Has anyone else stuggled with debt?

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Chrido81
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Has anyone else stuggled with debt?

Post by Chrido81 »

I would class myself as a dyspraxic who struggles with instant gratification. Amongst other traits, I need quick rewards. I feel my work life is so volatile sometimes that I seek quick rushes to keep me "level".

I have issues with spending money. I will think nothing of spending £1000 on a new laptop for example, despite the fact that I haven't planned the repayments. I think thats clearly a combination of of instant gratification coupled with planning of thought difficulties.

I was once over £10,000 in debt, only able to pay it off through an inheritance. So I wonder if anyone else has issues spending money without any plans on how it would be paid back?
Dan
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Re: Has anyone else stuggled with debt?

Post by Dan »

Chrido81 wrote:I would class myself as a dyspraxic who struggles with instant gratification. Amongst other traits, I need quick rewards. I feel my work life is so volatile sometimes that I seek quick rushes to keep me "level".

I have issues with spending money. I will think nothing of spending £1000 on a new laptop for example, despite the fact that I haven't planned the repayments. I think thats clearly a combination of of instant gratification coupled with planning of thought difficulties.

I was once over £10,000 in debt, only able to pay it off through an inheritance. So I wonder if anyone else has issues spending money without any plans on how it would be paid back?
I'm also quite bad with money indeed. When I worked, I had tonnes so I got into bad habits, along with a lot of drug taking, which are obviously expensive too. ;)

One thing I find is that I am often afraid to even check my balance due to being worried about what I'll find out, so I ignore it. I just force myself to do this now and it has helped quite a lot.
MusicL22
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Re: Has anyone else stuggled with debt?

Post by MusicL22 »

Chrido81 wrote:I would class myself as a dyspraxic who struggles with instant gratification. Amongst other traits, I need quick rewards. I feel my work life is so volatile sometimes that I seek quick rushes to keep me "level".

I have issues with spending money. I will think nothing of spending £1000 on a new laptop for example, despite the fact that I haven't planned the repayments. I think thats clearly a combination of of instant gratification coupled with planning of thought difficulties.

I was once over £10,000 in debt, only able to pay it off through an inheritance. So I wonder if anyone else has issues spending money without any plans on how it would be paid back?

I completely understand with the instant gratification I didn't know this was a problem with me until researching etc. It is so irritating isn't it? I feel like I need replies right there and then, I get shaky and sometimes I get a bit crabby with one particular person.

As for debt when I was younger when I was about 18, I didn't look at bank statements I just bought stuff without actually checking anything. So I ended up overdrawn.
Tom fod
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Re: Has anyone else stuggled with debt?

Post by Tom fod »

I feel I'm lucky in the sense I was brought up to be debt averse. I think in this day and age it is so easy to see and order stuff instantly and sometimes we use this as a mechanism to try and cheer ourselves up or we'll see something we like and think If I don't buy it here and now it will be gone and I'll miss out!

I have a pretty big pile of unwatched DVDs and unread books and I'm a bit of a hoarder too but luckily other than my mortgage and the small amount I put on my credit card at the tail end of last month it's something I'm lucky I don't have to worry about. Not driving and not having to run a car helps too!
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Monique
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Re: Has anyone else stuggled with debt?

Post by Monique »

I was also raised to be adverse to debts and to avoid credit cards etc... But I also definitely have issues with being super impulsive!

Video games, tech and art supplies are my downfall, even when I dont use or have no time to use them I still buy them!

Been trying over the last few months to be really strict with myself. As soon as I get paid each month half of it immediately goes into my second account which I have forbidden myself to touch. I've taken the debit card for that account out of my purse and don't have the card details saved anywhere on online stores.... and so far it seems to be working!

I find that as soon as I move my spare money, out of sight from my current account, I'm not as tempted to spend it impulsively any more. I even switched from physical statements to online banking only, for my savings account, so I am not tempted to spend money like I would be getting sent bank statements by post. I hardly if ever look at my balance on that account. Sounds a bit over the top but it's really helped.

