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    • bma14
    • By bma14 1st Mar 17, 9:44 AM
    • 76Posts
    • 176Thanks
    bma14
    Preparing for adult life ..
    • #1
    • 1st Mar 17, 9:44 AM
    Preparing for adult life .. 1st Mar 17 at 9:44 AM
    Hello,

    I am a trainee lawyer approaching the end of my training. As of September I will be fully qualified and a (legitimate) adult

    So at the turn of the year it got me thinking about trying to get my debts in order. I have student debts which come out of my wage monthly, but I also had around £2,000 worth of overdrafts used whilst I was at University. This overdraft makes me feel nervous and so I have set myself the challenge of clearing it before I qualify (1 September 2016).

    I also do not know if I will be able to obtain a job automatically when I qualify, and so the less debt on my hands the better I think, in case the worst does happen!

    At the end of January I tallied the total up and I have £2,001 to repay.

    During February I was very good. I set up a piggy-banking structure and kept a forensic eye on my spending through the month to make sure it works. I own my own flat which I bought last year and so I made sure all of my bills were on the cheapest tariff I could find.

    Throughout the month I managed to save £303 to put towards my overdraft repayment. That means I now have £1,698 left to repay!

    For this time next month, I am aiming for a similar figure and hoping to be around £1,430.

    I am quite happy with this as this is the repayment I am managing even whilst putting some savings away for Xmas and a wedding which I have during the summer so that these big events don't catch me out further down the line!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
Page 2
    • bma14
    • By bma14 3rd Apr 17, 11:07 AM
    • 76 Posts
    • 176 Thanks
    bma14
    I (once again on a Monday) feel a little wobbly in terms of money. I am not drastically doing anything but I feel like even the most minor of set-backs feels like a real kick in the teeth. My jumpers/cardigans for work were all ruined and I needed to get some new ones. £40 in Zara later and I feel like I have failed somehow! I still had £12 left of my big bingo win so I put that towards it and the other £28 I will pay off with my personal budget before pay day.

    I think it's almost like I have it in my head that every single penny should be completely justifiable. Almost like I was mad at myself for not just going to Primark, but then I know these will last me much longer. I guess I just need to take it as a positive that I am thinking about things like this whereas before I would have just spent that £40 (or more) and not even thought 2 ways about it.

    I also had to buy shoes for my counsin's wedding where I am the Maid of Honour. My dress fitting is in three weeks and I needed to decide on shoes so that I could take them to my fitting. This I felt better about, as I have been saving for expenses such as this. I had £100 squirreled away for it and (with a discount code) managed to get a lovely pair for £20.99.

    With the 5 week month I am also finding it hard to reduce my spending further for groceries etc. I know it's not a huge deal, but our weekly jumps from something like £87.50 to £70 which although not a huge dive I am noticing the difference on. I will need to do some research into what meals are best in terms of cost but also healthy! Same again for my personal budget. This month my budget has jumped from £60pw to £37 taking into account both the 5 week month and having had to pay off the remainder of the Hen do ... definitely feeling the pinch on that one .... (maybe that's why I'm feeling so bad haha!). I went out last night for a drink with a few friends to celebrate them completing a massive challenge but again felt bad about the spend which was around £16.

    Maybe I need to cut myself a bit of a break!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • Littlebirdie
    • By Littlebirdie 3rd Apr 17, 5:58 PM
    • 184 Posts
    • 268 Thanks
    Littlebirdie
    Hey,

    I know exactly what you mean about giving yourself a break! I sometimes find it hard to get a balance. The key thing is that you are not throwing your money away - your money is better value (if that makes sense) as you appreciate what you are spending now. I think you are doing brilliantly - especially squirriling away £100 as that's not an easy amount to save!
    To staying out of debt!
    • AleMrsT
    • By AleMrsT 5th Apr 17, 8:01 PM
    • 489 Posts
    • 1,206 Thanks
    AleMrsT
    Hi bma, I've just stumbled across your diary and have subscribed. You seem to be doing great so far!
    Debt @ LBM Nov 2014 = £7586.85
    DEBT @ Start of DMP Jan 2015 £7202.85 now £4804.26
    Italy 2018 £2103.44/£561.44 paid
    Weight loss target 35lbs: 6lbs lost/29lbs to go
    • bma14
    • By bma14 6th Apr 17, 10:10 AM
    • 76 Posts
    • 176 Thanks
    bma14
    Thanks Littlebirdie and AleMrsT this diary has definitely helped me like nothing else to stay on track!

