Debt support thread #2

[Nerfmother]

Here we are! Can't be bothered to think of an exciting title, sorry

Sorry mum but your last post made me laugh.

sorry to hear that mum2fergus, hope you're ok.

I've gone two weeks without making one of my 'designer' purchases. Quite a big step for me, especially as we got paid in that time. I've bought a couple of inexpensive items here and there which I know isn't good, but I'm at least aware of what I'm spending now.

Back in January I was paying about £700 per month off my debt, but with an overspend of £1300 I was adding to it significantly each month.
I'm now paying £850 per month. I think I will have slightly overspent this month but I think I'm looking at having reduced my debt by £700.

I've re-worked my finances slightly for next month, giving myself an extra £25 per week. Things are tight at the moment (when things are tight I overspend more!) and I think having a bit extra will help relieve some stress (I'm recovering from mental health issues). All of my debt is on 2 low interest loans so by reducing my over payments it won't cost me any more. I think it works out to paying my debt for 2 months longer which isn't a lot.

I looked at reconsolidating both loans over a longer time period but the interest would have been 8K, so I'd have had to make 16 months of payments before even touching the capital. On my current repayments, I'll have reduced it from 25K to 11K in 16 months.

I always overspent because I felt worthless, and that having nice things would make me worth something. I had an interview a few weeks ago and got a massive promotion, it is weird the effect it has had one me.

Oh Mum2Fergus I'm so sorry . Hugs to you xxxxx

Sorry to hear that Mum2Fergus

Bit of a leaky bank account for me this weekend. Mostly budgeted for but awaiting lots of items to clear the account. £75 in Aldi, £15 on a new kettle (old one leaking), PJs for both boys (primark), and I bought a dress on ebay for next month's weekend away (2nd hand and only £12 for a posh evening dress, hope it fits). Also treated OH to lunch out on Saturday which was £15, and needed to order dog food, so another £35.

But all was in ynab so not too bad.

OH has booked us a night away in the Easter holidays (near to my birthday) which includes dinner, wine and breakfast so looking forward to that. Will cost for drinks and petrol and an extra £10 to take pooch which I'll pay - never been to a dog friendly hotel and quite excited about that!

But with that, and a big family day out (with family visiting from overseas) and a leaving do over Easter, my general spending pot is underfunded so I may need to WAM a rainy day fund or do some ebaying - have thought of a few bits to sell. Luckily the rainy day pots are reasonably healthy this month.

Off to log into online banking so I can clear some of these items in ynab!

I got into debt through loneliness ( wondering around shops every weekend on my own so I could get out of the house) and then just wanting to feel like I was getting on like everyone else.

I'll be debt free in 4 years then it's attacking the mortgage.........

I have just done a bit of a bodge job balancing the books from last month (nothing like having a baby to ruin your YNAB reconciliations) and am v v pleased to discover that our debt growth in March was a whopping £1,000 less than originally projected, which means that the debt accrual while I'm on maternity leave is already £1k less than expected (for those that don't know, I am self employed and had my lightbulb moment when I realised that my maternity leave would be 90% funded by credit card. We are resigned to debt growing for the next 2-3 months, but are trying to keep a lid on it as far as possible). Main savings were:

• £100 on food
• £200 on Nanny kitty/fuel (asking her to be tighter with mileage/kitty after giving her redundancy notice - not the nicest conversation ever!)

-£100 on DH's commuting costs once we discovered that a 3 day a week railcard costs the same as 2 return tickets a week

• £50 on no commuting costs during paternity leave
• £50 on family kitty tightwadedness
• £200 on a cock up by NPower not taking our DD - the payment is being spread over the year now, so not a real saving, but at least it's not adding to the debt right now
• making c.£300 on ebay

Hurrah!

tightwadedness

I need more of this one possibly

That is really great going Poss, you should be very pleased with yourself!

Hey Spanish lady, know that feeling. Bit of interaction with sales staff, look like you have a life

Poss, well done, it's good that you aren't feeling down about it but seeing less increase as positive. Which it is.
Rubbish day today. Lost the plot totally (dh away, dd trauma yesterday, no real reasons) and bought a load of crap that promises to make my skin look better , sweets for the kids, cheap cinema tickets and sticky back mirror tiles for the ds bedroom.
So cross with self, but determined not to let it be a reason to give up.
Realised something major - I can't really cope with a credit balance. Money needs to be spent because I can't see tomorrow - I think I might not be here - suspect I should have had better support when my dad died as a young teen. It was very sudden.

Nerf - would it be easier for you to have your money in a savings account and move across one-week's allowance at a time? Although you spends are not too bad for the school holidays - easy to spend then!

Yes it might be. I might have to do cash per week. I think that would be a good plan. It's so irritating , just can't seem to cope with a credit balance. We'd be those lottery winners who panic and spend it all in a week.

Do you use ynab nerf? You could do a "week 1" "week 2" etc category for General spends. I am a natural "spend everything in the account" person too, but with ynab I simply don't spend my savings or rainy day categories - I just don't see it as "my" money to spend. It's odd. Some categories I am happy to WAM when I am short, but most I refuse to touch. It's like a game I have to win.

Hey all just checking in on return from Turkey, haven't managed to read through all the posts I've missed than week yet.
Trip was fab, spent about £200 in total, not too shabby for a week log holiday in the sun! Pupils seem to have really enjoyed it too which is the main thing.

Back to real life tomorrow - will be checking all my accounts etc and meal planning with DH.

Glad you had a good time.
Am going to check out YNAB this week while we are off. Seems to work for you all

Sorry to hear your news mum2f Hope you're OK.
Love turkey missA - lucky students!!

