Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • DaringToDream
    • By DaringToDream 22nd Apr 17, 8:48 PM
    • 144Posts
    • 462Thanks
    DaringToDream
    DaringToDream of a Debt Free Life!
    • #1
    • 22nd Apr 17, 8:48 PM
    DaringToDream of a Debt Free Life! 22nd Apr 17 at 8:48 PM
    So here goes with a shiny new diary. I had one previously but seeing that i hadnít posted for years and my circumstances have massively changed (new job, new house, different (but not that new) partner), it seemed sensible to start afresh.

    Iíve been a diary stalker (in a healthy way) for years, and a few of you have really helped and inspired me over the past few months. In particular- Bobarella, Louby, Poor Single Lady, Coastal Chick, Mummy2Girls- thank you!!!

    I have debt, and as hard as it is admitting it myself, have been in debt since i graduated uni almost 10 years ago. This includes still being in my student overdraft (which is thankfully still interest free) which is something iím not proud of.

    So i have a few debt goals to keep me focused:

    Goal 1) Pay of student overdraft by end of July 2017 (10 years after i graduated!!!) This one may actually slip a bit depending on how well i do with other debts as the first £1000 is currently interest free so it makes sense to throw this money at other debts first, but paying it off is my goal, or at least reducing it before the interest free level drops to £500 at the end of July.

    Goal 2) Pay off ccís

    Goal 3) Save to pay off my car finance. Itís currently sitting at £11,200. I stupidly took it out on PCP and what a stupid decision - totally think this is the next misselling scandal. I paid off a lump sum thinking i could keep my monthly payments the same and just reduce my balloon payment, but apparently this isnít allowed, so of the £120 i now pay each month, £110 is interest and only £10 capital repayment , so this loan has to go ASAP. Unfortunately the balloon payment is £11000 so itíll take me a while to save this up, but i reckon if i can get close-ish i can get a 0% card or lower interest loan and pay it off and save paying so much interest. I commute a minimum of 300 miles a week though so a comfortable and reliable car is a must- just need to pay it off.

    That's probably long enough for an opening post. Will post more debt details below.

    DTD xx
Page 1
    • UncannyScot
    • By UncannyScot 22nd Apr 17, 8:56 PM
    • 723 Posts
    • 4,327 Thanks
    UncannyScot
    • #2
    • 22nd Apr 17, 8:56 PM
    • #2
    • 22nd Apr 17, 8:56 PM
    Hello and Welcome
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • DaringToDream
    • By DaringToDream 22nd Apr 17, 9:06 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    • #3
    • 22nd Apr 17, 9:06 PM
    • #3
    • 22nd Apr 17, 9:06 PM
    Ok so a bit more about me and my debts.

    Iíve been in and out of debt for all of my adult life. Some of this hasnít been my fault (redundancy whilst living in London hit me hard), but most of it is my fault, living beyond my means, squandering money on pretty things. Iíve actually done really well over the last few years and reduced my debt, whilst also being a student. But now iím working again and itís crept back up due to buying our first home (which is totally worth getting into debt over-i love it!!). I like to think iím good with money, i use cash back sites (currently got over £200 tracking), sell old stuff on eb@y and generally count the pennies. I transfer £400 Ďfun moneyí a month for all my expenses except household bills. This helps to cover the massive amount of weddings, hens and christenings i seem to be invited to at the moment!

    I live with my OH and my stepson, although he is barely here at the moment as OH works on oil platforms offshore so comes and goes. As a result i live like a hermit and save save save when he is away, and then when he is back we tend to treat ourselves. I think this is important to really enjoy our time together, and we do try to do it in an MSE way so tend to cook at home rather than eat out lots.

    Our current debts stem from the fact we moved out of a rental property so have had to spend quite a bit furnishing the new house- tables, curtains, wardrobes- they all add up to more than i had thought! We have invested in quality however rather than cheap tat that wonít last. The good news is that our mortgage payments will be about £150 a month less than our rent was. This includes the increase in council tax as we now have 3 times as much space as before ( at the thought of cleaning it all though). I bought the final curtains in the sales today so that is the last big expense done and now we can focus on paying it down!!

