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    • VelvetFreak
    • By VelvetFreak 28th Feb 17, 12:57 AM
    • 149Posts
    • 429Thanks
    VelvetFreak
    Debt Free by 24
    • #1
    • 28th Feb 17, 12:57 AM
    Debt Free by 24 28th Feb 17 at 12:57 AM
    Hello everyone! I am a 23 year old gal from Australia. My birthday is in December and I'm going to be debt free by then!

    Last year, my mum loaned me $8000. I won't go into too much detail, but it was to help with the downpayment on my unit. There is no interest or due date on it, but I would like to pay it back as soon as possible as I don't like the feeling of it hanging over my head.

    It is my priority to get the debt paid off ASAP, but I do have some savings goals that I am working on as well, as I am single and have a mortgage and I don't like the idea of not saving anything for an extended period of time.

    Eventually I would like to have a big Emergency Fund of $10,000. I am also working on having a Mini Cash Emergency Fund to keep in the house ($100) and I will find the money from this by gathering coins and stealing from the grocery budget

    I won't post my full budget as I feel like I've got it pretty well under control, but I will say that I get paid every 2 weeks, and I have around $270 left over, so I put $220 to the debt and $50 to the Emergency Fund.


    Current starts

    Family Loan $3141/$8000 = -$4859 remaining.

    Emergency Fund $1272/$10,000

    Mini Cash Savings = $10/$100

    Perhaps I can be Mortgage Free by 30. We'll see.

    I am also looking for a new job. I've already applied for one this weekend, so cross your fingers for me!!

    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 29-03-2017 at 12:31 PM.
Page 6
    • Cherryfudge
    • By Cherryfudge 3rd Apr 17, 10:55 AM
    • 677 Posts
    • 2,086 Thanks
    Cherryfudge
    Hi Cherry, see previous post to Angel for some of your answers
    Believe it or not, Autumn is beautiful here. We get mostly sunny days (although with a cold breeze) and of course the trees changing colours. It's cool enough to go out walking without being uncomfortable, but not too cold. This is not the norm for Australia though, I love in a part of the country that is not very tropical at all. We get all four seasons here, which I love.
    Originally posted by VelvetFreak
    That sounds gorgeous. Australia is on our bucket list, though admittedly more DH's than mine. DD spent a couple of months there last year (east coast) and loved it. I think I'd struggle with the heat so when we do finally book tickets it will probably be for your autumn or winter.

    Glad you aren't suffering from the shortening days.

    The whole thing about paying to study is such a dilemma. DD is in the same boat. Some employers will pay for her to take the qualification she wants, while she works, but it's so hard to find one of those posts. Long term, however, it will pay off. You don't need me to tell you it's important to be at ease with the job you do and the employer you work for - I hope you find a happier place soon.

    Any time you feel you want to talk things through, you know we're here!
    • VelvetFreak
    • By VelvetFreak 3rd Apr 17, 11:21 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Cherry Indeed, it is such a dilemma. Thankyou for your support, as always. It's great knowing I have you guys here to talk to.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • Cherryfudge
    • By Cherryfudge 4th Apr 17, 2:06 PM
    • 677 Posts
    • 2,086 Thanks
    Cherryfudge
    Cherry Indeed, it is such a dilemma.
    Originally posted by VelvetFreak
    Maybe it's worth a savings pot?
    • VelvetFreak
    • By VelvetFreak 5th Apr 17, 12:55 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    It is definitely worth a savings pot Cherry. Just maybe not right now. I don't want to take on any kind of studying until I get a new job and figure out how much I can actually handle.

    I applied for two more jobs yesterday and one more this morning. I am applying to a wider range of things outside of my current industry. At this point I really don't mind what I do so much as long as it does not involve sales targets. I know I need to get some kind of a solid qualification, but I really don't know what to do until I get out of this miserable job. I can't think straight at the moment.

    I had a bit of a freak out moment while laying in bed last night. I read an article about a girl who was forced to walk out and quit because her boss wouldn't let her attend her graduation ceremony. And it reminded me so much of myself. I'm the one who always does extra hours, picks up everyone else's slack, helps out when others are away sick or having personal issues. I take ownership and don't try to fob the crappy jobs off onto someone else. Yet I seem to be the one who is on the bottom of the rung and that no one cares about. No one ever asks me how I'm doing, it's all about everyone else. Not having kids/family just adds to the issue, as I don't have any excuses as to why I might not be doing so well.

    And then I started thinking that maybe I've dug myself too big of a hole by moving 2hrs away from my immediate family, and getting a mortgage while working a job that is tolerable at best.

