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  • FIRST POST
    • dfw87
    • By dfw87 9th Jul 17, 5:36 PM
    • 74Posts
    • 103Thanks
    dfw87
    Debt Free Wannabe Teacher
    • #1
    • 9th Jul 17, 5:36 PM
    Debt Free Wannabe Teacher 9th Jul 17 at 5:36 PM
    Hello,
    I am hoping to use this as a spending diary to keep me on track in my mission to become debt free!
    I've used MSE's website and forum for years and years (despite getting further and further into debt!) and am finally starting my very own thread!
    I have been in debt for quite a while now but it is only now that I have had my 'lightbulb' moment and I am determined to shift this debt.
    I am 30 this month and have always dreamed of owning a house - sadly I am around £18k in debt and so this is just not a possibility for me... yet.
    My debt has been accrued over the past 7 years whilst I was at university and is completely my fault. I went to university as a mature student having worked for years on a good salary. I never settled into a student spending mindset and continued spending as if I was earning, using my credit card to help me out.
    Since university, my debt has spiralled and I have ended up with 2 over drafts (-£350 and -£1800) and 3 credit cards (all around £5k each). These credit cards have long since past their 0% interest days and I am struggling so much to pay off.
    Rather stupidly, I have never made any real attempt to cut down on my spending properly. I am very generous (sorry to toot my own horn!) and this has massively contributed to my debt. I like to buy family and friends presents, trips away, meals etc and I spend as if I have much more money than I do.
    I have travelled (America and Eastern Europe) and this has added to my debt and I holiday once a year and usually have a city break. I also spend ridiculously on little things - popping to the shop to get salad and coming back with a trolley full!

    I already shop at Lidl and shop around for the best deals... but I still get into debt!

    So... I have had a horrible week confronting this debt and trying to find the best way out of it. I settled on a loan and was horrified to find that no one would lend to me. However, I finally told my Mum about my debts (this took a huge amount of bravery!) and she was so supportive. She is going to get a loan in her name (we have discussed the pros and cons in detail) and I am going to set up a DD for the amount each month.

    I am a teacher and sadly I am completely unable to get paid any overtime for the many hours that I do over what is expected so I have taken on a bar job which is just shifts as and when needed. I have also taken a break from my pension just for now - this will give me an extra £100ish a month and I have also discussed this in detail and thought about the pros and cons.
    I have made sure that my pet and car insurance is the lowest it can be (for good service) and everything else is already at its lowest. I will cancel my gym membership as soon as I can (a few more months) and I will cancel my phone contract when it is up for renewal.

    The main thing I can do to stop this ridiculous debt from spiralling is to stop shopping for clothes and food. I will use this page as a diary for my spending for the week!

    Please do let me know if you have any advice - I am more than willing to hear it!

    Thank you!
    Last edited by dfw87; 09-07-2017 at 9:14 PM.
Page 1
    • UncannyScot
    • By UncannyScot 9th Jul 17, 5:45 PM
    • 618 Posts
    • 2,755 Thanks
    UncannyScot
    • #2
    • 9th Jul 17, 5:45 PM
    • #2
    • 9th Jul 17, 5:45 PM
    Hello and welcome

    You may wanna remove your real name from your post

    You will only find three things here - help, support, understanding and lots of info on saving money.
    Four things then

    You will get there. Read folks diaries, join in and become part of this wonderful community

    (I feel like an official meet n greet spokesperson lol)
    Last edited by UncannyScot; 09-07-2017 at 5:47 PM.
    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.
    • MissShoes
    • By MissShoes 9th Jul 17, 5:46 PM
    • 1,243 Posts
    • 1,827 Thanks
    MissShoes
    • #3
    • 9th Jul 17, 5:46 PM
    • #3
    • 9th Jul 17, 5:46 PM
    Good luck- well done for getting a plan sorted going forward.

    Keep posting- I am rubbish at posting but it does keep you on tack.

    Also recommend keeping a spending diary so you can see where the money actually goes.

    Shoes xx
    DFD 4th July 2015 Happy Independence Day
    • louby40
    • By louby40 9th Jul 17, 7:50 PM
    • 1,081 Posts
    • 3,009 Thanks
    louby40
    • #4
    • 9th Jul 17, 7:50 PM
    • #4
    • 9th Jul 17, 7:50 PM
    Hi, I'm a teacher too! It's great that you had the LBM and can now move forward and get rid of the debt.

    Good luck.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 SEPT £11,493. 12% paid off
    Barclaycard £442
    Car loan £3278 Mortgage £96,197
    • dfw87
    • By dfw87 9th Jul 17, 8:46 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    • #5
    • 9th Jul 17, 8:46 PM
    • #5
    • 9th Jul 17, 8:46 PM
    Thank you so much for your reply - I will remove my name!
    • dfw87
    • By dfw87 9th Jul 17, 8:47 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    • #6
    • 9th Jul 17, 8:47 PM
    • #6
    • 9th Jul 17, 8:47 PM
    Good luck- well done for getting a plan sorted going forward.

