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  • FIRST POST
    • Silver Queen
    • By Silver Queen 24th May 17, 3:16 PM
    • 171Posts
    • 916Thanks
    Silver Queen
    £15,000 to 0
    • #1
    • 24th May 17, 3:16 PM
    £15,000 to 0 24th May 17 at 3:16 PM
    Hi

    I have decided to re-join this forum so that I can stay motivated to bust my debt.

    A bit about me...I work full-time in central London which gets me about £1.4k per month.

    I owe £15,000 exactly on 0% interest. This is £13,000 to bank of ma and pa (started at £16,000 in October), which paid for my postgrad, and £2k of student overdraft.

    I pay £250 per month to my parents but I would like to start making overpayments.

    Frankly, until now, I have not really even thought about my student overdraft because it's on 0%. However, in June or July (not sure which - oops), it will reduce by £1k so I will need to pay it back ASAP.

    I live at home at the moment, although I will be moving out in September.

    My monthly expenses are food and £350-ish on a train ticket since I commute into London daily. I also pay £200 per month into a help to buy.

    Goals
    1. Pay back £1k into my overdraft by end of July, whilst continuing to make £250 repayments monthly.
    2. Save a £1k moving fund. I am trying to declutter and become more minimalist so that I don't have so much stuff to move, but there will be general moving expenses.
    3. This one is a bit ambitious - I would like to try to pay back all the monies owed to my parents by next year. The current agreement is that I would keep paying them £250 pa until 2021 but I really really don't want to do that, because...
    4. This one is long-term. Save £20k by 2021 so that I can be on my way to putting down a deposit for a house.


    I have started this diary because although I have been on the debt free journey for about three/four months, I have been noticing myself slipping lately, so hopefully this will hold me accountable!
    Last edited by Silver Queen; 24-05-2017 at 5:37 PM.
Page 4
    • EssexHebridean
    • By EssexHebridean 28th Jun 17, 4:59 PM
    • 8,204 Posts
    • 42,662 Thanks
    EssexHebridean
    I have both but the time involved meant that the hourly rate wasn't anything like as good as it looked at first glance, plus it meant involving other people so I decided against.
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    • Silver Queen
    • By Silver Queen 29th Jun 17, 9:43 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Well, today's another day. Checking in now and having some chilled out time for about 10 mins this morning because I know today will be obscenely busy.

    Didn't bring lunch today because I fell asleep at like....8pm last night and didn't have the chance to make it.

    The other half has gone back off to Never Neverland aka the wasteland that is the midlands I'm sure someone will come and slap my wrists for that comment shortly

    Budget should be done this evening. So far I've spent £40 out of my pay, which was petrol money.

    Thinking of revisiting my 10-year plan finances wise. The initial plan was to save around £400 per month for the next 7 years until I'm 30, so I'm set up with a deposit to buy a house. Boyfriend and I are apparently both dreamers, and have decided we want to actually go on an epic America road trip which we have both always and forever wanted to do. This will be expensive. I'm not sure whether it should wait until after we're financially secure and have a house etc etc or just do it whilst we're young and don't have kids to worry about. He should finish his qualification at around the same time as I qualify in about two years so it would be great to go then, but I refuse to have such a big blowout unless I've paid off all my debt.

    So basically, the jist of that long rant is that I need to pay off my debt ASAP!
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 29th Jun 17, 9:46 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Forgot to mention...one of my colleagues who is a good 3-4 dress sizes smaller than me accidentally bought an item of clothing that was too big for her so she gave it to me. It's lovely, and I was like

    And then I quietly ooked the item up...turns out it's designer and the price made me go :

    I feel guilty for taking it now, and slightly baffled as to how the other half live...
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • natsplatnat
    • By natsplatnat 29th Jun 17, 10:21 AM
    • 2,629 Posts
    • 2,287 Thanks
    natsplatnat
    [QUOTE=Silver Queen;72765548]