    Current totals are:

    OD: £990/2000 (first £1000 interest free)
    CC1: £3200/3400 (17% APR)
    CC2: ££1800/2500 (19% APR)
    Car finance PCP: £11200

    Total (not inc car finance) is £5990. I will tackle these cc's first and once they are paid off will start saving the debt repayment money with the aim of paying off the PCP ASAP!

    My aim is to pay of £750 a month which is do-able. I do have an emergency fund of £3000, but seeing as i am now a home owner i would rather keep this for unforeseen expenses. I also have a second job which pays every 8 weeks or so, so that will be a nice little extra. I tend to work extra shifts when OH is away so should have £750 due this month which will be a definite help.Iíve worked the last few weekends too so should get a bit more next month. So that should mean that i can pay off £1500 this month, probably split between the 2 cards. I also have £90 of Ďfun moneyí left so will try and have as many NSDs as i can this week and then hopefully pay off a bit more.

    8 days til payday so onwards and upwards (or downwards for the debt!)

    DTD
    • DaringToDream
    • By DaringToDream 22nd Apr 17, 9:06 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    • #4
    • 22nd Apr 17, 9:06 PM
    • #4
    • 22nd Apr 17, 9:06 PM
    And thanks UncannyScot!
    • Poor_Single_lady
    • By Poor_Single_lady 22nd Apr 17, 9:30 PM
    • 1,105 Posts
    • 4,166 Thanks
    Poor_Single_lady
    • #5
    • 22nd Apr 17, 9:30 PM
    • #5
    • 22nd Apr 17, 9:30 PM
    Hello and welcome.
    I am humbled at the name check.
    Hope the diary helps. And good luck with getting everything paid off. sounds like you are on-track.
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
    • DaringToDream
    • By DaringToDream 23rd Apr 17, 3:30 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    • #6
    • 23rd Apr 17, 3:30 PM
    • #6
    • 23rd Apr 17, 3:30 PM
    Thanks PSL- for the inspiration and the warm welcome.

    Wins today:

    -Worked this morning so that will make some more £
    -£1.47 payable in cashback so transferred to OD
    -Got home and watered the garden, done laundry and tidied house ready for the week.

    Bad things today:

    -Was up at the crack of dawn for work and a 40 min drive there so stopped in at McD's for brekkie so spent £3.99
    -OHs birthday is coming up and need to get his pressie which will mean spending
    -found a massive spider in my house :-(

    I'd be interested in knowing how other people find balancing repayments and living life. I sometimes feel that between the 2 jobs that I'm barely living, just working. Now it's Sunday afternoon and I'm shattered having worked all weekend, and it's straight back to the 9-5 tomorrow! And then when I do go out or treat myself I just feel guilty for spending money.

    Plan for the evening is to do some eb@y listing tonight which will hopefully cover some of the birthday pressie cost. And then chill out and have a cheeky glass of wine!

    DTD
    • blue_eyed_girl123
    • By blue_eyed_girl123 23rd Apr 17, 3:41 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    • #7
    • 23rd Apr 17, 3:41 PM
    • #7
    • 23rd Apr 17, 3:41 PM
    I think if you have some fun money set aside and budgeted for that you shouldn't feel guilty for spending . As long as you're living within your means and managing the debt, you are allowed to have fun too. I sometimes struggle with having a studying/life balance (full time job/part time MA/life) but I have decided that I just want to do my best and my brain needs a rest too .
    • DaringToDream
    • By DaringToDream 24th Apr 17, 7:02 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    • #8
    • 24th Apr 17, 7:02 AM
    • #8
    • 24th Apr 17, 7:02 AM
    Thanks Blue Eyed Girl, I think you're definitely right, as long as the fun money is budgeted for then I really shouldn't feel guilty spending it. Enough of my income already goes to paying off debts already so I shouldn't feel guilty for spending a little on myself. Plus most of it actually gets spent on traveling to see friends etc- last month over half of my fun money went on paying for a hen do. Not sure quite when they got so expensive but seems to be £200 minimum now and a whole weekend away, which also means I'm not earning in my other job. But it's a good friend who is going through some tough times at the moment so I think it's important I'm there. Definitely starting to realise that all work and no play is making me a very dull girl though, need to pay off this debt so I can start having guilt free fun!!

