23:17:34

Hello!
Over the last couple of years I have accumulated thousands of dollars in debt because of foolish and ridiculous money decisions on my part. I started reading the 'drowning in debt' thread last year and it was very encouraging and motivating for me. I was really aggressive paying my debts off last year and managed to clear two personal loans and an overdraft.

I have one credit card and one more loan to pay off but my zeal has gone. I know if I keep on track I can be debt free THIS YEAR but I think I have 'plateaued'. My clothes are shabby, I never go out, I haven't travelled, I haven't worn makeup in two years and I feel ugly (boohoo I know there are worse things grin). Even when I'm debt free it'll back to zero. My dream is to start a family but by the time I can 'afford it' my fertility will be out the window most likely. I want to travel but I'm scared of spending 'money for nothing'. Feel like the fun of life is over. Does anyone else find being frugal boring. Can someone help me snap out of it please. blushflowersflowerscake< homemade grin

BackforGood Thu 23-Feb-17 23:43:43

I think when you are trying to pay off debt, or when you are just living on a tight budget over a longer period of time, it's important to have some 'treat' for yourself along the way.
Even if it is a really small 'pocket money' thing each week that you can either spend on something such as a coffee out, or save up for a bigger treat. It makes a real difference.

nannynick Fri 24-Feb-17 06:17:01

It's not rice & beans all the time... Dave ranted about that recently.

You need to be intentional about what you are doing, so your intention is to pay off the debts. However you also need to live a reasonable life, sounds like you need to adjust that balance a bit. Allocate more budget to something you like doing and reduce the budget somewhere else.
Create a sink fund for saving towards a treat - consider it a reward for your good saving.

LiquoriceWheel Sat 25-Feb-17 07:43:19

Thanks for your replies. I'll try and keep money aside for a treat thing later on. Maybe some nice shoes...that way it's still got a 'practical and sensible' element to it. Oh! I know! When I pay off my credit card I'll treat myself to something and I'll post it here later on. Ok, got my focus back. Thanks backforgood and nannynick

Passthecake30 Sat 25-Feb-17 19:54:10

It does sound dull.... but I'm sure you'll be happy when the debt is gone!

As for the makeup, Maybe that can be your little treat, I'm sure a bit of cheap mascara won't break the bank so long as you don't go mad with piles and piles of makeup in lots of colours/brands!

Ta1kinPeace Sat 25-Feb-17 21:26:18

Do you have the remaining debts on standing orders so you can ignore them ?

Are you living within what is left of your means ?

Do you have "strict" weeks and "treat" weeks

as if you cannot do something fun once a month then it is indeed blerdy hard

LiquoriceWheel Sun 26-Feb-17 03:57:48

Ta1kinPeace I don't fully understand what standing orders are. I pay as much above the minimum as I can afford, is that the same thing? I get paid fortnightly so the first week is GREAT, bills and debts paid. Then the next week is a struggle because there's not a lot left. My debt personality is to pay things off 'fast and hard'. Funnily enough spending 'fast and hard' got me into this mess confused

Ta1kinPeace Sun 26-Feb-17 11:44:24

If you are paying well above the minimum then you are doing pretty well.

The standing order trick is for people who can only just manage to pay the minimum.

If you do it by direct debit (which the card companies like)
your payment drops by a teeny bit each month and debts take 18 + years to clear
and they lender makes a fortune in interest.

If you fix the repayment by standing order it does not drop as the balance does
so you pay off a bit more capital every month
and the repayment term drops to around 2 years
and the lender makes much less in interest

THe cool thing with it is that its a "set up and leave alone" bit of expenditure that allows you to concentrate on other things.

nannynick Sun 26-Feb-17 13:08:33

LiquoriceWheel are you in the United States?

Not sure what pre-authorised recurring payment services you have there.

Standing Order in the UK: This would be like a pre-authorised payment which is the same every time, typically it is a once per month payment.
Some banking systems will refer to this an Automatic Recurring Payment.

Direct Debit in the UK: This would be like a pre-authorised payment where the merchant can vary the amount and is typically made once per month but can be auctioned more frequently.

Ta1kinPeace Sun 26-Feb-17 20:17:52

bah, sorry, my fail

the point is that a "direct debit" the amount is under the control of the recipient
in a "standing order" the amount is under control of the payer

get the balance right and your finances will be under your control

LiquoriceWheel Sun 26-Feb-17 20:24:05

Ok, thanks smile everyone

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