    Have had an ok few days MSE wise - a few NSDs and LSDs. Still finding it hard staying within the budgets due to the 5 week month but I'll need to sort that ASAP so that we aren't struggling at the end of the month!

    I'm pushing forward on my April challenge and have made £14.09 so far towards my target I also got a quote to sell my ipad for £82 so I will send that away at the weekend and hopefully add a good chunk towards it.

    I'll also have a think at the weekend about putting stuff on ebay but not sure how good it is at the moment or if it is worth the effort ... I'll have a look through the cupboards at the weekend and see. Hopefully I'll be feeling pumped and motivated by then! Lacking today.
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 9th Apr 17, 4:51 PM
    • 76 Posts
    • 176 Thanks
    bma14
    Another weekend almost gone ... how did that happen!

    Thankfully we now all have the 4 day weekend to look forward to! I haven't had a proper holiday since Xmas so very very much looking forward to (and in need of) some time off!

    I've been feeling the pinch this weekend and seems no matter how careful I try to be with money I keep having set-backs. I think it's down to the 5 week month and because I worked it out ahead of time I am feeling it all the way through rather than just in the last week! Pay day is 2.5 weeks away for me and it can't come quick enough!

    I'm worrying a bit about the amount of social things I have coming up before the end of the month and I have not a lot of funds left in my personal spend with which to pay it from ...

    I have a work dinner before after the office closes on Thursday plus another on the Tuesday we get back, then I have a tournament weekend after that. And with only about £60 to pay for it all I'm not feeling very optimistic about it. I may have to back out of one so that I can stay on track with paying down the debts. I guess I should think of it in a positive light that I am thinking about it differently as otherwise I might have just kept spending out of my overdraft to be able to go to them all.

    My plan for the rest of the month is to have NSDs apart from the dinner(s). I can probably get away with blaming it on the hen if I go and don't drink at these things haha, but then again I am going to have (significant) expenses following me to that too!

    I'm trying to push on with my challenge of getting the debts down to £1000 before the end of the month. I have packaged up my ipad to be sold and taken to the post office tomorrow so that could be another good chunk towards it hopefully. I'm also hopeful that I will get some cashback in soon from insurance products I bought when we moved in to the house and I'm powering on (slowly but surely) with surveys and earning a little each day. Every little helps I suppose!

    I'll need to get my motivated hat back on!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 9th Apr 17, 5:23 PM
    • 76 Posts
    • 176 Thanks
    bma14
    And as if the universe knew I needed to calm the worrying a bit - I just got a notification that £37.52 appeared in my cashback account So happy days - that can go towards my challenge for this month !
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • Littlebirdie
    • By Littlebirdie 10th Apr 17, 5:56 AM
    • 184 Posts
    • 268 Thanks
    Littlebirdie
    Keep it up, all these little savings will add up and in a few months you'll be feeling so proud. Fab news on the cashback - the most I've ever got is £4.35 and I was thrilled ha
    To staying out of debt!
    • bma14
    • By bma14 10th Apr 17, 9:42 AM
    • 76 Posts
    • 176 Thanks
    bma14
    Haha I know - I never used to use any of these sites but it seems like the more you use them the more profitable they become! I got another £40.40 from the cashback website this morning plus another couple of £ with surveys so feeling on a roll and a little less worried about everything.

    I guess I need to keep in perspective that I am actually ahead of schedule in terms of repaying the debt and if I keep it up I might actually finish paying it off before I finish up my job at the end of August! A gal can dream
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • Hutchch0920
    • By Hutchch0920 10th Apr 17, 10:48 AM
    • 273 Posts
    • 465 Thanks
    Hutchch0920
    Hello! Sounds like you're doing great. Buying a dishwasher and jumpers from Zara would be a luxury in my book though...nobody *needs* a dishwasher :-p

    You might want to look into mystery shopping tasks, can be quite lucrative and something you can fit in around other activities like travelling to work etc.
    Save £12k in 2017 / Dec 2017 Travel Cash = £7,772 / £14,000 55.5%[/COLOR]

    House Deposit = £19,000 / £18,000
    • bma14
    • By bma14 10th Apr 17, 10:56 AM
    • 76 Posts
    • 176 Thanks
    bma14
    Thanks Hutchch0920 ! Haha yes I did consider whether replacing the dishwasher was a necessity but as it was a joint decision between me and OH I couldn't really say no - she's not in debt so I guess I couldn't really use it as an excuse to make her wash the dishes by hand haha! Although I'm a worrier with money I do feel in a better off position than a lot of people struggling with debt so definitely appreciate that I have a big of wiggle room for purchases whilst still paying down the debt

    I will definitely look into the mystery shopping thanks for the tip. I used to do mystery shopping for licenced places when I was younger to check if they ID'd people and definitely enjoyed it - just need to have a look into the best companies to use!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 10th Apr 17, 4:47 PM
    • 76 Posts
    • 176 Thanks
    bma14
    Soooo looks like I mis-calculated my funds a little. So hard when the bills come out of my bank account that has the overdraft on it because it's hard to keep track of the little discrepancies between months (for example, our factor bill came out this month and I forgot I had saved money in that account for it!!)

