Cut Up Your Cards

grwm 006

Cut Up Your Cards - When You're In A Hole Stop Digging Many of our best decisions are made after a good nights sleep. I went to bed thinking about whether its better to build up an emergency fund, and delay slightly the paying off of my cards, and in the process paying more interest OR or to use ALL my spare money to pay off my cards and if an emergency arises use the available balance. The first thing I did this morning was cut up the cards. If I keep the cards, then there it keeps the thought in my mind that I might use them again, once the balances start dropping. I'm not sure if I have enough will power or enough control of my want to feel good now personality. In other words … [Read more...]

Improving My Credit Score


Improving my credit score by 120 in less than a month. I've done it, it was easy and I'll tell you how I did it. Look at this from 643 Poor -6th August To 761 Fair - 27th August One of the first things I decided to do when sorting out my new financial regime was to apply to Experian to see my credit score and to get a comprehensive credit report. I already new that i had a couple of nasties on there, because I missed a mortgage payment earlier this year when one of my contracts paid me four weeks late (shit happens when you have no emergency fund!). So on the 6th August - Using an Experian Trial Offer, I got to see my credit score (643-poor) and download a copy of my credit … [Read more...]



VJ5NN39Q7HRW Motivation I’ve always been an avid reader – and get through a couple of books a month. So I thought that I would write some book reviews for you, to share what I’m reading with you, and also to give you an insight into what makes the blog ticking along. Books are great – where else can you get to read someone else’s life work, feel their blood sweat and tears for a couple of £$€. A book is like taking a course – but has the advantage that you don’t have to complete the whole thing if it doesn’t capture your imagination – you can read the whole thing or just cherry pick the bits that interest you. Prior to the arrival of junior … [Read more...]

Procrastination – a blight on my life

Procrastination is the process of delaying a task in order to make yourself feel better. Sadly one of the most sure fire ways of avoiding success in life is to suffer from the curse of procrastination. Sadly for me, I’m a terrible procrastinator – i would avoid or delay attending my own funeral if it were at all possible. Its yet another behavioural trait that I can add to my big long list of faults which have prevented me from reaching my life goals. And another aspect of my past behaviour that i have recognised is holding me back, and something that I am going to have to change. But apparently I’m in good company – about 20% of people admit to being chronic procrastinators – though … [Read more...]

The Best Debt Plan Ever !!!

Of course its the best debt plan ever - its mine and its going to work for me! Since taking the decision to clear my credit card debts I've been reading various blogs about how other people have tackled their debts some of which are really humbling and inspiring. I've also read articles by so called "financial experts" on their take on the best way to beat the credit card / debt graveyard that so many of us seem to find ourselves in, but have yet to find the definitive guide to the situation I find myself in. So have decided to write my own definitive plan and share it with you. Even though the majority of my debt was incurred whilst setting up my business, and to see myself through some … [Read more...]

My Emergency Fund

My Emergency Fund My emergency fund is the precise difference between my credit card limits, and my credit card balances. Now that's shocking. Industry wisdom states that people should have a minimum of 3 months salary in reserve. Due to being self employed - I often find that my monthly income is irregular - and for this reason it would be best practice for me to hold more than 3 x monthly income. However - while I'm up to my neck in debt - should I be putting anything more than £100 into creating an emergency fund ? Its probably best if I concentrate on clearing my debts and minimising the amount of money I pay in interest So.. for the time being at least - I'm only going to be … [Read more...]

Improving My Credit Score – The 75% Rule

Improving My Credit Score -The 75% Rule. After speaking to a customer service representative at Experian, I've been told that reducing outstanding credit balances to less than 75% of my credit limit will make significant improvements to my credit score. Traditional debt reduction techniques tell us to pay off the card with the highest monthly interest rate first, and then start paying off the next highest. This is sound advice. However, in my particular circumstances I want to get as much of my outstanding credit onto 0% deals as possible. But seeing as though my credit rating is so low - no lenders are prepared to take me on. So I have a choice - pay down the card with the highest … [Read more...]

My Credit Score

My Credit Score A key part of clearing debt is maintaining a good credit record. If you have lots of credit cards on high interest rates then the first really big step you can take is to transfer these balances to providers who provide an interest free period. Once your on an interest free rate, every penny you pay in is money off your debt rather than interest payments to lenders. I have already transferred as much of my debt as possible into my wifes name as she has a good credit score, compared to my dreadful one. Yesterday I contacted and got a free credit score, and a report showing all my current and historic credit agreements. I was quite surprised to find that … [Read more...]

A Zero Day – On The Road To Frugality

A Zero Day - On The Road To Frugality Yesterday I recorded my first ever zero day. I've decided that a zero day - is one where I don't spend a penny (well a financial penny). Hopefully, this will be the first of many in my new regime of frugality. I took a packed lunch to work - saving the £3 I usually spend at the office café. And I also cycled to work for a change, therefore saving money on fuel. I usually buy my lunch from the office café, or from the local branch of subway - spending £3 or £4 a day which can add up to nearly £20 a week or £86 a month (£20 x 4.3333 weeks in a month) A really big saver is cycling to work instead of driving. I only live 3 miles away from my … [Read more...]

Frugal Or Mean ?


Frugal or Mean ? There's a very fine balance between the two Given current circumstances - I think that I have to be brutally frugal, but intend to avoid being seen as mean at all costs. A good example of this fine balance came about yesterday afternoon. Let me tell you the complete - long winded story. Over the course of the last few days - I've decided to start writing down all my personal spending. If I've only got £286 a month to spend - then that's less than a tenner £10 a day!. So from the 1st of August I've started writing a log of my purchases. It already makes grim reading 1st. £3 sandwiches for lunch 2nd £4 Subway (lunch) £0.60 coffee machine 3rd £31.75 … [Read more...]