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  • FIRST POST
    • dfw87
    • By dfw87 9th Jul 17, 5:36 PM
    • 16Posts
    • 37Thanks
    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
    • 16 Posts
    • 37 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
    • 16 Posts
    • 37 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
    • 247 Posts
    • 714 Thanks
    Honeysucklelou2
    It's easily done though, particularly topic related books etc.
    paydbx #90 £275/£10,000.
    365 day penny challenge £37.66/£667.95
    Loan £17k in 2012- £570 in June 2017. Home improvement loans £3342 March 2017
    • dfw87
    • By dfw87 20th Jul 17, 7:34 PM
    • 16 Posts
    • 37 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
    • 16 Posts
    • 37 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
    • 16 Posts
    • 37 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
    • 3,659 Posts
    • 6,570 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?
    Debt and mortgage free and saving for early retirement
    • dfw87
    • By dfw87 23rd Jul 17, 10:27 PM
    • 16 Posts
    • 37 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!
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