    And then I quietly ooked the item up...turns out it's designer and the price made me go : QUOTE]




    Is it possible it came from somewhere like TKM4xx?
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*
    *2017 cashback pending £84.37, paid £??*
    (2011=£137.30, 12=£66.39, 13=£102.61, 14=£214.97, 15=£159.51 16=£213.05)
    Pro.Ac £10.10 + £126.19 paid
    SAVINGS TO CLEAR STUDENT LOAN £0.00 (£528.56 paid off)

    • EssexHebridean
    • By EssexHebridean 29th Jun 17, 11:48 AM
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    EssexHebridean
    On the basis that you love the item and it was clearly given for the right reasons Silver I'd be inclined to try to put the feelings aside and maybe just buy her a small bunch of flowers or something as a thank you? As Nat says it could be that it was bought at a discount in any case, as otherwise I would imagine she would have taken/sent it back for a refund?
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    • Silver Queen
    • By Silver Queen 2nd Jul 17, 12:41 PM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Thanks both. Her last day was Friday and we went out for a meal so that was nice. I would like to believe that the skirt was heavily discounted but she comes from an awful lot of money (owns a flat in Soho etc) so I suspect it's just a case of it being too much effort for her to return it, and she may as well gift it to a friend. I appreciate it, anyway.

    It's the weekend again! I love the weekend. I like my work but I like lazing about too, haha.

    First weekend of the month, when I feel particularly flush. I have noticed I have two main times of the month where I spend the most money - 1. just after I get paid, for obvious reasons and 2. the third week of the month where I start feeling hard done by and just end up splashing the cash. This is something I need to work on.

    My overdraft has NOT been reduced, surprise surprise. I have moved the money over just in case, anyway.

    My aim for July is to have the remaining £1k for my overdraft saved up in my 5% account. I've decided I will not pay it early but will instead keep it in my high interest yielding account.

    My weight loss goal really is not going well! I need to get off my lazy !!!! and actually do some stuff rather than yapping about it on the internet.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 3rd Jul 17, 10:18 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Today I feel like a puppy who should be forced to wear a cone of shame.

    The amount of spending I did at the weekend. The shame. The shame.

    My train ticket was £55 less than anticipated because for June's trains were so delayed and rubbish that they had to give us void days to discount this month's fare.

    This would have been excellent, but then I went and bought some work clothes for £150. I do need new work clothes since I'm still wearing the same things every day that I bought five years ago, but did I really need a designer dress, even if it was on sale? Hmmm. Well we will see whether I like it enough to justify it, once it arrives.

    The Clarks shoes that I bought in the sale arrived, and none of them fit! They will have to go straight back. Do I have the world's weirdest shaped feet? I suspect I will never find new work shoes.

    Had a very sociable weekend and went out three times, which was nice but also meant that I spent about £60 over the weekend for socialising. The sad thing is, this is already drastically reduced from how much I would have spent a couple of years ago! The killer was the bus fare - I walked the three miles into town but had to take a bus back because I needed to be home by 5pm and ended up nattering for so long that I didn't leave town until 4.45. It cost me £5!!! FOR A SINGLE!! I was scandalised.

    Now time to nurse my poor bank balance and do some proper budgeting for the month.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 11th Jul 17, 2:13 PM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Quick life update


    Natwest: -£913 (£1087 available)
    Amex: -£167 (expecting refunds of £93 (paid and waiting for it to show up) and £84 (not yet processed) which will bring it to a positive balance)
    Nationwide: £800
    Help to Buy: £401

    Parental loan: £12,750

    So my debt stands at approximately £13,750.

    Waiting for £14 from PA and £5.50 from WeBuyBooks.

    I think it may be a good idea for me to stop using my student account with the overdraft and instead use a different current account. I have got another current account but I have no idea where the card is (in one of my drawers probably) and I don't know the PIN. Ho hum.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • EssexHebridean
    • By EssexHebridean 12th Jul 17, 11:39 AM
    • 8,204 Posts
    • 42,662 Thanks
    EssexHebridean
    Quick life update


    Natwest: -£913 (£1087 available) Now I'm going to slap your wrists for this - you do NOT have £1087 available - you OWE £913 -
    tsk!

