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  • FIRST POST
    • ab_saver
    • By ab_saver 18th Sep 16, 11:04 AM
    • 333Posts
    • 807Thanks
    ab_saver
    New Grad DFW
    • #1
    • 18th Sep 16, 11:04 AM
    New Grad DFW 18th Sep 16 at 11:04 AM
    Hello MSE-ers,

    I'm a mid 20s new grad after 6 years of uni and now employed

    I just have the pesky issue of my overdraft and CC to sort out.
    At it's worst, my total debt was about £2300 (never really had a lightbulb moment but racked it up living as independent adult before 1st month's pay, and on 3 months studying abroad, which I don't regret a jot).
    Currently I have:
    £498.18 CC
    £1243.88 OD
    Total: £1742.06
    (plus £22k student loan but let's not go there as I'm just planning on letting it come off with PAYE from April next year and not thinking about it).

    Good news is there's money coming in.
    £630ish old student house deposit to be returned soon (hopefully this week).
    £83 guarantor service rebate (they told me it was due and haven't paid twice so hopefully will arrive ASAP)
    £20ish overpaid bills on old place
    £20 owed by mum for vch I bought her
    £6 in charges in error bank have promised to refund

    £2k ish (will find out exactly how much on the day as had a bumper 1st payslip last month) due on 28th

    Plan is to pay CC with returned deposit and keep it hidden away until payday and hopefully beyond.
    Hope to keep spending to absolute minimum until next payday. Having big shop delivered today so hopefully only milk/bread needed until then. After payday will join the October supermarket challenge. I'm going out for a meal on Weds but only burgers so should be cheap.
    I estimate that I'll have about £1000 left to pay off by payday. After rent/bills etc, my disposable income is about £1000 - so any spending will go back on the OD.
    I'm hoping to clear £600 (i.e. only be £400 overdrawn) by end October payday, and be in the black by November payday.
    My £400 spending budget for October is as follows:
    £120 food (for me and OH - I'll aim to be below £100 as my cupboards are currently well stocked).
    £90ish contents insurance (I should have done this 2 months ago but kept putting it off because of the expense. Found a deal with cash back I plan to get as soon as payday is here)
    £50 cash/spending (to include treats like coffees (allowed on 13hr long days only!))
    £50 travel expenses (OH split between here and another city ~1.5h away)
    This leaves £90 for other expenses (which may have to include a £55 bike service I've also been putting off but needs doing before weather gets really bad).
    Under this umbrella - £36.99 one off payment to gym including joining fee (£16.99/mo dd after) - this is a concession to my health both physical and mental.

    I have a list of 'treats' and hope to pick one a month - most of them are practical. On the cards after payday are: a pannier bag for my bike, and waterproof gloves to cycle in as weather gets colder (both of which I'm justifying as much needed!!). Estimated total cost (< £50) - so if the bike survives without a service I'll have these instead.

    I have banned new clothes (except tights) etc. until Jan sales at v earliest.

    If I can pay off £600 this month and the next that puts me up £200 and in the black! That's the plan - DF by November.

    Long term:
    Once I'm solidly out of OD, plan to upgrade bank acc so I get in credit interest and other perks - aim November.
    Close student CC and get a rewards one pre Christmas (and before I book expensive flights to see parents who live overseas) (thinking JL) - aim november if credit looks good enough
    Open Help to Buy ISA - aim November / December
    Open regular saver - aim December/January

    Savings goals:
    £10k+ towards house deposit by mid 2018
    £50/month into holidays fund
    £100/month into wedding/life event/big purchases fund

    I'm mostly writing this down here to hold myself accountable (I know from fitness and food tracking that the mere act of documenting your habits gives a very powerful nudge to get them in order. That said, feel free to comment (is my spending outrageous??), but please be kind to me - I'm new to living like a grown up (and council tax ).
Page 7
    • ab_saver
    • By ab_saver 12th Feb 17, 10:49 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    It seems like forever ago I updated my diary. I'm now back from my lovely holiday, went into work on Friday, which was extremely busy, and am now doing some uni work as I stay up late before nights this week.

    The OH has just left, having spent the weekend here. We celebrated Valentine's day yesterday, with small but meaningful gifts and a lovely lunch out. We then came back and watched some films (we used a Christmas voucher to buy a blu ray player and OH bought some discs on offer). Today has involved some work and some relaxation.

    Money wise I'm doing ok - there's not a huge amount left, but I need very little, and doing nights this week means any spending other than an emergency pint of milk is simply out of the question. I paid for my flights out of this month's pay, so it feels like there hasn't been much left, but there isn't much on the card this month, and it shows me that I can save a bit extra every month without any noticeable hardship.