    Working In london today so will be able to claim for any expenses I spend. Counting it down already until the bank holiday weekend!
    • Poor_Single_lady
    • By Poor_Single_lady 24th Apr 17, 7:54 AM
    • 1,105 Posts
    • 4,166 Thanks
    Poor_Single_lady
    • #9
    • 24th Apr 17, 7:54 AM
    • #9
    • 24th Apr 17, 7:54 AM
    Hen dos are expensive. I think it's becoming the norm to view it as low-key if it's UK based.
    All that expense plus the actual wedding.
    Hope your friend enjoyed hers tho. And it's true sometimes it is important that you are at something even if that is expensive and painful.
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
    • Pink_Giraffe
    • By Pink_Giraffe 24th Apr 17, 8:27 AM
    • 183 Posts
    • 1,392 Thanks
    Pink_Giraffe
    Hi DaringToDream, looking forward to following your diary - I'm in much the same position, graduated in 2008 and still paying off my uni debt (don't even get me started on the SLC, I'm going to be paying them in my 80s at this rate!)
    Definitely important to have fun even while being on a budget, it can definitely be done
    • blue_eyed_girl123
    • By blue_eyed_girl123 24th Apr 17, 3:50 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    Totally agree with the hen do thing, they can be so expensive. One I went to was a whole weekend at C3ntreP4rcs and I didn't even get to go swimming as I contracted a tummy bug . Hope your hen do attendance is more successful. What is the plan for the hen do?
    • blue_eyed_girl123
    • By blue_eyed_girl123 24th Apr 17, 3:51 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    *was the plan for the hen do?
    • DaringToDream
    • By DaringToDream 24th Apr 17, 5:16 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Blue Eyed Girl- oh no that sounds horrible and such a shame to miss out! The hen isn't actually for another few months- I've paid for the accommodation already (big beach house) but the activities don't need to paid until the weekend itself so more money to find for surfing, wine tasting and food and drink! Will be a fun weekend though so just need to get this guilt out of my system so I can enjoy all the lovely things I'll have paid for!

    PSL- totally agree, I hate to think how much I've spent on weddings and hens over the years. The irony now is that most of my friends now have young kids so if I ever do get to the point of having a hen then it'll probably just have to be a one-day event anyway so they can come!!

    Pink-Giraffe (love the name), don't even get me started on student loans- I reckon I've got another 4 years or so left to push. The crazy thing is that I always got told to consider it as 'cheap' debt, but now the interest rate is 0.5% higher than my ISA, so maybe I should start trying to overpay it!!

    Just starting my commute home now. Only spent £2.50 today which isn't too bad, the rest was all on expenses. Have taken out £30 to last me until payday, will need to get a bit of food in but that's it so should be able to do it. Also got a £2 coin in my change from lunch so will put that in my £2 pot, bringing the grand total up to £6 every little helps right!?! Now just need to try and motivate myself for a run when I get home!
    • DaringToDream
    • By DaringToDream 25th Apr 17, 9:03 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Another busy day. Really not enjoying my job at the moment so went out for a coffee and a 'meeting' with some colleagues, mainly so we could just all have a rant. £3.50 spent on a coffee and a muffin but definitely worth it to de-stress, and nice to know that everyone else is feeling the same too.

    I actually have a job interview later this week. I don't think I'll get it as it's a promotion, and I don't think I'm quite at that level yet, as it's quite a big jump from my current grade, but it would be a good challenge and something different! It would be a pretty considerable pay rise so would be great for debt busting, but would also mean I'd have to work full time in London again and I'm not sure if I want that- much prefer having a work life balance than commuting 3 hours a day. Lots to think about anyway!

    Made the mistake of going shopping hungry on my way home from work. Shopping came to £20.50, which is more than I wanted to spend but at least now the fridge is full. I'm a terror at just putting things in the basket so should really have gone home and eaten and then gone back out the shop- lesson learnt of shopping on an empty stomach!!