    Amex: -£167 (expecting refunds of £93 (paid and waiting for it to show up) and £84 (not yet processed) which will bring it to a positive balance)
    Nationwide: £800
    Help to Buy: £401

    Parental loan: £12,750

    So my debt stands at approximately £13,750.

    Waiting for £14 from PA and £5.50 from WeBuyBooks.

    I think it may be a good idea for me to stop using my student account with the overdraft and instead use a different current account. I have got another current account but I have no idea where the card is (in one of my drawers probably) and I don't know the PIN. Ho hum.
    Originally posted by Silver Queen
    Yep - I totally agree. having that overdraft there it's easy for your thinking to get skewed to "I have that money available to spend" rather than "eek - I owe x amount" and that isn't always helpful. While the OD may be free of charges or interest the issue with overdrafts is that of course they CAN be pulled at any time which does give a degree of instability.

    What about your Flexdirect account - can you not use that as your current account rather than just for savings? You'd just need to keep track of how much you have saved in there and set that as your own personal "zero" - mine is outside the first year now but I keep a £100 float to avoid the risk of it going overdrawn if something gets forgotten - but whatever the balance is I just remember to subtract £100 from that.

    Doh - typing that has just made me think. why on earth have I got a lump of savings elsewhere earning less interest when my flexdirect even now pays 1%? I need to be kicked - I also need to log in to the banking and sort that out. Silly moo!
    Last edited by EssexHebridean; 12-07-2017 at 11:42 AM.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£622.67 (19/11/17)
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    • Silver Queen
    • By Silver Queen 30th Jul 17, 9:25 PM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Making an appearance again after a month of largely just lurking. Debt busting is still going OK but as usual, I could be doing better. Got to about the 23rd of this month having loads of money left over and feeling smug, but then went on a short break with the boyfriend and we managed to absolutely burn through our money. Slap on wrist again but this seems to be a recurring weakness of mine

    Round-up of debts and accounts:

    Student overdraft: - £918.16 (£1,032.47 available) ***
    Parental loan: £12,750 owing
    Nationwide: £1,800
    Help to Buy: £401
    Amex: £0 but about £32 waiting to clear on it.

    **** EH, I know you will have words about this! But I say available to make it clear what the true balance is in the account because sometimes I have transactions pending that don't show up in the "current balance" but do show up in the "available balance". For example....

    Also purchased some work clothes (common theme!) but yet again they don't suit so I should be getting £35 back into my account.

    Now is my "rich time", just after I've been paid but before anything gets paid out. I do try to allocate it ASAP so I don't get into the mindset that I have loads of money when I don't.

    Weight-wise, our short holiday has done me NO favours. Getting back onto the wagon though.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • EssexHebridean
    • By EssexHebridean 31st Jul 17, 3:52 PM
    • 8,204 Posts
    • 42,662 Thanks
    EssexHebridean


    Well as long as you know what that wording really means, that's fine!

    If you had a lovely time on your short break and didn't get yourself into further debt to cover the costs then I'd call that a bit of a win.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£622.67 (19/11/17)
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    • Silver Queen
    • By Silver Queen 31st Jul 17, 5:20 PM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Also forgot that I returned a truly horrific pair of trousers to M&S last week so £15 has unexpectedly popped into my account
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 11th Aug 17, 7:43 PM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Popping in to make a quick observation... not seen the OH this month because of scheduling problems. Bank balance is looking decidedly healthier than it usually does at this time of month - in fact I've hardly spent anything at all. Hmmmmmm
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Hiddenidenity
    • By Hiddenidenity 11th Aug 17, 10:13 PM
    • 5,328 Posts
    • 26,178 Thanks
    Hiddenidenity
    Popping in to make a quick observation... not seen the OH this month because of scheduling problems. Bank balance is looking decidedly healthier than it usually does at this time of month - in fact I've hardly spent anything at all. Hmmmmmm
    Originally posted by Silver Queen
    Is this your way of blaming OH for spending
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • Silver Queen
    • By Silver Queen 12th Aug 17, 8:18 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Is this your way of blaming OH for spending
    Originally posted by Hiddenidenity
    We all know I'm beyond reproach so it must be OH's fault, come on Hidden