    I change departments again in April, and will go onto very slightly more than now due to more hours - even though they will be more sociable. I'll change departments again in June, and for those two months my pay will go up substantially as the hours will be much less sociable. The extra money will be handy and has been provisionally earmarked for the driving lessons/car fund. The fly in the ointment is that from April I will have to start paying back my student loan, so that will probably swallow up most of the temporary pay rise!
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • moneyonmymindsam
    • By moneyonmymindsam 14th Feb 17, 10:32 PM
    • 1,212 Posts
    • 3,536 Thanks
    moneyonmymindsam
    Happy Valentines


    Just spreading the love


    Savings £9000 I hope!!
    NOT Buying (M)any clothes 2017
    Vouchers £0 NO DEBT
    • ab_saver
    • By ab_saver 19th Feb 17, 6:52 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    I'm now all caught up with diaries and pretty much back in the right time zone.

    OH and I went to see lego batman last night using free club Ll0yds cinema tickets - we just paid £1 each to upgrade to 3D and for an ENORMOUS drink - thankfully we had planned to share.

    We did then go to the HUGE Mr T extra to stock up on a few things. I somehow ended up spending £57!! This did include enough comfort for 114 washes (the OH joked it'll probably move house with us!!), some beer for the OH, as well as cheese, meat, fish, 3kg of conchiglie (I'll be dreaming of fusilli before long!!) and a large number of packets of crisps. So a bit indulgent but will keep us going for a little while.

    I've been plodding on with uni work and am getting there but have a major non-negotiable deadline looming.

    9 days to payday (and my important deadline) - back to work really early tomorrow (they've made the start time earlier since I went on holiday!) and will need to plough on through uni work.

    Onwards and upwards...
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 19th Feb 17, 6:56 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    In better MSE news - I have just ordered another £5 voucher from SB (and got notification of a price drop on GoT for kindle ) - as well as being above the £5 payout threshold for prolific - although I'm tempted to see if I can get to £20 to avoid losing out on PayPal fees.

    I have also identified 3 pairs of shoes that might be good candidates for eBay - but I've never sold anything on eBay before so it makes me a bit nervous. If they don't sell I can always give them to charity.
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 21st Feb 17, 8:09 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Yikes I'm tired!

    MSE wise things are pretty good - admittedly I've been too busy to spend any money. I am going to have a simple dinner (think fish finger sandwich ) and then try and get an early night to recover. The earlier starts at work combined with getting home late and then trying to uni work aren't a great combination, but needs must and all that.

    I've done my meter readings so hopefully my next bill should be accurate. I'm slightly concerned that it'll be eye-watering! Other than the occasional SB/prolific there's not much else to do other than wait until payday. After then I'll set up a short-term savings account - a regular saver without penalties for withdrawals. I'm thinking of putting about £150/month into that (in addition to the £200/month into HTB ISA and £100/month into high interest regular saver). This would give me a savings rate of about 25% of my post-tax income, which I think is pretty good. I don't want to leave myself short by doing this, which is my only concern.
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 23rd Feb 17, 8:20 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    More good MSE news today - my pay since the start of December was mis-calculated, and I'm owed nearly £700 in back pay (before tax!). I'm thinking of splitting it between my EF and short-term savings (with a focus on driving lessons/ potentially a small bit into holidays if I can pass without needed to spend too much more!).

    I'm now watching shop well for less, a spin off from the food programme. These things makes me feel very MSE
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 26th Feb 17, 10:20 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Ooh terrible grammar or typing in my last post. Honestly I've had a really hard time this week, and I've had a weekend of self-care and relaxation, but I'm still dreading going back to work tomorrow.

    I did do a meal plan and have thus far made tasty and filling pea and ham soup from store cupboard and YS'd ingredients.

    I have also made my flat much more habitable, and re-potted my plants, including the purchase of a couple of new ones. That was very satisfying. I'm also trying some of the free mindfulness available. I need to write some very difficult emails to tell work about this but starting to do this is triggering further stress.
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 28th Feb 17, 8:39 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Unsurprisingly work wasn't as bad as I thought. My boss has been lovely about it.

    The cheeriest things about my day were two surprise phone calls - one from a uni friend, and one from my OH, both very happy that I'm much happier.