    Although it's all paid I need to add a little more to my challenge in order to get down under that £1000 mark before pay day this month. £53.76 to go! If I'm lucky i'll be paid for selling my ipad before then and that will take me over the line by itself
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 17th Apr 17, 11:13 PM
    • 76 Posts
    • 176 Thanks
    bma14
    Ahhh - what a busy weekend! I have been so swamped with so many things that it doesn't even feel like I've been off! what a nightmare.

    I've also only (just) managed to keep on top of money through all of this! I had to get a couple of things for a friend staying and needed new boots for rugby so I had to put those on my CC which i'll pay off on pay day from my personal budget so doesn't really count I suppose :P

    I'll need to get back on the earning train this week and see how much closer I can get to that £999 figure before payday - which of course cannot come quick enough !
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 18th Apr 17, 12:21 PM
    • 76 Posts
    • 176 Thanks
    bma14
    I'm back to looking forward at this debt repayment and back on the earning train My OH is off today and so kindly took my ipad to the post office for me. With any luck it will turn itself around before payday and I can put that towards my overdraft!

    I totally forgot that I have a work do again tonight but I'm hoping that I can keep it down to a spending minimum!!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 21st Apr 17, 3:29 PM
    • 76 Posts
    • 176 Thanks
    bma14
    It's almost payday! Which can't come quick enough at the end of this 5 week month

    I did quite well at my last work do and only spent £20 the whole night which was pretty good (although well and truly used up the last of my personal spends!!). I have a busy weekend this weekend too but hoping I can avoid spending by not drinking and driving instead. Me and OH are both going together so think we can justify any food requirements from the leftovers of the joint account (around £40 - that should do us to Wednesday if we are sensible with it!).

    I'm quite happy with this month though feel like I could have done better. We shall see!

    Haven't heard anything yet from the people I sold the ipad to so not confident it will be in before pay day (but one can hope!).

    I've paid all the bills now except for BT (£35) and the finance for the dishwasher (£15). So once those two come out the OD should be sat at £1065.64. If I do manage to get the money in in time then it will pull it under the £1000 mark That would make me super happy! In the meantime I'm going to continue doing surveys etc though I've been so busy at work that I haven't had a chance to really sit down and get into it. I have earned a cheeky £10 through swagbucks in amazon vouchers though which will help keep my shopping habits at bay haha.

    Looking at the figures I think I can get to a point where, come the end of my contract, I will have paid off the debt and also have a £500 buffer to help me in case I don't have a permanent job at the end of it. I'm hoping it won't get to that but at least I will be setting myself up well if the worst does happen..
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 25th Apr 17, 1:38 PM
    • 76 Posts
    • 176 Thanks
    bma14
    April Reflections
    Well that was one looooooong month !!

    The last day before payday is my recap day. I didn't manage to get the money in from my ipad yet (they said there is a backlog at the valuing place) so I'll just need to leave that as something to look forward to next month.

    My final debts balance for this month is £1060.00 which to be honest I am quite happy with as it is about £190 ahead of where I thought I would be by now. Importantly, once I am paid tomorrow and do my piggy banking it means I am going to be under that £1000 mark!

    I make it that after I get paid and then pay all my bills I will be left with an overdraft of -£815.92 On top of that I then have by ipad money coming in, a tenner cheque to put in plus and extra 10 which I am expecting back for an overpayment of factor fees. I think this should be enough to start a new challenge to reduce the debt by more during May.

    I have figured out that the ideal (minimum) amount for me to repay a month is £300. That will be enough to pay off my debt and also build up a £500 pot before the end of my contract at work which will set me up in a good position. This means making an extra £56 per month from various sources which I am going to try and challenge myself to do. May will certainly be off to a flying start once I get paid for the iPad that's for sure

    I'm feeling a little more comfortable now that the debt is going to be under £1000. Just need to keep motivated!!