    I'm going up to see him over the weekend which means at least £40 spent on petrol I'm driving my parents' car for such a long distance for the first time, I've not driven up there since my little car went kaput back in April. Bit nervous but to be honest my parents' car is much safer than mine was so I'm sure I'll be fine.

    I now comfortably have enough savings to clear my overdraft completely this month, hurrah! But I'm actually going to keep it in my Nationwide 5% saver because frankly, I like free money and need to train up my self control

    Parent debt now stands at £12,500

    Now I just need to figure out a way to control my spending whilst I'm with OH...I've roped him in on a 'diet' with me (I think restrictive diets are stupid so my idea of a diet is just keeping an eye on what we eat rather than restricting anything and making sure we do at least 15,000 steps a day) so that will help with spending too since a large majority of our spends were on food.

    Unfortunately my laptop's battery has died and so I need it plugged in all the time which is infuriating, since I specifically picked an extremely lightweight laptop to do work on the go. Luckily, it's still under warranty so it's just a case of sending it off to be fixed - and getting around to actually doing so!

    Hope everyone has a lovely weekend
    Last edited by Silver Queen; 12-08-2017 at 8:20 AM.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 18th Aug 17, 8:40 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Popping in for a natter and an update.

    Trying a new thing this month where I leave the balance on my credit card until it's actually due (20th) therefore leaving money in my 5% account for as long as possible accruing interest. On paper it's sensible but it is definitely giving me a bit of anxiety! I'm keeping a very careful close eye on it.

    If things keep on track I'll pay off my overdraft in its entirety this month. Still not sure if I'll ask them to cancel it or keep it as a sort of emergency fund until I can build up my emergency fund.

    I should be moving next month but the flat still isn't actually finished so it's possible the move won't be until October. I have two big birthdays between now and then (OH and little sister - both in the same week!) so a bit worried about next month's budget. I haven't been putting money aside for birthdays because I've been trying to pay off the overdraft ASAP.

    Had dinner with my boss and one of his buddies yesterday. Went to a restaurant I could never afford, had amazing food... bill came to just shy of £500!!! Very grateful for the experience.

    Also went to lunch with the new intern but that came in at £8.50 so not too bad. No good for my waistline though!

    Things are going strong diet wise but I always get to this stage, think I'm doing so well I deserve a treat, and fall straight off the wagon so it's important I dont fall into that trap again!

    On that note though, I'm going out for food TWICE, AGAIN on Sunday. So that'll be four meals out in a week! Sunday I'm seeing my old housemate who I haven't seen for about two years and we're going to get some pub grub. And then I forgot that I committed myself to some kind of show of a friend's girlfriend in London so we will probably get dinner before that. Good thing I've hardly spent any of my entertainment budget this month.

    7 days until payday!
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • Silver Queen
    • By Silver Queen 18th Aug 17, 8:42 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Popping in for a natter and an update.

    Trying a new thing this month where I leave the balance on my credit card until it's actually due (20th) therefore leaving money in my 5% account for as long as possible accruing interest. On paper it's sensible but it is definitely giving me a bit of anxiety! I'm keeping a very careful close eye on it.

    If things keep on track I'll pay off my overdraft in its entirety this month. Still not sure if I'll ask them to cancel it or keep it as a sort of emergency fund until I can build up my emergency fund.

