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  • FIRST POST
    • dfw87
    • By dfw87 9th Jul 17, 5:36 PM
    • 24Posts
    • 48Thanks
    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 2
    • dfw87
    • By dfw87 15th Jul 17, 9:31 AM
    • 24 Posts
    • 48 Thanks
    dfw87
    I also managed to save £8.50 a month on my pet insurance so that's another little bit of money saved.

    My phone contract runs out in September. I currently pay £21 for the bill and £25 for the phone. There was a BT offer that expired on Thursday so I've signed up to that. It's £16 a month for 20GB of data, unlimited texts and calls. I only currently get 3GB data and always run out. Seems silly to sign up for this deal now when I still have a couple of months on my current plan, but I wanted to get this good deal and it was expiring. I also go over my 3GB each month so it seemed to make sense to do this now. Also, I get a £95 Amazon gift card with it!

    I also opened a new savings account with Halifax and am very excited to start seeing money going in to there!

    I worked a 4h15m shift behind the bar yesterday which was really nice. It's only my local rugby club that I go to all the time anyway so my BF came down with our dog and there were lots of friends there too so I just worked the quiet bar and chatted for a few hours - perfect! I didn't get my bank details in quickly enough so I'll get paid for last weeks' shift and this one next week.

    I also applied for another job for over the summer - my Mum works there and they've already said they would be interested in having me for some bank work. A 24 hour shift would get me £180!
    Last edited by dfw87; 15-07-2017 at 10:38 AM.
    • dfw87
    • By dfw87 15th Jul 17, 7:34 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Sadly my Grandad was diagnosed last month with untreatable bowel cancer. It's been very hard to deal with but he is now out of hospital and at home.

    My aunt and uncle have come to visit and so I have been charged with having my 13 yo cousin to stay at mine so that she isn't in the way.

    Usually when she stays I go a bit overboard with treats - shopping and dinner etc. This time I have let her choose 2 things from Lidl when I did my weekly shop. Managed to keep that shop to £11.20, including her treats. Happy with that!
    • Honeysucklelou2
    • By Honeysucklelou2 16th Jul 17, 4:18 AM
    • 287 Posts
    • 843 Thanks
    Honeysucklelou2
    It's easily done though, particularly topic related books etc.
    paydbx #90 £325/£10,000.
    365 day penny challenge £37.66/£667.95
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017
    • dfw87
    • By dfw87 20th Jul 17, 7:34 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Went a bit AWOL but my spending/saving has been fine!

    End of term has meant that I have had to buy things for a shared school lunch, buy presents for my TAs etc. Also needed more petrol and little things like that.

    However, I have made some good choices:

    - bought my toiletries with Boots points rather than money.
    - had my bank switch go through and added the £125 bonus straight in to my savings account.
    - received a £20 gift card from the governors at school for being on the committee.
    - sold some weights for £20.
    - took part in a government survey at my house - will receive £20 in vouchers for this over the next few weeks.
    - sold a dress on eBay for £10.

    Think that's about it for now but things are going well!
    • dfw87
    • By dfw87 23rd Jul 17, 4:15 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Still going strong!

    Did another bar shift last night which earnt me £39 (after tax) which I'll get paid next Friday, and £11.50 in tips.

    Broke up from school on Friday so am looking forward to a relaxing six weeks off!
    • dfw87
    • By dfw87 23rd Jul 17, 8:28 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Today I have earned £3 from SB.

    I opened a savings account when I changed banks and I am putting any money from my new bar job, tips, upcoming birthday money, found money, eBay etc in there - already at about £230
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Jul 17, 8:47 PM
    • 3,955 Posts
    • 7,105 Thanks
    enthusiasticsaver
    Excellent progess already. Have you set up a standing order to pay your mum to cover loan payment monthly? When is your DFD?
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • dfw87
    • By dfw87 23rd Jul 17, 10:27 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Excellent progess already. Have you set up a standing order to pay your mum to cover loan payment monthly? When is your DFD?
    Originally posted by enthusiasticsaver
    Thank you!

    I haven't yet - I am waiting to see what date the first payment comes out of her account (she got a loan in her name) and I will make sure she has it a few days before that in the future - she is OK with this.

