A whole new, shiny "debt-free" me........

Crap_with_money.com

Well hello, hello!!

This is actually my 2nd attempt at a diary – but please don’t hold that against me! I hereby promise to be much more faithful this time round!!

So – my story? Well – I’m a typical 20-something girl – with an avid passion for shoes (Well actually – shoes, bags, belts, jewellery, and just general “stuff”) and am fairly fond of a good night out on the tiles with the girls as well as heading out for some fine grub with the lovely OH!

Left uni with the usual OD – nothing too insurmountable – but spent the next 2/3 years living the life of a WAG on the wage of a Pauper - £18k of debt later – and I had my first LBM!

I’ve spent the last 2 years toiling away at it – and my grand total of debt now stands at £4,600!! :T :A

Now for the next chapter – I’m heading back to uni in August to be a student bum again – and am determined to come through it as (financially) unscathed as possible!!

I’ve fallen away from the diary and “challenges” side of MSE – and as a result my head’s in a pickle where money’s concerned – I need to sit down and go through it at some point.

Here’s to a whole new “debt-free” me……….


xxx

Raini

Hello CWM :hello:

WOW - actually double wow!! You have paid off so much in two years!! You must work like a trouper!!??

Good luck with the rest of it xx

Crap_with_money.com

Yay - my first post! :T Didn't expect one so quickly!

Must get on with some work (that is after all what they pay me for - i suppose! )

Will be back later with a dutiful update on the rest of my story......(bet you all can't wait! )

xx

Lurker1972

Hello :hello:!

don't forget to include how you lost weight in your story.....

Crap_with_money.com

Ha ha - quite ironic that I read that just as I'm wiring into a chocolate! But I will do!

xx

Crap_with_money.com

PS - Just read your siggie Lurker - well done on all that debt busting! Must be a great feeling to finally be rid of it!

Crap_with_money.com

OK – so since Friday’s my last day in full-time employment (for now at least!) – I suppose now’s as good a chance as any to get the financials clear in my head – so here goes for my DIY SOA:

In-coming:

F/T Wage: ~£1200 (Only one more to go though)
P/T Wage: ~£480 (As a minimum – I’m taxed on BR since it’s a second job, but obviously that won’t be the case for much longer)

Total (Permanent) = £480

Out-goings (Per Month):

Rent: £200
Mortgage: £22
Phone: £20 (ish)
Gym: £27 (I will get back to it – I promise!!)
Loan: £166.08 (About to change – will explain in a minute)

Total (Current) £435.08 (New) £387.00

Debt:

Loan: £4600 remaining
Credit Card: £1200 (Usually clear at the end of every month – but have just “bought” a holiday on it – which I know I shouldn’t do when I’m in debt – but it’s for my big bro’s wedding, and for various reasons I wasn’t about to miss it!)
Boyfriend: £380 (Only a temporary debt – he paid for my new laptop and phone because I didn’t want to put it on my Debit Card and my savings are in an e-saver)

Savings:

Lloyds: £1799.91

Current account Balance: £224.99

There are a few things up in the air – so I’m a tad confused with how much money I
actually have at the moment!

As I mentioned earlier, I’m going back to uni at the end of the summer (To do my PGDE – so only a year in the first instance without a f/time wage). I took on a second job in March, and have been saving all of my wages from there plus any I could siphon off from my full-time wage (Which probably hasn’t been as much as it should’ve been!). I’ve saved with the intention of covering any initial costs for uni!

I was originally planning on using the rest of my “savings” to cover the cost of my bro’s wedding – but I’m now planning on doing the MSE unthinkable and consolidating!! (Stands back whilst the MSE pro’s shout in dismay!)

My reason being – my part-time job is now in a bank, which means that be re-financing my loan, I can cover the cost of both my loan and CC, reduce my monthly payments (which is really essential since I need them to be at the absolute minimum!) but now have the facility to overpay without any penalties which I didn’t have before! Plus, it means I can keep a wee buffer in savings (I’m thinking ideally £1500) just in case anything unexpected crops up!

Soooooooo – I put my application through the other day, and was accepted! So I’m taking a loan of £6000, over 5 years (unless I make any over payments), at an APR of 7.2% and with a monthly repayment of £118 – which obviously “saves” me £50 per month whilst I’m at uni – then, when I’m in a better position (ie I have a wage coming in again) I can overpay like a crazy person and get rid of that loan in no time at all!!

Hhhhhmmmm – so where exactly does that leave me? I guess:

Totally money in my possession at the moment:

£2024.90

Totally money due out immediately:

£380

Remainder: £1644.90 – eh – well that’s a bit better than I thought!

Things still due to be paid:

- Holiday spends (Shouldn’t need much as it’s an all inclusive holiday),
- Holiday clothes (Would normally make do, but with the weight loss since last year – nowt fits!! I’ll need to have a good rummage and see what I can maybe have altered!)
- Desk/Shelves for going back to uni
- OH’s birthday pressie
- Uni clothes (Mix of casual and work)

Variables:

- Not sure how much my last F/time wage will be
- I’m hoping that since I get F/Time wage on the 30th, and am then on hols from the 3rd – 19th, then get paid again on the 20th from my part-time job – so I’m hoping I’ll be able to save a wee tiny bit from there as well!
- I’m wondering if I might get a wee something back from the tax man? – Won’t get my hopes up, but I get taxed very heavily at the moment since I have 2 jobs, and also have a car and fuel card with my f/time job. Anywho – if anything comes through – I’ll treat it as a nice wee bonus – but I won’t be counting on it!

Oh – and I’ve applied for a full student loan and have been awarded £5100 for the year – not sure how it’s paid out, whether it’s still in lump sums at the start of every term or if they do it monthly now – either way – that should cover my basic living costs for the year, and my wages will give me some spends for what little bit of a life I can spare the time to have – and to (hopefully) add to my wee savings pot!!

Phew – that probably makes for a very long and boring read – well done to anyone else who’s managed to persevere through my random witterings – but I feel better now I have it all down on paper!

Lurker1972

Crap_with_money.com wrote: »

PS - Just read your siggie Lurker - well done on all that debt busting! Must be a great feeling to finally be rid of it!

it should be, but I feel like I cheated by using redundancy money!! still I have a plan to make me feels better...once i get job that is!!

Crap_with_money.com

Oh dear - sorry to hear that! I'm sure there'll be something just around the corner for you - then using the redundancy will be just the silver lining you were needing!

xx

Raini

Sounds like you have everything a bit clearer now? I always have to get stuff written down & out of my head!

Good luck with the course & well done for getting yourself in such a good position to start it!

LittleEmms

FOUND YOU!!!!!!!!! :hello: Am resubscribing -

OOOO what's BR tax hun, they've done me on that on temping job as my P45 from old job was pre Tax year in April....

Is BR equvilent of 'emergency tax'?

x