    B x
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • Littlebirdie
    • By Littlebirdie 25th Apr 17, 5:34 PM
    • 184 Posts
    • 268 Thanks
    Littlebirdie
    Fantastic news! You are down to three digits

    Before you know it you'll be below the £500 mark
    To staying out of debt!
    • bma14
    • By bma14 27th Apr 17, 12:56 PM
    • 76 Posts
    • 176 Thanks
    bma14
    Thanks Little Birdie Getting there slowly but surely!

    I've had a hectic few days at work this week so hadn't had time to properly sit down and figure out what my goals for this month should be.

    I think I am going to aim for £65 extra incoming. That's higher than normal but because I am expecting my ipad money so I think it's very achievable. I may even raise it to £100 if they do not take any money off of my quote.

    I'm off to a flying start anyway. I have a £10 cheque still to cash and got paid an extra £11 this month thanks to the tax code change which can all go towards it. I also got £2.04 back from Scotrail for a train of mine they cancelled (while I was on it!) so got a little chunk underway since yesterday .

    I've also totally taken to Swagbucks! If anyone hasn't given it a go I'd highly recommend it. Id say I've only spent maybe 5 or 6 hours on it all in and have enough points to get around £30-40 in gift cards for Amazon. Totally worth it if you dont mind doing surveys.

    I'm feeling happy and confident today and in control of the money it always helps of course that I am not back to my normal budgets rather than 5-week-month ones!
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • kirtsypoos
    • By kirtsypoos 27th Apr 17, 1:51 PM
    • 2,870 Posts
    • 12,302 Thanks
    kirtsypoos
    Nice payday PAD there bma14

    Pleased you are finding SB good - it drove me mad after my first £20 amazon voucher so I only use it occasionally now.

    Have you tried prolific academic or crowdology? I've made about £40 this month from those 2 alone
    £800/3000 OH BC(73.33% PAID)
    PAID VERY, Barclaycard x2, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID LBM 24/07/15 - Debt: £800/31010.23 (97.42% paid)
    Mortgage - £162,900.00 (2017 O/P £1312.91) PAYDBX 17 #006 - £15299.59/14,539.71 Make £10 Apr £194.58 Make £10 May £159.75 Make £10 June £266.85
    • bma14
    • By bma14 2nd May 17, 9:55 AM
    • 76 Posts
    • 176 Thanks
    bma14
    Thanks kirstypoos I have signed up to prolific but haven't really got started with it - I will definitely check those two out soon! Swagbucks are annoying me because they're taking ages to pay out on a glitch that was their fault so I'll probably be jumping ship soon.


    Had another piece of good money news which is what we like after a bank holiday

    Scotrail are offering all of their season pass holders a free week to say thanks for all the delays from their upgrading over the last year, and because I have a smartcard I can pick a week to take it. My current pass doesn't run out until Friday and I don't need it until the following Monday, so I've chosen to receive it then. That means that I will only need to buy two weekly passes (around £40 each) until next payday. So I will only have to pay around £80 rather than my usual £162! That's a saving of around £80 which will of course all go towards the overdraft! Lucky ducky indeed

    We had quite a spendy weekend but nothing in the extremes. Just means we need to tighten our belts a bit this week but that won't be a major problem.

    Happy Monday ... I mean Tuesday everyone
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
    • bma14
    • By bma14 18th May 17, 1:29 PM
    • 76 Posts
    • 176 Thanks
    bma14
    Wow that was a busy couple of weeks

    I had my cousin's hen weekend and also lots going on at work. My money saving hasn't been as pro-active as it has been more recently but I'm relatively happy with where I am. The hen cost way way more than I expected it to so I put the money I got for my ipad towards that rather than into the overdraft. I'm still pretty happy with it though since I've managed to save a good chunk otherwise this month.

    The best news of all is that I have been told from my work that there is an opening for a solicitor in my department which means I am able to apply for it I have an interview some time in the next two weeks but it's all looking pretty good because nobody else has worked in my department other than me and I'm getting on well here. So, fingers crossed, if all goes to plan I will have a job in September and the pay bump that comes along with being fully qualified That would take so much pressure off my shoulders.

    Otherwise I'm now in the last 'week' of my month and payday is a week today. I don't have a great deal left of funds after the hen but we are planning a quiet weekend and there are no big plans left so I'm hoping we can get through it without needing to dip into other funds. Score!

    I'll keep y'all posted on the job front!

    Happy Thursday MSE'ers
    Total Debt January 2017: £2,001 Total Debt end of July 2017: £525.05 (75% paid off)
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