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  • FIRST POST
    • jemreading
    • By jemreading 1st Jul 17, 7:32 PM
    • 222Posts
    • 273Thanks
    jemreading
    Nearly debt free diary
    • #1
    • 1st Jul 17, 7:32 PM
    Nearly debt free diary 1st Jul 17 at 7:32 PM
    Hello,

    I've been lurking and subscribing to a few threads over the past few months and finally plucked up the courage to start a diary!

    As the title says ' nearly' debt free diary.. My current debt situation is below:
    -£350 CC with 18.9% (interest free ended on 25th June 2017)
    - £375 Argos Card (interest free until 25th August 2017)

    It doesn't seem like much but I've shifted approximately £9,500 of debt between October 2015 - June 2017 and I'm struggling with the final bit! I have also tried to get another interest free card to shift my CC balance over but have been rejected.

    I thought a diary might be a good thing as I find myself falling back into bad habits (looking at holidays and clothes I can't afford) and also using a lot of spare change throughout the week to buy small (but adds up) snacks!

    I'm also getting married in October 2019 and plan to start saving for that come August 2017 (me and my OH have a savings plan, but it'll be sticking to it we find challenging!)

    Jem
Page 12
    • jemreading
    • By jemreading 27th Nov 17, 10:18 AM
    • 222 Posts
    • 273 Thanks
    jemreading
    I feel like this diary is going.. well? It feels like I’m talking to myself (which is fine, I do this on a daily basis )

    I’ve spent 90p on orange juice for the week rather than buying individual juice. I may also buy a big bottle of pop for £1 and put it in the work fridge rather than buy individual bottles!!

    Still having problems with my laptop, I’ve given up!!
    • fay66
    • By fay66 27th Nov 17, 11:02 AM
    • 661 Posts
    • 1,562 Thanks
    fay66
    Im reading all
    [QUOTE=jemreading;73472449]I feel like this diary is going.. well? It feels like Iím talking to myself (which is fine, I do this on a daily basis )

    Iíve spent 90p on orange juice for the week rather than buying individual juice. I may also buy a big bottle of pop for £1 and put it in the work fridge rather than buy individual bottles!!

    Still having problems with my laptop, Iíve given up!![/QUO

    Hey Im reading all diaries , Ive got same amount of your debt in 2015 £9500 so some luck for me


    I dont tend to reply sometimes, I cant give advice because Im a bit down
    Inland revenue £4500=
    Loan £2610
    Pay day loans - 135+600+300+300
    Credit card 1 - 5186
    CC2 -1038
    CC3 - 548 cc4 234
    • jemreading
    • By jemreading 27th Nov 17, 12:27 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    Hi Fay, thanks for popping by.

    You can get there! Sometimes this debt busting business can seem like such a long hard slog, but it will all be worth it in the end.
    • jemreading
    • By jemreading 27th Nov 17, 6:19 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    Confession time..

    I got my OH Christmas presents on my credit card, they are all paid for and out the way so I just have to allocate the money I spent on his presents straight back to my card, which means my gift fund on Wednesday will go down. I will admit I overspent by £13 but I will be underspending on my dad as he now only wants a jumper for £11 rather than the £25 I had budgeted for.

    I’m not too upset about it as I know I was going to buy his gifts anyway and I have no other time to buy them as I’m going to be really busy for the next few weekends (other than next weekend when ironically we are Christmas shopping together!)

    I also got the final presents for my two friends (a whole £5 spent) and the final stocking filler gift for my sister (20% off at Debs, which was on my to buy list anyway) may as well save a grand total of £1.40.. every little helps
    • jemreading
    • By jemreading 28th Nov 17, 2:50 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I spent the final change in my purse this morning. Coffee was needed as I’m working from 9am - 6:45pm then dashing to the football afterwards so don’t be home until 10:30pm.

    I donated £2 to UAVA charity bake sale (where majority of my purse money went)

    My colleague got me a drink for helping her carry round an expensive art piece through town and back to work!!!

    Enjoying a lovely salad for lunch salad is really not a winter dish!!
    • fay66
    • By fay66 28th Nov 17, 4:18 PM
    • 661 Posts
    • 1,562 Thanks
    fay66
    Keep it up Im reading
    Inland revenue £4500=
    Loan £2610
    Pay day loans - 135+600+300+300
    Credit card 1 - 5186
    CC2 -1038
    CC3 - 548 cc4 234
    • jemreading
    • By jemreading 28th Nov 17, 5:17 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    Thanks Fay

    I have just made £5 on prolific academic for completing 5 surveys. Took about 30 minutes of my time. Once it is all approved I can get the money as I’ll have £8.88

    Still at work (having a quick break!) just thinking about payday tomorrow, and my lack of internet banking opportunities.

    I need to go in and ask why I’m locked out my online account!
    • jemreading
    • By jemreading 28th Nov 17, 10:42 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I’ve just been paid

    I’ve rounded down the amount in my bank account, so no odd pennies before things go out.