    I should be moving next month but the flat still isn't actually finished so it's possible the move won't be until October. I have two big birthdays between now and then (OH and little sister - both in the same week!) so a bit worried about next month's budget. I haven't been putting money aside for birthdays because I've been trying to pay off the overdraft ASAP.

    Had dinner with my boss and one of his buddies yesterday. Went to a restaurant I could never afford, had amazing food... bill came to just shy of £500!!! Very grateful for the experience but it's a bit shocking, that's an entire month's rent for lots of people.

    Also went to lunch with the new intern but that came in at £8.50 so not too bad. No good for my waistline though!

    Things are going strong diet wise but I always get to this stage, think I'm doing so well I deserve a treat, and fall straight off the wagon so it's important I dont fall into that trap again!

    On that note though, I'm going out for food TWICE, AGAIN on Sunday. So that'll be four meals out in a week! Sunday I'm seeing my old housemate who I haven't seen for about two years and we're going to get some pub grub. And then I forgot that I committed myself to some kind of show of a friend's girlfriend in London so we will probably get dinner before that. Good thing I've hardly spent any of my entertainment budget this month.

    7 days until payday!
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • EssexHebridean
    • By EssexHebridean 24th Aug 17, 1:14 PM
    • 8,204 Posts
    • 42,662 Thanks
    EssexHebridean
    Absolutely agree with your about "diets" as such not working - but "eat less and move more" definitely does. The problem with a classic diet is people view it as either "on the diet" or "not on the diet" and never actually make sustainable lifestyle changes I suspect? 15k steps a day is super-impressive!

    Also well done on the overdraft thing - that's brilliant! Can I suggest a compromise on the question of whether to keep it - until you have an emergency fund reduce it to £500 but keep it there - once you've saved your EF then you can probably reduce it right down to a level which will avoid the risk of being overdrawn due to a DD coming out a day or so early?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£622.67 (19/11/17)
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    • Silver Queen
    • By Silver Queen 8th Sep 17, 10:21 AM
    • 171 Posts
    • 916 Thanks
    Silver Queen
    Long time no "speak"!

    Quick update so I don't forget.

    Parents: £12,250. Will be £12,000 once I remember to send their money this month.
    Natwest overdraft: £0! Yay!
    Amex: £0! Yay!
    Help to buy: £400
    Nationwide: £0


    I now have £191 to last me until 28th. We're going to vienna for a week to celebrate OH's birthday and I anticipate I will need £150 spending money. Since we're leaving the UK on 28th and I get paid on 28th, I will be putting that £150 spending money on my credit card for a couple of days and then paying it off when I get paid, I think. I'll be honest, I'm defiantly not sorry for booking a holiday. Work stress is really getting to me and I need time off.

    In a similar vein, I have been trying meditating as a technique to block out the stress of work whilst I'm not at work. It's a work in progress because I've always dismissed it as silly, but I think it's actually going to help.

    Moving house has been put on hold yet again. House is still not ready. Typical construction works!

    Next goal is to set up an emergency fund. Since I don't really have anything in particular I'd desperately need to pay for (no car, I'm not responsible for any appliances, etc) I think probably £500 will be fine for me for now. I do have the £400 in the help to buy which is a makeshift emergency fund at the moment but would prefer to have something else put aside as well.
    Debt Totals November 17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Now £12,000 £2,000 Overdraft Back to £2,000
    • EssexHebridean
    • By EssexHebridean 11th Sep 17, 12:25 PM
    • 8,204 Posts
    • 42,662 Thanks
    EssexHebridean
    Agree with you that £500 is a good amount to have as a target for an emergency fund. We usually say that for someone who owns a house, a car or both then £1000 is the target to start with - for someone renting though it doesn't need to be as high - the main thing is that if the hoover, the kettle and the iron all die inside one month, you've got enough there to avoid any panic credit card spending!

    Those figures are looking really good now - well done!

    Now the OD is gone are you going to redo your budget to include things like presents etc?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£622.67 (19/11/17)
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