Not much to report here - waiting for payday! Although am doing well at sticking to the ynab budget and have extra work this week which will go straight to the debt goodbye weekend. Best get on with it...

You're all very kind, thank you.

Been keeping busy with a bit of a clear out, lots of stuff to put on Facebay when I get a few minutes.

Have updated my budget today assuming no support from exP going forward (worst case scenario) and I can still manage to overpay debt each month though not to previously planned extent. However, I honest have no idea what my monthly salary will be from April! I've a refund to make for tax under payment last year, and a slight salary increase all taking effect from this month, no idea what actual take home pay will be ...

Just checking in.. I thought this week would be tough as my nephew is up a d thought I'd have to spend a fortune entertaining all the boys - but happily they're entertaining themselves.

Struggled a bit re food, worrying what to feed him - sis has sent him north with all sorts of organic fruit bars , box drinks and smoothies and crisps and things, which is hard because all the boys will want them if one has them, and I can't afford those types of snacks. It hasn't been an issue so far though, phew!

Plus am trying so hard to strictly meal plan and not allow the boys to snack on crap at mo.

Trying hard to save some pennies for a week off next week and a trip down to Weymouth to see sis :) need to budget £50 for a doggie haircut and another £50 for kennels :(

mum2 just caught up, so sorry to hear that, I hope you're ok. You could probably muster a round dozen of us to kick him in the nuts if that would make you feel better?

£47 on celebration meal for DH new job, but otherwise we're sticking to the debt free plan. Avoided nipping into poundland on way home as I knew I'd spend and I don't need anything.

Have put on weight in Turkey eating at delicous couscous and hummus filled hotel buffets - what is it about a buffet that makes everyone pig out?! Suddenly seconds, thirds and even fourths seem acceptable .... or is that just me?! Need to clamp down. Running tomorrow with the head of cross country at school to start off as I mean to go on!!

All you YNAB converts...I'm mostly Apple products but do have an old notebook that if I clear all the crap off it might just have enough life left in it to download the software. Once I have it, can I do bulk of the maintenance/updates via the app? Or do I really need regular access to the desktop version?

I feel so overwhelmed today and like I can't do this :(

I just feel like I will never get out of debt. When I reconsolidated last month based on my pay rise (which I'll get from end of May onwards) I didn't take these last couple of months on my old salary into account. I'm so stupid as I can barely make ends meet at the moment.

Next month my travel costs reduce from £55 per week to about £20 per week which will make a difference. My pay rise is £400 per month - I intend to try and save most of this for emergencies (no point making over payments as my interest is fixed).

I know this will make things easier but I still feel like I can't do this. There is a part of me that just wants to spread everything out over the maximum amount of years (I think 8 is the most with my bank) but I'm worried in case something happened in that time (e.g. if I fell pregnant) and wasn't earning. My head tells me I'm better off with the way things are - a 2 year loan for 16000 at £700 per month (23 months to go) and a 5 year loan at £154 per month (4 and a half years to go).

I'm worried about ending this month overdrawn and then starting next month on the wrong foot. I try to focus on the positive - I've been overspending by £1K each month approx but this month it is likely to be closer to £200 which is a massive achievement but it doesn't feel like it. I still feel like a screw up.

I even contemplated moving out today (DP doesn't know about debts) as if I moved out it wouldn't matter if I spread the payments over 8 years.

Sorry for such a negative post, I just feel so down about it all today :(

You can do it after. And I bet DP would prefer you to 'fess up than leave. Just think - only 5 years and you're free of this burden.

Just when I thought things couldn't get any worse money wise my gas and electric bill is in ( dreaded the gas and I was right too) bill is £313 elec is only £79 but it's the gas a whopping £235!!!!!!! Now I'm really going to struggle tried to phone but they are shut so will be first thing morning might have to ask my mum for the £235 things just ain't working out

Afterthought
Hang on in there.
Spreading the debt over lots of years is just kicking the can down the road.
And it makes more money for the debt industry and leaves you with less.

Have another look at my credit card spreadsheets (the thread is somewhere on the board)
Ignore what the lenders say and LOOK at what locking the payments at the current level will do.

The £700 a month loan : pay £705 - its a mental thing but then you are overpaying
The £154 a month loan : pay £160 - same percentage.
When the big one is paid, hit all of the money against the little one
and you'll be clear in less than three years

Pregnant etc : stay on the pill, do not get hammered and PLAN then your DH will only know about it when you crack open the champagne in less than four years time

The shitty land of salary brings the bank back to zero
yup, been there, done that, had the T-shirt for years
its a bummer and I'm not going to say there is an easy way out because there isn't.

Things you can do today
Analyse every penny of the overspending : minimise it so that you go from overdrawn to £5 in credit after pay day
then £10 in credit
then £15 in credit
because after the three years I mentioned above, you'll be £180 in credit

oh, except that without the loan payments, it will actually be nearly £1000 in credit
hence the bottle of champagne

SO
the light at the end of the tunnel is around three years away, without any more fees to nasty loan companies.
YOU CAN DO IT

mitsi
ask for a direct debit payment plan
we are going into the warmer weather so your usage will drop
monthly payment of utilities is ALWAYS cheaper and ALWAYS better than quarterly bills
you just have to watch them like a hawk for overpayments and estimated bills

I'll need to try that talking peace actuall cried when I seen the bill no way I can pay that plus everything else the house is always cold so my heating is always on especially when my dads over as he's not well can't have him sitting on a cold house I dont have a prob with the elec just the gas