    This month I’m going to wait until all my direct debits go out then make my credit card payment. Sometimes I get the urge to overpay and then have to put stuff on the credit card, which is what I am trying to avoid doing.

    I need to get out: £100 shopping, £100 gift, £50 travel, £100 entertainment and £20 sports. This way I know I’m going to have enough to see me through until.

    I’m hoping I won’t hit December pay until the end of December. My last Christmas social should be December 21st (which is also pay day) but this has all be budgeted for in November pay. After the 21st December all I should need to pay for before the 1st January will be petrol to get to my OH parents house.

    I need to check my £1 coin collection. I admit to using the last of my coins to get me through the month but that’s what they are there for.
    • jemreading
    • By jemreading 29th Nov 17, 8:03 AM
    • 222 Posts
    • 273 Thanks
    jemreading
    I’m so glad I work flexible working hours as I’m still currently in bed will aim to get in for 9!

    I need to check if anything has gone out the bank and cross it off my list. With no working laptop I’ve had to write it all down and keep notes of everything that’s gone out.

    I’ve been trying to persuade my OH to get a savings account since Saturday but he still hasn’t done it. He keeps thinking the money he earns he has without taking into account his overdraft. I’ve told him to save some money in an account and once he has enough transfer it back to his main account.

    I need some advice re the situation above. As my OH has an overdraft if he wanted to switch his current account to another bank would he have to be able to pay his overdraft off first? I’m not sure that if he switches account it means that they would close his main current account once he switches to a new bank? Or would the overdraft remain?
    • jemreading
    • By jemreading 29th Nov 17, 4:13 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I’ve also made quite a bit of money from prolific academic over the past couple of days. Just completed another 4 surveys, think I can cash out now.

    I’ve not decided what to do with survey money, will put it in savings for now. Every little helps!
    • Florence J
    • By Florence J 29th Nov 17, 10:55 PM
    • 1,794 Posts
    • 10,172 Thanks
    Florence J
    Hi Jem, I'm not 100% sure, but I am relatively certain someone would have to pay back their overdraft before switching bank accounts.

    There is a way around this, in the same way you can get balance transfer cards you can get a card which is called something like a 'money transfer card' which would transfer money to an account, in the same way that you can transfer a debt to a balance transfer card. I think you can get 0% interest cards. It is a debt, it would have to be paid back, but if it made financial sense it might be the way forward.
    Sealed Pot Challenge 11 #553
    £1000 Emergency Fund Challenge #253
    Wombling free 2017 = £2110.15
    Pay off all your debts by Xmas 2017 #53 (£3133.08/£3000)
    November 2017 Credit Card Debt: £3980
    • jemreading
    • By jemreading 30th Nov 17, 7:37 AM
    • 222 Posts
    • 273 Thanks
    jemreading
    Hi Florence. Thanks for that that is what I thought, so at this moment in time he has opened a new savings account to put overdraft money into, once he’s paid off the overdraft he will then switch.

    The overdraft he has is currently 0% with no fees (he has a student bank account still!)
    • enthusiasticsaver
    • By enthusiasticsaver 30th Nov 17, 8:20 AM
    • 4,827 Posts
    • 9,119 Thanks
    enthusiasticsaver
    Just caught up on your diary as not read it since July. You seemed to fall off the wagon a bit in the summer but are back on track now. Just a few thoughts.

    If you are getting married next year where are the savings for this as you don't seem to allocate anything or are you concentrating on this once the credit card is paid off?

    You pay a fair amount of your income to entertainment proportionately which is fine as you don't have a mortgage or a car but if you ever did go that way you may need to reevaluate. I would call football and gym entertainment. You also do quite a few holidays so you definitely need a holiday savings pot.

    Your salary is ok but not huge so ideally you would not be using credit cards at all. They throw budgets out and it is too tempting to just stick a purchase on it thinking you will deal with it next month but then the next month is just as tight plus you have debt to deal with too. It is a slippery slope so I think you are doing the right thing by addressing it now.

    Treat yourself to a laptop the month after you are debt free.

    Well done for dealing with the debt before it got unmanageable though. I think your OH also could do with some financial discipline. How come he still has a student overdraft if he now working? If he wants to switch banks he needs to clear the overdraft the same way you are clearing your credit card. A 0% money transfer card is another option.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • jemreading
    • By jemreading 30th Nov 17, 11:53 AM
    • 222 Posts
    • 273 Thanks
    jemreading
    Hello, thank you for your feedback enthusiastic. I will address your points below.

    We are getting married in October 2019, so we are a good 2 years away from that point. Our view is pay debt then save for wedding. We have deposits on all the Ďbigí things: venue, photographer and registrar. My parents have already purchased bridesmaids dresses (x3) and flower girl dress (x1). My parents are contrbuting to half of the costs. The cost of living (East Midlands) is fairly reasonable so we donít have the additional costs of living in the South, even if we have a ďbigĒ wedding, we are looking at costs of £14,000 for the wedding and honeymoon with my parents contributing half. So we are looking at £7,000 for our share. I have a wedding budget already but have added several hundred pounds to each category to counter balance the living costs going up! We managed to get all the deposits at a 2017 price with a guarantee that the costs wonít go up in line with 2019 wedding prices!!

