Drowning in debt and cannot talk to people in Real Life? A problem shared is a problem brought into perspective - come and join the lens.

[Ta1kinPeace]

This thread is loosely linked to several previous ones on the same topic.

We live in a society that makes it horribly easy to get into debt but makes it incredibly hard to admit you have a problem and even harder to get out of debt.
Everybody is welcome to share problems, ideas, solutions, but not be judgemental please

I am not in debt, any more.
Here is a link to some spreadsheets that might help explain how
SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

and lots of people use this
YouNeedABudget

The important things to remember are

• yesterday is as past as the Crimean War

( we will not judge how you got into debt, but we will support you on the way out )

• this is an anonymous forum

( we will not tell your employer, family or friends of the reality of your numbers and we are here day and night )

• this thread is about supporting people through the huge mindset changes needed to come out of debt

( feel free to offload all of the feelings that drive you to want to spend, that make it hard to save and that generally make life crap at times, including getting those closest to you to recognise the changes needed )

Join in, bare your soul and come out the other end.
Its worth it.
You are worth it
The long term results for you, your partner, your children, and your friends and family are worth it.

I think that you're doing OK, actually. You're keeping the need for economy at the forefront of your mind, anyway. Some times will be worse than others but so be it - it means you have to keep going for a bit longer but it sounds as if you can manage that.

fluffy
£15 a week for recorder : stop the lessons that is an UTTER rip off.
DD's grade 8 flute lesson was only £200 a term ......

milkjet
Welcome to the gang.
To get your finances under control you have to think with your head not your heart.

Kids savings are great in theory but as interest rates are zilch, you are better saving debt interest elsewhere and replenishing them later.

Running a second car : add up how much it costs and how many miles - taxis once a week may actually be cheaper ....

The trouble is that taxis are usually cash - and feel like a real expenditure - whereas car costs are usually CC or DD/bank account and feel ....'hidden'. I gave up keeping a car because of where we live and our lifestyle and in my head, I know I'm saving a bundle. The trouble is that handing out the crispies for various things such as taxis - while part of my original budget assessment - feel real and sometimes, I almost resent them.

I don't know quite how to get round that one.

I think you are right
I'm trying to stop using contactless payment as its sooooo easy and quick and it doesn't feel like real money iyswim?
til you are your bank statement
Wrt to kids savings...
My boys had stocks and shares child trust funds since they were babies (the govt at the time gave you vouchers to start you off and we got given some money for ds1 from a family member)
Not been performing well so I changed them to a cash isa (the highest rate one I could find pays 3.5% interest)
This means that even if we can't afford to pay in monthly they will get interest accrued at end of year.

Oh, and I've decided I'm going to train to be a recorder teacher - that's obv where the ££££ is!!!

Feeling more cheerful this week. Realised that the interest rate on my credit card was a horrifying 29.7% (high street bank, been with them for ages). Hadn't really looked at the rate as we have bought a house and didn't want to apply for credit whilst mortgage app was going through. I was paying approx £400 a month and only £100 was coming off. Did an online calculator that told me with the 10k I owe I'd be dead before I pay it off! So I've just managed to get a 0% credit card for 41 months that means I will be credit card debt free in 2 years 5months. So stupidly pleased that there is at least an end in sight. I've closed the original card. Feel like a weight has lifted

Well done. And with just a wee bit of checking and organising!

I know! Can't believe how blind I was to the interest rate!

Well done!
I've got rid of my next account (22%! Apr)
Our debt is all on 0% Cc and we will just get another 0% deal when it ends
Ds2 has started piano lessons at school and I may have found a second hand keyboard for £45!

Good stuff, Badders.

Bump for Debtdrowning

Hi everyone - another long break from the thread ! Working hard, watching Dave Ramsey YouTube videos, working on my budget excel sheet. I reckon we'll be majorly over the hump in about 5 months, the 2 years to debt freedom. Already planning how to invest the extra - it'll be like winning the lottery 🙂 How is everyone ??

Well done, Tobe. Are you feeling like 'easing off' yet or do think that some of the lessons will have stuck? (That last bit can often be the hardest.)

do you think

Well we didn't necessarily get here from over spending but lessons wise my main change will be always saving in advance for things and never taking another loan ever. In the past we did have no choice for various reasons other than to sell the house & I am glad we didn't of course but we're in a good place and in 2 years (aiming for less of course !) with no debt payments we will really be able to build wealth & have a different lifestyle. I can't wait !! Just need to hold tight. Apart from maybe possibly needing a bigger clothes budget (or any !) and some entertainment budget we are doing great. 🙂👍🏻

Loans aren't that bad as long as you are disciplined enough to manage them and don't forget about them. (After all, many people here will have a house mortgage which is just a (rather large) loan, really.) They can be dangerous though - especially where people just think 'Whay-Hay' and don't have a hard look at their finances and lifestyle before taking them on.

You sound pretty grounded, Tobe. Well done.

I do wish I could go back in time and smack myself though 😂Anyway I have it instilled in my kids now about the borrower being slave to the lender. I look on in horror as I see friends/relations getting new cars with big payments or remortgaging & going on flash (multiple) holidays ! "You only live once" is their motto. Yolo-spending =poverty later... Yes I'd love a nice(r) house etc but I can wait !

You've learned though.

God yeah !! Some day I'll be rich 😃🤑

You already sound fairly rich in most of the things that really matter. Some eg decent winter shoes and not worrying at night about whether the washing machine will keep going would be icing on the cake though?

Hello everyone! Hope all are ok?
I have a question...and it might be really obv but I know someone on here will know! 😀
Are there such things as savings accounts for a set number of years that you can't touch til time is up? Say 2/3 years?
Years ago my pils had something that they paid into every month and then it paid out after 5 years or so.
What are they called?
I want to start one. It's the only way I can save. When I can't touch it! 😀

Look up fixed term isa & regular savings. Something that penalises you for withdrawing.
Have a look at mse.

Badders
THere are long term fix ISAs where you sacrifice ALL the interest if you take any money out early .....

When you say long term....I only want 2-3 years.
I will check out the MSE site.
Thanks all.