    DTD
    • DaringToDream
    • By DaringToDream 26th Apr 17, 6:49 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Another low spend day today. I did take in a tin of soup for lunch, but i went to the gym at lunchtime, and was still starving so spent £3.20 on a snack and a drink (also forgot my water bottle!). Lesson learnt so must buy healthy snacks next time i am at the shop!

    Was supposed to be working my other job tonight but i had to work late in job 1, so have had to cancel. Bit of a shame and hopefully job 2 won't get too funny about it, but on the positive side i now have a bonus evening at home! Not long now til the long weekend.

    DTD
    • DaringToDream
    • By DaringToDream 26th Apr 17, 6:50 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    And how could i forget- not long til payday too, can't wait to be able to update and see those totals go down!
    • DaringToDream
    • By DaringToDream 27th Apr 17, 6:48 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Payday tomorrow-woo hoo! Will only be payday for Job 1, but looking forward to updating my debt spreadsheet, and then will be able to update again on the 2nd when i get paid from Job 2.

    Fairly decent day today, although did spend £6.99 on a bottle of bubbles for this evening, really just fancying a glass of bubbles, bath and bed!

    Did spend £20 on a taxi however because it was pouring and i didn't want to be drenched when i arrived at my interview. £20 will be a small price to pay though if i get the job because it's such a good pay rise. Was really nervous but think it went ok, although don't think my skills are quite what they are looking for so don't think i'll get it, but good practice and experience anyway.

    Otherwise, money saving is going ok, this diary is definitely helping me consider my spending more. Still waiting for some cash back to become payable, and got 8 items on eb*y. 2 have bids and some of the others have watchers. If things stay as they are i'll make £5.50, but better than nothing, and means i get rid of some clutter. Going to try and have a frugal weekend. Got some food in and need to pop to l*dl tomorrow to pick up some of their perfume and some other bits (i did use chanel but honestly can't tell the difference and at £57 difference in price i'm going back to the l*dl stuff!), so should be a cheapish weekend.

    Not long til the long weekend now!

    DTD
    • DaringToDream
    • By DaringToDream 28th Apr 17, 7:47 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Payday

    Have made my first round of payments to my cards, second lot will happen on Tuesday when i get paid from my other job.

    OD: £971.79/2000 (£18.21 paid off to get it back into the interest free)
    CC1: £2949.53/3400 (250.47 paid off)
    CC2: £1589.35/2500 (£210.65 paid off)
    Car finance PCP: £11200

    So total non car-finance debt is £5510.67 (was £5990), and a total of £479.33 paid off. Am due to be paid £780 from my other job on the 2nd, so should hopefully be able to get under the £5000 mark.

    Still waiting for cash back to become payable. Ebay sales are up to £5.70 with 2 days of bidding left so fingers crossed they'll go up some more.

    DTD
    • DaringToDream
    • By DaringToDream 28th Apr 17, 1:17 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Half day today so just got home ready for the long weekend!

    Spent £43 at l*dl on my way home, but paid it on my credit card and then immediately transferred the money over to pay it off (i get points for spending on my credit card). I spent more than i was intending, but i did get 2 bottles of their perfume (honestly can't tell the difference between it and the pricy one it smells the same as) and dishwasher tablets etc. so it wasn't actually too bad a shop. The l*dl dishwasher tablets are a which best buy and are £3.19 for 40 so thought i'd give them a go over my normal branded ones so a little saving there too, just hope they work well!

    Also bought 2 lampshades for the house online, but opened a new account so i could take advantage of a new customer offer, so got £20 off making them only £33, plus used a cash back website. Paid for from my 'fun budget'- lampshades are fun right?

    Expenses submitted for this week at work so am due £24.40 back, which i will pay straight to one of the credit cards once it lands in my account. No news yet from job interview, but not holding my breath!

    DTD
    Last edited by DaringToDream; 28-04-2017 at 1:19 PM.
    • blue_eyed_girl123
    • By blue_eyed_girl123 28th Apr 17, 9:28 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    Yay for half day! Good luck on news from the job interview
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

156Posts Today

1,601Users online

Martin's Twitter