    Keep posting- I am rubbish at posting but it does keep you on tack.

    Also recommend keeping a spending diary so you can see where the money actually goes.

    Shoes xx
    Originally posted by MissShoes
    Thank you - I already have a spending diary and am about to sort out an Excel spreadsheet to help!
    • dfw87
    • By dfw87 9th Jul 17, 8:48 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    • #7
    • 9th Jul 17, 8:48 PM
    • #7
    • 9th Jul 17, 8:48 PM
    Hi, I'm a teacher too! It's great that you had the LBM and can now move forward and get rid of the debt.

    Good luck.
    Originally posted by louby40
    Not long to go now then - 2 weeks!

    Thanks for your reply
    • UncannyScot
    • By UncannyScot 9th Jul 17, 8:49 PM
    • 618 Posts
    • 2,755 Thanks
    UncannyScot
    • #8
    • 9th Jul 17, 8:49 PM
    • #8
    • 9th Jul 17, 8:49 PM
    I use a Onenote journal with an excel spreadsheet to keep track of things
    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.
    • dfw87
    • By dfw87 9th Jul 17, 9:35 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    • #9
    • 9th Jul 17, 9:35 PM
    • #9
    • 9th Jul 17, 9:35 PM
    So, I started my new budgeting on Monday and this is what the week has looked like:

    Monday
    -£1.00 - Crisps for lunches (forgot in food shop)
    Tuesday
    -£2.80 - Hospital parking
    Wednesday
    -£14.00 - brother's birthday present
    Thursday
    Nothing!
    Friday
    +£3 - found
    +£0.05 - from Mum
    Saturday
    -£6.34 - Food shop
    Sunday
    +£0.05 - found

    Out: £24.14
    In: £3.10
    Total: -£21.04

    Happy to say that I needed everything that was bought this week. I found £3 and I am even keeping track of those tiny amounts like 5p! The first 5p was just an overpayment by 5p that I had lent my Mum and I found the other 5p - it all adds up!

    I managed to keep my food shop so low because I really shopped around and luckily have things in the house too.

    Sadly my Grandad is in hospital so I can't do much about the car parking there.

    Really happy with how this week went.

    I also did 4 hours at £7.50 an hour at a new bar job - I think tax will take that down to £24 and I should get that next week. If I take that in to account then I am actually up this week but I'll count it when I get it.

    I'm not keeping track of my usual bills in this spending diary as that's all under control. It is my daily spending that I need to keep in check!
    • UncannyScot
    • By UncannyScot 9th Jul 17, 10:37 PM
    • 618 Posts
    • 2,755 Thanks
    UncannyScot
    Some folks keep a Finders or Roadkill jar for money found while out and about may be a wee idea?
    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.
    • louby40
    • By louby40 10th Jul 17, 12:26 PM
    • 1,081 Posts
    • 3,009 Thanks
    louby40
    Dfw brilliant on the money in and out! I'm a bit of a fraud as I'm not at work at the moment, I'm off sick after having an operation. I'm going into work for the last 3 days of term, just to spend some time with my new class and get a bit prepped for September.

    It's funny as usually I've got that.....nearly finished the year feeling but not this time.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 SEPT £11,493. 12% paid off
    Barclaycard £442
    Car loan £3278 Mortgage £96,197
    • dfw87
    • By dfw87 10th Jul 17, 9:27 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    Dfw brilliant on the money in and out! I'm a bit of a fraud as I'm not at work at the moment, I'm off sick after having an operation. I'm going into work for the last 3 days of term, just to spend some time with my new class and get a bit prepped for September.

    It's funny as usually I've got that.....nearly finished the year feeling but not this time.
    Originally posted by louby40
    Thanks, really pleased with it - I've never spent so little!

    Sorry to hear you are off sick, the last 3 days will be ok though if you know you have another 6 weeks!
    • dfw87
    • By dfw87 10th Jul 17, 9:31 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    Monday 10th July

    A relatively successful day today. Things I have done to work towards being debt free:

    - used some of the pasta leftovers that I was given from the event I was working the bar for on Saturday. They gave me loads so I have split it in to 10 lunches - enough to get me through the last 2 weeks at school!

    - got my loan through from my mum! She got confused and added £16k to my account rather than £18k but I've been able to get started with repayments.

    - paid off my HSBC overdraft and will call tomorrow to close the account.

    - used leftovers to make a lovely salmon & pea pasta for dinner

    - sold a dress on ebay for £4.99 and another for £2.99.


