My story!

kathfisch

Right then! Southernscouser has expressed an interest in ‘my story’, since I haven’t really told it yet and my sig doesn’t give anything away. I’ve not wanted to post it before since my achievements (which are big for me) seem nothing in comparison to many on here. But ss’s interest made me realise I’ve got nothing to worry about so will take the plunge! Anyway, congrats if you get to the end

I’d always been good with money, had a job since the age of 14 and saved religiously. During my last few years of school I earned quite a bit and saved it because I knew going to university would be expensive. I managed to build up just over £2000 which was a nice amount for a 19 year old! Moving away from home to go to university was very exciting but also quite difficult, I am (or was) quite shy and moving 300+ miles from the family I was very close to was a big thing. I was so naïve in so many ways, I can’t believe it when I look back.

I got into a difficult and very dependent relationship but was too naïve to see that this was a problem, and too insecure to get out of it. I was unhappy even if I did not admit it to myself, spending was a way to keep busy, to avoid thinking about things, and to make myself feel better. A combination of feeling like I had lots of money (student loan payments etc) and not having any experience of budgeting meant that I spent more than I had coming in. I wasn’t reckless in what I bought by any means, I just wasn’t used to living to a tight budget and kept treating myself because “I deserved it”, because “a treat would make me feel better”.

But, as you all know, its a vicious circle because when I spent money that I knew I shouldn't I felt good for a while and then awful, so more spending required!! I can't exactly remember but I think one day (two years on!!) I realised how much junk I was accumulating and how insecure and unhappy I still was. It had got to the point where I had spent all my savings and was rapidly approaching my overdraft limit. Thankfully this was enough to give me the kick up the bum I needed to sort things out. A couple of thousand pounds might not seem like much to those of you paying off such huge sums and I have nothing but admiration for you. For me it was enough to make me realise I didn’t like it and wanted to be back to my saving ways, especially with my student loan mounting up.

I had the problem that my partner didn't have this realisation when I did and it became a point of argument for some time. I quickly went back to my money saving ways but (although we didn't have joint finances) her overspending often encouraged me to just spend that little extra (lots of nice food, going out etc). I don't blame her because I am responsible for myself but it made it more difficult. Eventually my resolve to change my attitude to money spread to other areas and from somewhere I got the confidence to face up to the problems in my relationship and end it. I think feeling in control of my money, silly as it sounds, made me feel confident in other areas of life and ending the relationship was like taking back total control.

I gradually became more determined not just to cut back on overspending but actually to put away some savings again. I had been receiving Martin’s email for some time but only started posting here a few months ago. Just being around here has made me step up my money saving to the next gear, thinking even more about my spending and being stricter with myself! I am now in my 3rd year of uni with £1500 saved up again and no debt apart from student loan, doesn't sound a lot but it is an achievement for me. I have also become a stoozer in a very small way, putting my 0% overdraft into my ISA, minimal gain but feels good to deprive the banks of any penny I can!! I graduate in a few months with a degree (photography) that won’t automatically lead to a steady job. I am going to move back in with my parents so costs will be minimal but I am determined to have the money I need to pursue my chosen career without getting into debt (i.e. to be able to afford to work part time in order to continue my art work, promote myself and apply for jobs).

I know that a student loan is a very manageable form of debt but for me it is still important to be debt free. Obviously it doesn’t make sense to pay extra off the loan because of its low interest rate (I only start paying in april 2007 anyway) but I am determined to save as hard as I can so that hopefully, somewhere far in the future, my savings might outweigh what I owe on my loan and I can be (psychologically at least) debt free! It will be a balance between trying to save and trying to get my career off the ground but hopefully living with my parents and getting a part time job will mean I can put away something each month, even if its only a tiny bit.

My attitude has improved so much since I started reading and posting here, I am totally determined to live without debt as far as possible (will probably have a mortgage at some point) and have all of you guys to thank for that!! So although I’m not in unmanageable debt my student loan is currently £8500+ and I have one more payment of approx £700 to receive. When I graduate and know the total perhaps I should put it in my sig along with the total of my savings, therefore my progress towards being ‘debt free’.

Thanks to anyone who has read this far, any comments welcome! It has been helpful for me writing this down and perhaps I will update it occasionally as a kind of diary. I feel like a bit of a lightweight compared to those of you paying off huge sums but hopefully you don’t mind me staying in the DFW club, it feels like home now!

Edit: OMG, sorry its so very l...o...n...g! No hard feelings if you haven't read it all

vixxen

Hiya,

Just read your post and wanted to say you've taken a big step opening up to the rest of us, but it sounds like you're already taking the steps needed to get you where you want to be. I quite often feel a bit of a fraud for being on here because my debt is next to nothing compared to most but everyone has inspired me to clear what is left and start saving so I don't get back into the mess I was in a few years ago (£12k at my worst). Good luck with your savings, you've certainly got the right attitude to get you to your target.

Vikki x

D&DD

oooh young man.. LOL I had you down as a laydee :rotfl: No offence meant :rotfl: I am soo useless at this guess who's male and female business!
Thanks for posting your story it was lovely to read a bit more about you and how you're getting on well done :T

kathfisch

vixxen wrote:

Hiya,

Just read your post and wanted to say you've taken a big step opening up to the rest of us, but it sounds like you're already taking the steps needed to get you where you want to be. I quite often feel a bit of a fraud for being on here because my debt is next to nothing compared to most but everyone has inspired me to clear what is left and start saving so I don't get back into the mess I was in a few years ago (£12k at my worst). Good luck with your savings, you've certainly got the right attitude to get you to your target.

Vikki x

Thanks Vikki! Totally agree about feeling a fraud, silly really I suppose but its funny how the opinions of people I've never met (and are never likely to) do matter to me :rolleyes:

kathfisch

D&DD wrote:

oooh young man.. LOL I had you down as a laydee :rotfl: No offence meant :rotfl: I am soo useless at this guess who's male and female business!
Thanks for posting your story it was lovely to read a bit more about you and how you're getting on well done :T

He he! Well you were right first time, lady (last time I checked anyway!). But its a fair assumption when I say I had a female partner

Edit to say: do those look like a man's hands on my avatar :rotfl:

D&DD

LOL can I dig myself a deeper hole anywhere???

Penny-Pincher!!

What an inspiring post...well done!

Keep up the good work and enjoy your final year at Uni.

PP
xx

kathfisch

D&DD wrote:

LOL can I dig myself a deeper hole anywhere???

No harm done

vixxen

D&DD wrote:

LOL can I dig myself a deeper hole anywhere???

Awww :grouphug:

beanielou

Great post.
I wish I had had such a great attitude to money at your age.
Enjoy the rest of your course

aaarrrggghhh

Hi Kathfisch

These are the kind of stories that inspire me - my story is somewhere on here.

My debts equal about £4k - with about £2k at creditors now. So, although it's not as serious as some other debts on here (which is reassuring, although I do wish them the best of luck with clearing theirs, as I'm more than aware of how hard this is), it is more than serious to me.

My basic point is I need inspiration like yours to keep me motivated! Thank you!