    Blargh.

    Thank god Easter beak is coming up.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • VelvetFreak
    • By VelvetFreak 6th Apr 17, 12:59 PM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Just popping in quickly from my phone today. The last couple of days at work haven't been too bad, so I'm in pretty good spirits at the moment.

    I'm cutting it close budget-wise this fortnight. I should be okay though. Have got drinks with coworkers tomorrow and have only withdrawn $20 so that's my limit. I think I will drive and have non-alcoholic drinks to save money, (I very rarely drink anyways) and that way I won't end up getting stuck there if I get sick of it and decide I want to go home.

    I sold my Apple mouse on eBay because I never used it. Should net $45 by the time I post it. I suppose I will put that money towards my sister's birthday present. Me, Mum and Sis spend $100 on each other for b'days as we don't really get gifts from anyone else so it's worth it to have something nice.

    This weekend I am going to sit down and completely redo my budget. I just haven't had the time or inclination lately. I am actually looking forward to it.

    Tomorrow is Friday!! Yay!!

    It's bedtime for me. Hope you're all having a fabulous day.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • VelvetFreak
    • By VelvetFreak 10th Apr 17, 10:52 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Well I finally sat down and re-did my budget. I was definitely cutting it way too thin and now allowing myself to have a life at all.

    I have sacrificed $40 of debt repayment per fortnight, in favour of a proper petrol fund as well as an xmas/birthday fund.

    Now I feel like I actually have enough money for everything, and have a tiny bit of wiggle room in case of little mistakes that might happen.

    I also re-did my excel spreadsheet/sinking fund that I use for all of my bills.

    I feel soooo much better now.

    This might mean that I will pay my debt off a little bit later than I'd hoped. But I have about $1000 worth of shares that I am able to cash out around Sept of this year, so that should get me over the finish line before my birthday.



    In other fabulous news, I am doing really well with eliminating chocolate from my diet. I have hardly had any in the last couple of weeks (usually I would have at least one chocolate bar every day, it's a wonder I'm not obese ). Hopefully this will help my grocery budget immensely. And maybe I'll even lose some weight while I'm at it.

    I'm also doing much better with setting myself up with a decent stock of frozen meals/food so that I am less likely to hit up the drive through.

    Yay me.

    Now if only I could find a new job.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • bma14
    • By bma14 10th Apr 17, 11:58 AM
    • 77 Posts
    • 177 Thanks
    bma14
    Great job Velvet I love your DFD - you DEFINITELY deserve to give yourself a bit of a break and some more wiggle room to enjoy your life! Hopefully your new budget has more balance to it and you can enjoy yourself whilst also paying down the debt.

    You're doing so well!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • VelvetFreak
    • By VelvetFreak 12th Apr 17, 10:08 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Hi bma14 thank you for visiting.

    Well today was payday, so time to update my totals

    Family Loan $3851/$8000 = -$4149
    Emergency Fund $1475/$10,000
    Mini Cash Savings = $10

    Even though I screwed up completely last fortnight and didn't put any money to debt, I ended up finishing the week with just over $4 in coins left over.

    I also managed to scrape together the funds to buy my sister's birthday present. I sold something on ebay and also cashed in my CC points,

    Unfortunately I don't have a note to put in my cash savings envelope. But I will shove these coins in my piggy bank for a rainy day.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • VelvetFreak
    • By VelvetFreak 1st May 17, 12:38 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    My poor, neglected diary. Life has been "busy" lately. Not in the sense that I have a lot to do, but I've not been in the mood for anything much at all.

    But nevermind.

    In good news, it's time for a debt update.

    Another payday came and went. Paid off my usual $200.


    Family Loan $4051/$8000 = -$3949 remaining





    So good to be in the 3's now

    Emergency Fund $1525/$10,000

    Slowly but surely.

    I did some extra hours at work, so made an extra $200 or so from that, but I've decided to spend it on some stuff for myself/around the house. Trying to feel okay about it. I will be doing some more extra hours this fortnight, and will try to put all of that to the debt.
    Last edited by VelvetFreak; 01-05-2017 at 12:40 AM.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • VelvetFreak
    • By VelvetFreak 17th May 17, 12:07 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Forgot to update after payday last week. I was able to put $469 to debt as I sold some of my old furniture. So good to have it out of the garage.

    New debt amount is -$3490

    Am very pleased with myself, as I am still on track to get it all paid off by the end of the year.

    Also put my usual $50 to the Emergency Fund so new total is $1575 / $10,000 goal.