    Oh... and it was payday. Yay :P
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ChasingSunshine
    • By ChasingSunshine 1st Mar 17, 8:53 AM
    • 100 Posts
    • 856 Thanks
    ChasingSunshine
    Just popping in to say you are doing really well. Lovely to get some back pay when not expected.
    I suspect you are in the same line of work as me though a few years behind. All the juggling of work, shifts, projects etc gets a little easier with time though being on a more social work pattern and good support definitely helps!!
    • ab_saver
    • By ab_saver 1st Mar 17, 7:35 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Just popping in to say you are doing really well. Lovely to get some back pay when not expected.
    I suspect you are in the same line of work as me though a few years behind. All the juggling of work, shifts, projects etc gets a little easier with time though being on a more social work pattern and good support definitely helps!!
    Originally posted by ChasingSunshine
    Thank you for popping by! Had lovely chat with surprisingly supportive boss (of older school so wasn't sure would be keen to discuss personal concerns). Apparently last week was department's busiest week in past 20 years... Regarding back pay, our payroll/HR people aren't the most efficient so I'll believe it when I see it. This seems universal across my line of work...

    I'm now much more on top of things - I made a giant list with lots (51!!!) of boxes with categories work/ academic (uni)/ home / self and health. I've been putting things that are important for health and sanity on there so I can do them without guilt! I've decided I can only focus on one thing at once - so this week has been sorting out my professional development type stuff, as I have to complete a portfolio by May. I'm not as behind as I thought - certainly no further behind than my colleagues.

    My work pattern is getting antisocial again as I'm working this weekend, off next, working again the weekend after, and doing an interesting assortment of hours. It'll be fine, and I'm a bit sad to only have a few more weeks in this department. I finally feel like I've got to grips with it.

    MSE wise I'm VERY pleased with myself. House fund now a very pleasing £1310. £200 gone to HTB ISA, £100 to long term/high-interest savings (to go in LISA later this year), and I got the statement for my savings certificates, which have gone up in value by £10 since last year.
    I have also opened another regular savings account at slightly lower interest (but more than my current account), but with the benefit of penalty-free withdrawals. This is for my driving fund, holiday fund, and for my professional expenses (ever-increasing).

    Do you have a diary ChasingSunshine?
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ChasingSunshine
    • By ChasingSunshine 3rd Mar 17, 8:48 PM
    • 100 Posts
    • 856 Thanks
    ChasingSunshine
    Well done on your savings. You are making loads of progress.

    Feel your pain about mix up in pay, luckily I usually stay on the same rota for longer than you do so not as much of an issue except for the first month or so of each post. Having said that I recently got some money back as was underpaid this year so it doesn't really change unfortunately.

    I haven't started a diary as by the time I found MSE was not in debt, well except student debt. Feel my ramblings aren't that interesting so just pop onto other diaries for inspiration to help control my spending. Years of bad habits and bad case of wanderlust mean that despite decent salary I don't have the savings that would be expected. Never too late to start but may have to leave the SE at some point. Decision for a few years time though.

    Sorry that rambled on way longer than planned, apologies!!!
    • ab_saver
    • By ab_saver 3rd Mar 17, 10:11 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Not a problem. I think nearly every other new grad I know lived in their overdraft for the last few months of uni at least - not that it makes it any better! I'm trying not to think about the student loan...

    I feel like I can live very lavishly as compared to being a student my disposable income is much much more- even though I'm now saving 20% of my post tax income. I am optimistic that now they are a bit more organised in terms of how much I should be paid in respect to the hours required of each department- as they have to send out detailed breakdowns in advance of starting (unlike the previous system, which covered a multitude of sins).

    I grew up in SE and went to uni in an expensive city in the south- it's amazing how much further my money goes here. I don't think I could have the quality of life for my family that I had growing up if I moved back.

    I'm working this weekend so bracing myself for that. Just got details of my next 2 departments, which is exciting. Both promise to be extremely busy.

    Now I know when I might be able to go on holiday I've had a very dangerous browse of secret escapes....
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • Starlighthappiness
    • By Starlighthappiness 6th Mar 17, 9:43 AM
    • 69 Posts
    • 168 Thanks
    Starlighthappiness
    Just read all of your diary - I'm about to graduate so it was really interesting reading about your journey since finishing uni! I have a grad job lined up and am trying my best not to max out my overdraft over my upcoming income-less summer!
    • ab_saver
    • By ab_saver 6th Mar 17, 10:45 AM
    • 333 Posts
    • 807 Thanks
    ab_saver
    Just read all of your diary - I'm about to graduate so it was really interesting reading about your journey since finishing uni! I have a grad job lined up and am trying my best not to max out my overdraft over my upcoming income-less summer!
    Originally posted by Starlighthappiness
    How exciting for you- honestly I loved it once the money started coming in - I was able to hit it quite hard and still have a much nicer life than as a student. That transition period is really tough, as my first month's rent and bills etc. all had to come from the overdraft before I got paid. I started my diary about 2 weeks after my first payday to keep myself motivated. Nearly 6 months on I've had the overdraft clear for ages and have saved over £1000. In that time I have also been on 2 holidays and generally had a life - so it is possible. To survive as a student you have to be pretty frugal so as long as you don't forget everything once you have a bit more coming in you'll be absolutely fine. Let me know if you have/ start a diary
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • ab_saver
    • By ab_saver 6th Mar 17, 11:10 AM
    • 333 Posts
    • 807 Thanks
    ab_saver
    I'm enjoying my day off today - so far by doing nothing.