    I am thinking I can overpay this by at least £300 a month, however I am going to save this up and do it in larger repayments. So, I an going to build up a £1000 saving pot and then anything above that, I will pay off in increments of £2,000 I think. We will see - it's all a learning curve!
    • dfw87
    • By dfw87 26th Jul 17, 1:06 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Been away for two nights glamping which was lovely. I had bought it for my boyfriend's birthday so I had already paid for it all. However, I did say I would pay for everything when we were there as part of his present

    Luckily, he paid for our first lunch out and our main food shop for our BBQ etc. I then paid for lunch the next day - which was a shocking £55 and our food shop the next day which I kept down to £11.50. I then had to buy more logs for our wood fired hot tub and ice creams - that came to £11.

    I got paid yesterday and my Halifax bank switch all went through today so I officially have a new bank account. I transferred anything that was left in my account before I got paid into my savings and I now have almost £500 in there - can't believe it!

    It's my 30th birthday on Friday so I will be buying a few things for that I expect - I am having friends and family around for food and drinks - was supposed to be a BBQ but the weather isn't looking great!

    I then go on holiday to Malta on \Monday - again, this has all been paid for but it is obviously going to cost me extra when I am out there for meals etc!
    • dfw87
    • By dfw87 26th Jul 17, 6:42 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Paid my first loan instalment today - updated my signature to reflect that - can't wait to see it changing!

    I sold a dress today and transferred the money straight from my PayPal to my savings account. Aiming for an emergency fund of £1000 and then anything on top of that will be to pay the loan back as soon as possible - I'll wait until I have a large amount.

    Savings are almost at the £500 mark already after just one month which I am so proud of!
    Since 'lightbulb moment' on 9th July 2017:
    £334.05 paid of a £20,043.00 loan
    £668.17 saved in ISA
    Aiming to be debt free by 2020
    • dfw87
    • By dfw87 27th Jul 17, 4:39 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Feel a little like I am talking to myself... but then I know I lurk on other threads so hoping people are here too!? Never mind, it is a good way for me to keep track anyway.

    Today I had to get my car washed (would love to do it myself but it was mainly the inside that needed cleaning - major incident with a large sheet of polystyrene! I can't park outside my house so wouldn't have been able to hoover) so that cost £15.

    I also got a drink and cake whilst waiting... totally unnecessary!

    Sold another dress and just waiting for the money to be paid so I can transfer that to my savings. Also get paid for my bar work tomorrow which will also go straight to savings - about £43 I think.

    It is my 30th birthday tomorrow - eek! I think I will get a little birthday money and will put that in my savings. I go on holiday to Malta on Monday and need to sort out some money for that. I think I'll take out some Euros and aim to stick with that. If I need to take anything out then I will transfer it to my bf and he will get it out on his card - avoiding charges!!
    Since 'lightbulb moment' on 9th July 2017:
    £334.05 paid of a £20,043.00 loan
    £668.17 saved in ISA
    Aiming to be debt free by 2020
    • BettyBoof
    • By BettyBoof 27th Jul 17, 7:01 PM
    • 235 Posts
    • 1,481 Thanks
    BettyBoof
    Happy Birthday for tomorrow! I think you're doing a great job of getting on top of everything. Might be worth investing in a cordless hand-held vacuum for your car, that's what we use and it works a treat as long as we remember to charge it!
    • Mummy_bear
    • By Mummy_bear 27th Jul 17, 9:34 PM
    • 130 Posts
    • 530 Thanks
    Mummy_bear
    Paid my first loan instalment today - updated my signature to reflect that - can't wait to see it changing!

    I sold a dress today and transferred the money straight from my PayPal to my savings account. Aiming for an emergency fund of £1000 and then anything on top of that will be to pay the loan back as soon as possible - I'll wait until I have a large amount.

    Savings are almost at the £500 mark already after just one month which I am so proud of!
    Originally posted by dfw87

    You're doing amazing. You should be proud of that saving. I need to get my emergency fund sorted. Currently only have £125

    Happy birthday for tomorrow x
    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £2921.94/£37139.86 7.86% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £1699.09/£9091.72 18.6% paid
    • dfw87
    • By dfw87 29th Jul 17, 12:48 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    Thank you mummy bear!