And credit cards are a big nono for me now, learnt my lesson there. It took me just over 2 years to pay off my maxed out card (thankfulky it was 0% interest for 2 years anyway) and it immediately got banished to the filing cabinet, can't trust myself with that thing!! :lol:
bookworm
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Re: Has anyone else stuggled with debt?

Post by bookworm »

Always worry about this now have my own flat. My support workers say I should pay all my bills by direct debit. My parents say paying by direct debit could mean I have problems if I overspend and can't afford to pay my direct debits. It's so hard to know what to do for the best.
Shadwell
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Re: Has anyone else stuggled with debt?

Post by Shadwell »

bookworm wrote: Tue Aug 07, 2018 11:35 am Always worry about this now have my own flat. My support workers say I should pay all my bills by direct debit. My parents say paying by direct debit could mean I have problems if I overspend and can't afford to pay my direct debits. It's so hard to know what to do for the best.
basically my view is to pay everything up front, like the one year I worked out if I paid everything by DD the amount they wanted, then all the companies combined were charging me what turns out to be a holiday each year, just because I wouldn't pay them up front.

so I am very wary when it comes to anything by DD, I always look at the full year compared to DD.

but what you can do is say right I want x-amount of money for this, that, and the other, plus a little spare each month, open a 2nd account, and use that for DD's, and then set up one payment per pay day to go into the 2nd account, or the day after. then say I am not allowed to withdraw more than x amount on the payday. so then the payment is made into the 2nd account the following day.

use cash not card, it is way easier to stick to a limit if you got cash in your hand than paying by card. give your parents the card to the 2nd account to look after. that way there is no way you can spend that money without going online, and doing a transfer.

so there are ways around it, if savvy, I just think your parents are concerned more about if it is setup to your main account, and for example, and easily done is you pay for shopping by card rather than cash, then easy to loose track of where money has gone, or how much you have spent.
Denield4
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Re: Has anyone else stuggled with debt?

Post by Denield4 »

I was drowning in debt when I made the mistake of taking out a mortgage without seeking legal advice. I believed it would be simple and without any twists. However, it turned out that there was, and the catch I fell for was enormous. I was essentially throwing my money away for nothing. Now I realize I would not have wasted so much money if I had gone straight to Mortgage Broker York. When it comes to legal transactions, my advise to you is to always consult an expert. I wouldn't want anyone to have to go through this. I'm still in a lot of pain.
Last edited by Denield4 on Sat Apr 16, 2022 10:08 pm, edited 1 time in total.
FrankieSoup
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Re: Has anyone else stuggled with debt?

Post by FrankieSoup »

Denield4 wrote: Thu Apr 14, 2022 10:48 pm Fortunately, I haven't been in debt yet, and I don't want to be in debt. Can you give me some tips for staying out of debt?
I think the best advice I can give is the simplest - live within your means (if at all possible). In short, if you can’t afford something outright, don’t buy it.

Obviously, in real life, it’s both ‘not that simple’ and ‘that simple’. The best place to start, I think, is working out how much reliable income you have coming in each month, and write down your essential expenses - other than food.

So:
Accommodation (rent/mortgage)
Transport
Electric bill
Council tax
Water (if it’s not included in council tax where you are)
Heating

With transport, if you have a car, look up what you paid in tax, insurance, and repairs for the last few years and do an average so you know how much to set aside every month.

Everything left at the end is yours to spend. As a rule, I try to spend a third on food, save a third, and have a third for sundries but figure out your priorities 😊

I got into a lot of debt (due to a non-paying client in my freelance days) so I’m really strict with book keeping - shout if you want some more specific tips/recipes etc.
Bluezewoo
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Re: Has anyone else stuggled with debt?

Post by Bluezewoo »

Hi there, I can relate to your struggles with instant gratification and impulsive spending. It's important to recognize these tendencies and work towards finding healthy coping mechanisms. If you are struggling with money management and have issues with spending without a proper plan for repayment, it may be worth seeking advice from a professional financial advisor. A mortgage broker like Mortgage Broker in Chester, who has expertise in managing finances, can offer valuable advice on budgeting, debt management, and even mortgage options. They can help you develop a plan to manage your finances and create a path to financial stability.
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