    I had to go to the shop to get some chocolate for two children who have massively helped me out this week - I did buy the cheaper things than I would usually buy. Annoyingly I bought myself a Diet Coke but I saw it as a treat as I was in work until 8pm tonight. So, £1.65 spent (£1 on the chocolate which was needed and 65p on DC which I didn't need).
    • louby40
    • By louby40 11th Jul 17, 6:10 AM
    • 1,081 Posts
    • 3,009 Thanks
    louby40
    I'm always buying stuff for school. I can easily buy £20 of books that link to a topic we're doing or baking stuff and I rarely ask for the money back.

    I've just spent £30 on presents for my class.

    But well done on your frugality!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 SEPT £11,493. 12% paid off
    Barclaycard £442
    Car loan £3278 Mortgage £96,197
    • dfw87
    • By dfw87 12th Jul 17, 5:57 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    Wednesday 12th July

    I didn't manage to post yesterday as I was at school until 8 (the same as the night before!) - who says teachers leave at 3:30?!

    I had a mad moment and went to the village shop for some snacks yesterday - annoyed with myself as I spent £3.65 and it could have been a NSD otherwise.

    Today I bought a Diet Coke for 90p.

    Diet Coke is my vice - at one point it was pretty much all I would drink in a day - it was awful! I've massively cut down but today I just really fancied one. Still pleased with the money I am saving compared to usual.

    In bigger news... I have used the loan to pay off all 3 credit cards and 2 overdrafts so I am officially at 0!

    So, I am now able to just make my monthly repayments to my mum for the loan! Wooooo!
    • louby40
    • By louby40 12th Jul 17, 7:25 PM
    • 1,081 Posts
    • 3,009 Thanks
    louby40
    I've used the bank of mum and dad a lot over the years! They offer a very good service
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 SEPT £11,493. 12% paid off
    Barclaycard £442
    Car loan £3278 Mortgage £96,197
    • dfw87
    • By dfw87 13th Jul 17, 7:20 PM
    • 74 Posts
    • 103 Thanks
    dfw87
    So today, I have spent more money than I wanted to but it was on essentials.

    I had to top up my petrol but I've just done about £25 worth. I also had to post two parcels but they were for eBay so I've covered those costs.

    Hopefully I'll have NSD tomorrow. I've taken on another shift for some bark work - only 3.5 hours but it'll be roughly an extra £20 off the loan.

    I've also applied and been accepted for a new current and saving account with Halifax, taking advantage of their £125 switching offer. I've also checked my HSBC account and my 3 credit cards and they are now all clear. I am just awaiting final bills for any interest and I can pay those off and fully close the accounts.

    I'm waiting until payday to switch my account and then my current account can also be closed.

    O2 have really messed me around recently so they gave me some extra data which was good.

    I also gave BT a call and they've got me a better deal so I've saved another £8.50 a month - we split that payment so that will be £4.25 a month saved for me.
    • UncannyScot
    • By UncannyScot 13th Jul 17, 7:34 PM
    • 618 Posts
    • 2,755 Thanks
    UncannyScot
    Good results all round
    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.
    • Savertobe
    • By Savertobe 14th Jul 17, 5:08 PM
    • 22 Posts
    • 109 Thanks
    Savertobe
    It sounds like your really getting on top of things - you have to go through everything - the pennies count but getting a better deal on the utilities can really make a big difference. Avoid spending on the class as much as possible but I get that it is nice to make sure they are rewarded and have the resources they need.

    I now have virtual pots - each month I add money to the short term savings account and note what each pound is for - if I spend I transfer the money back into the spending account to cover the expense. Avoids having to find money for those extra bits and pieces. Had a few days off have spent loads this week. Attempting to have more NSDs myself as the job is coming to an end.

    I admire you taking on a second job - the more frugal you can be the quicker it will all be gone.

    Keep up the good work.
    • dfw87
    • By dfw87 15th Jul 17, 9:24 AM
    • 74 Posts
    • 103 Thanks
    dfw87
    It sounds like your really getting on top of things - you have to go through everything - the pennies count but getting a better deal on the utilities can really make a big difference. Avoid spending on the class as much as possible but I get that it is nice to make sure they are rewarded and have the resources they need.

    I now have virtual pots - each month I add money to the short term savings account and note what each pound is for - if I spend I transfer the money back into the spending account to cover the expense. Avoids having to find money for those extra bits and pieces. Had a few days off have spent loads this week. Attempting to have more NSDs myself as the job is coming to an end.

    I admire you taking on a second job - the more frugal you can be the quicker it will all be gone.

    Keep up the good work.
    Originally posted by Savertobe
    I'm determine to not spend any money on my class anymore - I spend far too much!
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