    Yes, my entertainment budget is quite high. My football season ticket is cheaper to do on a annual basis (plus you canít get home tickets anymore as there is a membership system) so Iím basically getting 19 games for the price of 9! Iím looking at lowering my entertainment budget going into the new year. Iím also going to try and get better at saying no to things and Iíve cut out alcohol completely, which says a lot of money when out with my friends as a lot of socials are just drinking in the pub..

    My salary is quite low, Iím at the start of my career, so as I progress or look for a new job my salary could go up by 10K, however, in my current job role I get good holiday, no evening or weekend work. I also get flexi time and a good amount of holiday. Also, to get the pay rise I would have to relocate to another part of the country.

    I have learnt that I cannot continue to do as you say, stick it on the credit card and then hope to pay it off the next month.

    Regarding the laptop situation, I donít use it enough to justify buying a new one. My OH has a computer that he is fine with me using, he has set me up my own user account, failing that, I can use my mobile phone.

    Heís been in work for the past 3 years, and out of uni for 4. Iím not sure how his bank hasnít picked up on it yet. Iím trying to drill in the money saving ways but getting him to listen is the hard bit!!

    Sorry for the rather long post, but it helps to put it all out there.
    • jemreading
    • By jemreading 30th Nov 17, 3:20 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I cashed out my prolific money (£10.28 before fees) and I need to check in on my £1 coins. I will see if I have enough to exchange and then stick in my savings account. I would like to be at £100 by the end of the month. I’m currently at £59.01.
    • jemreading
    • By jemreading 30th Nov 17, 8:08 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I managed to do an hour in the gym plus a 30 minute walk home! Just waiting for my dinner to cook (scampi and chips) so I’ve shifted my gym habits but not my food habits one small step at a time, right??

    I also got the rest of my money out for my envelopes. I’m expecting the majority of my direct debits to go out tomorrow. I will then get to paying some off my credit card (need to consult with my spreadsheet to see the amount - think it was £200)
    • jemreading
    • By jemreading 1st Dec 17, 12:13 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    Turns out I got £80 too much out of my account for envelope allocation so I’m popping into the bank on my way home at lunch time to put it back. Normally I would have left it out and spent it but not this time.

    Been doing more surveys on prolific, they all seem to appear during my work hours. I just done three in 15 minutes and earnt £2.49.

    I only have a half day today, so I’m going to have a window shop round town, go back home and make my pasta and sauce and read some diaries - was going to fit in a resistance band training but have injured my ankle on Wednesday so need to rest!

    We have our weekly shopping tomorrow and I have a feeling it may be a big one. I need to do a stock check! Me and my OH are going to try and put together our own ‘supermarket meal deals’ and see how much it costs for: a sandwich/or pasta, two snacks and a drink.
    • jemreading
    • By jemreading 1st Dec 17, 1:54 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    Coming to the end of my Christmas shopping now.

    I did pick up the chocolate stocking fillers for my family as I was in town. I got them in the 3 for £6 deal from M&S (Got cherry liquors, Turkish delights and Operetta) which is great considering I was going to Thornton's and probably would have spent twice as much, so I put £70 back to my bank and used £10 to get the chocolate. I have the £4 left over which should get the chocolates for my niece and nephew.

    Just need to pick up: main presents for my niece and nephew, one more present for my mum and dad, a secret santa work present (£5 budget) and something for my work colleague.. she has her eye on a ceramic R2 D2 mug as she's a massive Star Wars fan. I can buy both work secret santa and mug on Amazon and get free next day delivery as my OH has Prime..
    • jemreading
    • By jemreading 1st Dec 17, 3:41 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    I now have a grand total of £68.87 in my savings, slowly rising is fine. I got the money from the prolific surveys (£9.79 after fees) which has been transferred straight into my savings account.

    I still need to work out how many £1 coins I have. I think it should be above £20

    I'm waiting for my final direct debits to go out so I can allocate money to my debt and savings - just need to figure out how much to each. Just got my phone bill to go out and will need to sit with OH and figure out how much the electricity bill will be.
    • jemreading
    • By jemreading 1st Dec 17, 8:15 PM
    • 222 Posts
    • 273 Thanks
    jemreading
    We went shopping this evening, have had a really big shop and it came to £80.97. This should eliminate all the small spends that me and my OH do during the week. We always do a big shop when we get paid and then the next two shops will be a good £30 cheaper.

    I’ve been saving the shopping receipts to see what our actual week in week out buys are, once next week is over I’ll have 6 weeks worth of receipts and will then go through and categorise them further (breakfast/lunch/dinner/snacks and toiletries spends)

    We are doing our Christmas shopping tomorrow now instead so it will be a mad rush round as I have football at 3.
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