Getting my life in order....
 

Hi Everyone,

I'm hoping for some advice. 5 weeks sober and I'm trying to put my life in order - in particular my finances. Does anybody have any advice about doing this?

I spent my alcoholic days burying my head in the sand re bills etc. Now I'm trying my best not to do that but I'm frightened. I want to sort this out so I can perhaps sleep a little easier, but I don't know where to start. I'm embarrassed about it but I know it must be sorted. Any help anyone?

Thanks all,

x

Do you have a job? Obviously that's step 1.

Figure up how much you spend on needs every month and how much you make, then budget accordingly. Leftovers can be saved and or spent paying off old debts.

I find when it comes to finances, making lists and writing things down helps to ease my anxiety.

Yeah, set up a budget based on how much money is coming in and what you predict your expenses to be and it should be a good start. Or are you concerned about paying off bills that are owing? If so, why not call the companies and explain that you may be slow but you will pay off the debt each month until it's cleared. Good for you for getting your finances organized.

Try and do something positive towards it every day epskie, but try not to stress about it too much, we can only do so much. Don't let anyone persuade you to take out a loan to consolidate your debts unless you have really checked it out and are certain it's the best thing to do. It's the kind of thing banks push on people. I set up another bank account to put my expendable income in, the bank helped me work out what my outgoings were and how much money to put into each account which was great because I absolutely hate this sort of stuff. Hope you get it sorted x

Epskie,
Wow! 5 weeks, you give me hope. A budget is the place to start like others have stated. Don't be too hard on yourself because you are already saving hundreds of dollars a month on alcohol. That is a great place to start. Write down how much you take in and your expenses. If you are short, you probably have extra time now that you are not spending it drinking. Maybe a 2nd job for a short time, or pick up extra shifts?

A great resource is Suze Orman. She is all about loving yourself and that includes financially. Here is a link. I am not sure how to hyperlink so you may need to cut and paste it. Best of luck!

Well I don't have 15 posts so I can't post link, sorry.
Google Suze Orman resources
And you will get there

I really like Dave Ramsey's course. It's no-nonsense enough that it even makes sense to me. I'm in the same boat as you, when it comes to finances I am a total wreck. I've gotten a lot better than I used to be though.

hey epskie... congrats on 5 weeks. I'm just over 7 weeks now.. and it is nice to have extra money that I used to spend on booze (plus I feel better).

I find this UK based site good for debt advice:

Debt-Free Wannabe - MoneySavingExpert.com Forums

depending upon how "bad" your debts are there are also UK based charities that can assist you. If you can't see links on that site ask for advice (as you want ones that aren't charities in disguise and take the money off you). I've rung one in the past for advice about my mother's debts, and pointed her in that direction, can't remember the name now.

On the forums at that site they have lots of advice for budget planning and all sorts, People will go through your outgoings and give you tough love on what you need to stop spending on :) You get the odd troll but they usually get told to behave by the mods.

Some people learn totally new ways to manage money, I should go on there more.

I meant to say... once when I was drinking I spent several months thinking I was going to get taken to court for not doing my taxes/declaring some income properly. I finally got around to sorting it out, and ended up with a tax refund. In my head, I imagined going to prison for the sake of a £100 or something, my alcohol soaked brain imagined all sorts.

I was so scared, now when sober I can start sorting stuff out more.... best wishes to you.

Wow...That's some pretty awesome advice you got there.

Hey epskie,

I think you should have a Citizen's Advice Bureau up there (have a look here: Get advice).

They should be able to offer help or help organise more help for you.

Hopefully it's obvious - your financial situation just got a lot better by stopping drinking. Well done!

P.S. Here is the Newcastle CAB page: Newcastle Citizens Advice Bureau - and here is a list of CABs in Newcastle (including debt advice): Get advice

Hi epskie,
I lost a fairly high earning job during the height of my alcoholism. That didn't stop me from spending and I began to live off my credit cards. After rent, every dime I had went to booze. I even went on vacation to Barbados (drank the whole time) on credit even though I had no income. Eventually, I had maxed out everything and had no savings, thus I declared bankruptcy. I have no debt now, but because of the bankruptcy, I can't find a job in my field, which, ironically, is finance. I was pissed drunk the entire time during my spending spree and now that I'm sober, I am left to pick up the pieces. The key thing is that I am sober and I can now make rational decisions. The bankruptcy will not appear on my credit report after 7 years (2015) and I have already established a secured credit card to reestablish a credit history.

I guarantee if you stay sober and make careful, rational spending decisions, your finances will improve. You situation can't be worse than mine was and I am slowly rebuilding my financial house back toward respectability.

Thanks for all of the great advice everyone :D I have a job and a house of my own. It's lots of silly little debts and I need to rein in my shopping bills too. I'm going to start with writing it all down I suppose and see how I go.

Thanks again everybody

I just want to add, congrats on your sober time and having the courage to make positive changes your life.

Pay yourself the amount of $$$ you would normally spend on booze each day... it will add up quickly and you can use it to help catch up on some bills once per month!

Second on Dave Ramsey. A good read for you would be The Total Money Makeover. It's an easy read, concise and it works. Dave bases his plans on behavior modification. It's very effective.

When I was trying to get out of debt I was told to pay my smallest bill each month and pay something on my biggest bill. That whittles them down in time.:)

I just completed the Dave Ramsey class, and, despite being opposed to him prior to the class, I am now an admirer. I third the recommendation.

Congrats on 5 weeks!