    I had a lovely birthday and spent lots of time with my family. I had some lovely presents too, including £190. I've transferred £40 of that straight to my savings and am keeping the £150 to go towards my holiday in Malta. Anything leftover at the end of the month will go in to my savings.

    I also sold some gym leggings on ebay so thats another £12ish into the savings account.

    I'm doing well on the survey sites - almost another £5 Amazon voucher from SB and £7ish from PA at the moment.
    Since 'lightbulb moment' on 9th July 2017:
    £334.05 paid of a £20,043.00 loan
    £668.17 saved in ISA
    Aiming to be debt free by 2020
    • Hiddenidenity
    • By Hiddenidenity 29th Jul 17, 12:54 PM
    • 4,371 Posts
    • 17,691 Thanks
    Hiddenidenity
    Glad you had a wonderful birthday

    I do read along and 'thank' posts, I just don't always know what to say

    Hope you have a wonderful time on holiday x
    DFW £903.71/£7348.71 Rent Arrears £376.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £259.95 + £25 Cash + £65 Amazon
    August 17 PA £98.93 + £48.65 Cash + £60 Amazon
    • dfw87
    • By dfw87 31st Jul 17, 1:22 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    My poor granddad was admitted back to hospital and so I went in with him and spent hours there yesterday. Off on holiday today and dreading leaving him.

    Even though he was so poorly yesterday, he still told me to get some Euros he had left for me for my holiday, bless him. With those, some Euros I had leftover from a previous trip and the Euros I took out using some birthday money, I have about £250 and I do still want to be good with my money over there if possible!

    Today was brilliant for money. I used a voucher to buy a couple of things in Superdrug and then scanned my card and won £5 of points!

    Off on holiday now, will update when I return!
    Since 'lightbulb moment' on 9th July 2017:
    £334.05 paid of a £20,043.00 loan
    £668.17 saved in ISA
    Aiming to be debt free by 2020
    • Hiddenidenity
    • By Hiddenidenity 31st Jul 17, 1:28 PM
    • 4,371 Posts
    • 17,691 Thanks
    Hiddenidenity
    Sorry to hear about your Grandad but how lovely he got you Euros

    Have a lovely holiday! x
    DFW £903.71/£7348.71 Rent Arrears £376.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £259.95 + £25 Cash + £65 Amazon
    August 17 PA £98.93 + £48.65 Cash + £60 Amazon
    • Ever the Optimist
    • By Ever the Optimist 31st Jul 17, 3:17 PM
    • 16 Posts
    • 15 Thanks
    Ever the Optimist
    I'm a teacher too and recognise how dedicated you must be to becoming debt free if you're working another job on top of the demanding day job. Hope you have a fabulous and well deserved holiday!
    • dfw87
    • By dfw87 14th Aug 17, 2:06 PM
    • 24 Posts
    • 48 Thanks
    dfw87
    I did a post when I got back from holiday and I think it didn't post...

    I have been still going with Prolific Academic - really rate it. Have made over £50 so far since I signed up about a month ago. Also just taken another £5 from Swagbucks. I got £20 of Love 2 Shop vouchers in the post for a government survey I did.

    Saving is going well - I sold a couple of things on eBay/local selling sites. I only spent what I budgeted for on holiday and that was all gifted to me anyway as holiday/birthday presents so I haven't spent any of my 'own' money.

    Sadly, very very sadly, my grandad passed away 2 days ago. I am completely devastated and was with him when it happened and so it has been a really hard week since getting back from holiday. I will miss him terribly and cannot express my sadness... it's too much. Money isn't my main concern right now however I am still being as good as I can
    Since 'lightbulb moment' on 9th July 2017:
    £334.05 paid of a £20,043.00 loan
    £668.17 saved in ISA
    Aiming to be debt free by 2020
    • Hiddenidenity
    • By Hiddenidenity 14th Aug 17, 2:08 PM
    • 4,371 Posts
    • 17,691 Thanks
    Hiddenidenity
    So sorry for your loss, make sure you take time to grieve xx
    DFW £903.71/£7348.71 Rent Arrears £376.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £259.95 + £25 Cash + £65 Amazon
    August 17 PA £98.93 + £48.65 Cash + £60 Amazon
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