    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • Cherryfudge
    • By Cherryfudge 27th May 17, 11:50 PM
    • 677 Posts
    • 2,086 Thanks
    Cherryfudge
    You are doing so well!

    Apologies for my absence. I must have unsubbed from your thread without knowing it... searched, couldn't find it and thought you had disappeared. Good to be back and find all this progress.
    • VelvetFreak
    • By VelvetFreak 30th May 17, 12:39 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Hi Cherry! Yes, I am still here..sometimes.
    I know I need to be better with my posting as it helps to keep me on track.

    Anyways, I forgot to update after payday last week. I was able to put a whopping $645 to debt. I got a bonus at work which ended up being $193 after tax, and I sold a heater that I had bought before I moved to this place. (Australian houses don't really come with heating, cause it's mostly warm here ) As well as my usual fortnightly $200

    So my new total is -$2835.

    YAY!

    Also did my usual $50 to the Emergency Fund, so that is $1625 / $10,000
    Last edited by VelvetFreak; 17-06-2017 at 12:34 AM.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • Cherryfudge
    • By Cherryfudge 30th May 17, 5:42 PM
    • 677 Posts
    • 2,086 Thanks
    Cherryfudge
    Payday and a bonus and a sale - well done!

    I'm smiling on your behalf , it's good to see you forging ahead.
    • VelvetFreak
    • By VelvetFreak 17th Jun 17, 12:43 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Another payday came and gone. I really should update my diary more often.

    Just my usual $200 this time. New balance is -$2835.

    Also did my usual $50 to Emergency Fund and that is now $1675/$10,000

    I have had a lot going on lately. I had another interview for a job that I applied for, but I didn't get it

    I've come to the conclusion that I need to work on my interview skill s and learn some good answers for some of the silly generic questions that they ask. I think I can wing it, but in reality I probably can't I always prepare a little bit, but obviously not enough.

    I'm okay about it though, I know that when it's meant to be it will happen. I've decided to take a little break from job hunting. It's quite stressful and takes up a lot of space in your brain.

    This is the first weekend I've had in a while where I don't have anything playing on my mind that I need to do I am trying to take it easy and not think too much. Ha.

    edited to add: Forgot to say that I am working on trying to sell some stuff. I am trying to offload a couple of my "designer-ish" handbags (probably worth a couple hundred each). Had them on eBay for a few weeks but no bites. Might try them on some kind of handbag specific website. Also still have a bookshelf sitting in the garage that I need to sell. MIght try and scrounge up some other stuff from around the house too.
    Last edited by VelvetFreak; 17-06-2017 at 12:48 AM.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • VelvetFreak
    • By VelvetFreak 24th Jun 17, 12:21 PM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    I come to you today with fabulous news!!

    I PAID OFF THE LAST OF MY DEBT IN ONE HUGE CHUNK!!!!





    Where did I get this money, you ask?

    Well I had a significant buffer built up in my bills account. I have been toying with the idea of using that money and finally decided to just bite the bullet and do it. I still have about $1500 of buffer in that account, so I think I'll be okay. I can always borrow it back if I need to ()



    I'm not sure where to go with my Diary now. I would like to keep going with a savings diary, but not sure if I should keep doing it here or in a different section of the forum?

    Off to update the signature!
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • Purplemumof2
    • By Purplemumof2 25th Jun 17, 8:24 AM
    • 5,055 Posts
    • 16,614 Thanks
    Purplemumof2
    Congratulations on being debt free x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £7400.00 Cap 1: £562.23 BC: £4577.81 Overdraft: £2750.00

    AFD 5/10 NSD 2/10 LTW 10/15

    20p Savers 2017 £2 Savers 2017 50p Savers 2017 SPC 10 2017 #003
    • VelvetFreak
    • By VelvetFreak 27th Jun 17, 2:02 AM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Thanks purple

    Thought I'd better stop by and let you know that I've made a new diary over at the Mortgage Free Wannabe section

    Here's the link if you are interested http://forums.moneysavingexpert.com/showthread.php?t=5670231
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
    • Cherryfudge
    • By Cherryfudge 27th Jun 17, 8:56 AM
    • 677 Posts
    • 2,086 Thanks
    Cherryfudge
    That's fantastic Velvet

    I'll folow your new diary with interest - that money accumulating in the bills account shows you've got the knack of this thing. Happy mortgage free journey!
    • VelvetFreak
    • By VelvetFreak 27th Jun 17, 1:28 PM
    • 149 Posts
    • 429 Thanks
    VelvetFreak
    Thank you Cherry!! I feel like I really am getting the knack haha
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $3749.35 / $10,000
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