    You may remember that I mentioned getting my bike serviced when I first started my diary but kept putting it off because it's expensive. I've finally bit the bullet and booked it in for today.

    I need to get it taken across town to the bike shop though. Today will largely be a sorting my life out kind of day. I need to ensure there are enough ironed clean clothes and enough packed lunches for 4 more days as I'm back in tomorrow. I'd really like to make the flat a bit nicer as it's descended into mess again following 7 days at work in a row. It should all be fairly MSE except the bike service....
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • Starlighthappiness
    • By Starlighthappiness 6th Mar 17, 11:53 AM
    • 69 Posts
    • 168 Thanks
    Starlighthappiness
    How exciting for you- honestly I loved it once the money started coming in - I was able to hit it quite hard and still have a much nicer life than as a student. That transition period is really tough, as my first month's rent and bills etc. all had to come from the overdraft before I got paid. I started my diary about 2 weeks after my first payday to keep myself motivated. Nearly 6 months on I've had the overdraft clear for ages and have saved over £1000. In that time I have also been on 2 holidays and generally had a life - so it is possible. To survive as a student you have to be pretty frugal so as long as you don't forget everything once you have a bit more coming in you'll be absolutely fine. Let me know if you have/ start a diary
    Originally posted by ab_saver
    Yep I've started a diary to try and really watch my spending between now and when I start my grad job; I'm going to end up in my overdraft no matter what I do, but hopefully I can be *less* in my overdraft. I'm also looking to put a deposit down on a house (I have £15,000 which I inherited maturing later this year in an ISA) so I'm really quite excited for the future.

    http://forums.moneysavingexpert.com/showthread.php?t=5611555
    • ChasingSunshine
    • By ChasingSunshine 6th Mar 17, 12:14 PM
    • 100 Posts
    • 856 Thanks
    ChasingSunshine
    Sounds like you will have a pretty productive day today. Well done on sorting the bike out, it's one less thing to have hanging around the end of the to do list.

    The end of uni is such an exciting time Starlighthappiness but the wait for that first graduate payday can seem very long. Was a lovely feeling the day it arrived though!! Hopefully you will pick up lots of tricks on the boards here to have a great summer without having to worry too much about the overdraft
    • ab_saver
    • By ab_saver 6th Mar 17, 2:41 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    I'm cracking on with the list at a good pace. I found a route across town that involved lots of green space - I'm so lucky to have multiple connected parks pretty much on my doorstep. The walk back was also lovely. My uni housemates have sent me a lovely letter and some gorgeous loose leaf tea after I vented to them about how terrible my week at work had been a couple of weeks ago. Even at the best of times I have a lot of work-related stress and anxiety, so this really cheered me up.

    I'm now sitting with my lovely tea instead of cleaning my kitchen...
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
    • moneyonmymindsam
    • By moneyonmymindsam 12th Mar 17, 9:59 PM
    • 1,212 Posts
    • 3,536 Thanks
    moneyonmymindsam
    You have done so well while i've been AWOL - Well done you


    Sam xx
    Savings £9000 I hope!!
    NOT Buying (M)any clothes 2017
    Vouchers £0 NO DEBT
    • ab_saver
    • By ab_saver 13th Mar 17, 7:34 PM
    • 333 Posts
    • 807 Thanks
    ab_saver
    You have done so well while i've been AWOL - Well done you


    Sam xx
    Originally posted by moneyonmymindsam
    Thanks

    My goodness it's been ages since I've posted. I have been reading other diaries though. Work has been manic as usual. I had a delightful weekend with OH - we used some of my free cinema tickets to see Hidden Figures (AMAZING). He bought a few bits from the supermarket too so I barely paid for anything. I did buy dinner out at a wonderful local burger place on Thursday night - but it was my turn and totally worth it! OH has cooked wonderful food so I'm gorging on leftover paneer makhani tonight and risotto tomorrow.

    I'm feeling pretty good money wise. The MSE credit club has my credit score in the excellent category Noddle and clear score also looking pretty healthy - so I think I'm going to apply for that partnership card so I get some points on my spending - especially before OH and I book some much needed holidays!

    We had some good discussions about life and house buying etc. We should have a good deposit together this time next year, together with enough money left for some furniture. We're planning to get a joint account to put all our rent/mortgage and bills in.
    House fund: £1610 / £10,000 _£1000 emergency fund #208 - £110/ 1000 _
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