Part 9 - laying the foundation for financial success

Discussion in 'My Financial Meltdown Story' started by admin, Jan 17, 2016.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    This is a series of articles labelled from #1 to #9 which chronicles how I went from being a fanatical young saver to a pathetic spender, and then finally paving the way for financial success.


    In the penultimate section #8: Facing Up To My Problems, I review how I finally came to terms with the debt I was facing with and how I contacted my creditors for help, this is when I say a real glimmer of home that the future was bright.

    Now that I faced up to my problem and stopped the debt from growing I needed a plan to pay off the debt as soon as possible, we both knew that cuts were inevitable and we would have to budget and economize radically. This was our opportunity to really turn our lives around; the more we could slash the more we could save so we could pay off our debt.

    We both decided that this needed to be a really thorough exercise; we got all our bank statements for the last 6 months and went through them with a fine tooth-comb, some of our spending habits really surprised us, seeing all the purchases on paper even shocked us to the point of embarrassment.

    We decided that the car had to go as this was a real drain on our finances, the contracted phones were also cancelled after paying a small penalty, we stopped the gym membership as well as all magazine subscription that we seldom read, we also decided to shop at budget stores and stop shopping for clothes for at least 6 months until we saw a substantial turnaround. From only having about £100 to spare we restructured our budget so that we had £500 to spare, the help from the creditors really helped to as we were now paying less in interest, although banks sometimes have a terrible reputation on this occasion they came through with flying colors.

    Having £500 surplus on paper looked great, we even printed the budget out and stuck it on our Frigidaire freezer, it looked great on paper but we know that tough times lied ahead, there would be times where we falter but having the constant reminder would really prove to help, we went so far as printing several copies and framing them so we could place them strategically in every room so as to serve as a constant reminder.

    Things were on the up, I was no longer depressed, we were happy as a family, smiles and laughter returned to our home and it felt like the home I remembered so many years ago when we were so happy. I had matured as an individual and centered myself to what really mattered and I was taking responsibility for everything that had an impact on the future. Things were looking positively bright.

    Full Series Index

    #1: Great Early Saver

    #2: Having Money Taken Away From Me

    #3: Seeing My Family Experience Poverty

    #4: Spending to Keep Up

    #5: Disaster Strikes

    #6: Getting Married

    #7: Absolute Financial Despair

    #8: Facing Up to my Problems

    #9: Laying the Foundation for Success
    POWER PROGRAM likes this.
Similar Threads: Part laying
Forum Title Date
My Financial Meltdown Story Part 2 - having money taken away from me Jan 18, 2016
My Financial Meltdown Story Part 8 - facing up to my problems Jan 17, 2016
My Financial Meltdown Story Part 7 - complete financial despair Jan 17, 2016
My Financial Meltdown Story Part 6 - getting married Jan 17, 2016
My Financial Meltdown Story Part 5 - disaster strikes Jan 17, 2016

: my story
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