always in debt

brokemedic

Hello all,

How can I edit my profile so that I am able to display my debt @ LBM - the bit at the bottom of everyone's posts? I want to use this diary to spur me on and get rid of my debt.. also to show how much I have paid off as well so it spurs me on...

Thank-you..

This site is strangely addictive..

Tixy

If you go to 'user cp'. 3rd item in on the light green bar at the top - Then choose edit signature from the left hand side list, whatever you write there will appear on your posts.

Good to hear you are getting addicted -thats a great way to keep up the motivation :T.

This is the petrol saving article Ames mentioned, worth a read to see which ones you can impliment - http://www.moneysavingexpert.com/travel/cheaper-fuel

Raquela

you're right, it is addictive! But getting rid of debt is a slog, and it is easy to lose motivation. I know, I've lost my motivation many times since I started really trying to tackle it! If I'm honest, my thinking about money has only changed radically this year, and it was becoming settled in myself that changed it (not having a job and having literally no money also probably helped, but that didn't stop me when I was a student and got my loan payments after surviving with nothing for a month!). I am surrounded by a lot of material things which mean very little to me, and I basically have no desire to spend money anymore. However, I should warn you, that desire has translated to make every little extra penny I can, and to save as much as possible to pay off as much as possible! Hence the addiction!

Unfortunately I can't even calculate my 'debt free date' at the moment due to my big scary grad loan that I currently have no way of paying (first time I have admitted this since I plucked up the courage to work it out), so just getting to the date bit will be a big achievement for me, and I already know it is way way in the future on my current salary. Therefore I am focusing on the smaller debts which I can pay off and throwing all my energy on them. It's all about finding what works for you in a way that you can sustain. Creating a very meagre budget for myself made me miserable, ergo, more debt and although mine is still very meagre by some people's standards, it's fine for me.

Re the challenges, just join in whenever you are ready! Myself, I wasn't ready for the £10 a day challenge officially, so I started it mid-month unofficially with a paltry £1 a day which I showed myself was easily achievable. I then bit the bullet officially this month starting with £5 a day which I am hoping to achieve or better.

Good Luck!

brokemedic

Thank you all..

I have the same issue. I regard my debts (OD/credit cards etc) as my real debt and I am not even looking at my student loans as I can't even fathom how I will pay for it. TBH, I think I have avoided actually looking at my student loans as it will make me feel physically worse..

Are you enjoying your job if it's related your degree? I think that's what keeps me going - that I shall be doing a job I love once I qualify (fingers crossed) even though I shall be drowning in debt. Though I think student loan debt is not regarded as the same type of debt - have I got that right??

Is that right - have you allocated £80 a month for food? How do you manage that if you don't mind me asking?

This site is strangely cathartic. I mean I am quite happy to discuss my finances with people that I don't know and think I would quite happily answer any question related to my finances..But I haven't even told my family how broke I am or that I have been in debt ever since I was 19 and am not likely to either lol!!

I think after a couple of comments that have been made, I am going to readjust my budget. I start back at uni next week where it's quite easy to spend a small fortune on coffees etc. So rather than ban them completely I am going to build it into my budget somehow. Will think about that tonight when I am on my night shift as clearly if I multiply my weekly spend at uni with the number of weeks spent there = large amount that could have been paid off my overall debt.

brokemedic :rolleyes:

Raquela

If you read my diary you'll see I hate my job but am grateful to have one! It's not related to my degree at all - the credit crunch has meant there are very few law jobs available. However, I'm at a place where I can hopefully move across into something more enjoyable. If I'm honest, I don't really want to be a lawyer, so don't necessarily want a job related to my degree unless it's on my terms. However, I am very happy in my home life and where I'm living, and it is this that has settled me, making me realise what is important to me.

Regarding student loan debt, if it's your govenment student loan, definitely don't worry about this. It's important to get your degree, and it's at a great rate (currently 0!). Plus you don't have to pay it back until you can afford to. Other student debts like overdrafts and credit cards, you need to concentrate on (though hopefully your overdraft is interest free if it is a student one?). My graduate loan I don't start paying until January, and on my current salary can't pay, so am paying off as much as possible off other debts until January, and applying for better jobs / looking into part time / freelance opportunities to enable me to pay off that debt and not have to put it on a debt management plan.

Re budgeting, definitely keep a spending diary, it will hep you see where you are overspending. Coffee on campus was always one of my letdowns too, but I started taking it in a flask which helped minimise coffee spends, rather than go without. I definitely recognised that I needed the coffee on a day where I had many lectures / tutorials, and I would imagine on your course its the same. Same goes for snacks etc.

I budget £80 for groceries by meal planning, and generally I keep within it. However, since starting my job, I have allocated £15 for meals at work, for days when I don't manage to bring lunch in, but so really my food budget has been 'upped' to £95 a month. However, I am trying to make sure I take lunch and snacks every day. I don't take coffee into work as I can make it at work for free, but when I was at uni, I could somehow always find the energy to make coffee before uni so was easy to take it (probably the caffeine addiction fueling that !!) Some people manage as low as £50 a month, but I don't think I could manage that! For one thing I have a dairy sensitivity and have to use Soy milk which is more expensive, and I don't like bread much either, so no cheapo sandwiches for me!

brokemedic

How do I find your diary??

brokemedic

Raquela

If you go to the Debt Free Diaries section you'll find a whole host of diarys in there, including mine! All are great for motivation and feeling like you aren't alone.

brokemedic

Right, uni starts next week and I am already beginning to get nervous. Understandably it kind of takes over your life but it's where the debt manages to sneak in and I don't pay as much attention to moneysaving as I should especially when I am on placement or exams are looming. So basically I have a week to maximise my debt saving.. My plan for the next week is -

Write a letter to my LEA regarding tuition fees and see if they will pay for me this year. I have done some overtime to pay for some of this but if my LEA pays, that money can go towards my debt.

Pay and close my Next and House of Fraser accounts. I have had £150 paid back to me from a friend so this can pay it off. It will be a good feeling having closed 2 of my debts. Only 8 more to go after that

Open up a savings account so that I can put away some money each month. I am going to spend this money on payments such as house insurance and car stuff rather than set up monthly direct debits.

Do an online order for groceries/toiletries - will help me stay on the straight and narrow. So far this month, I haven't done any food shopping as I have just been eating what's in my freezer/cupboards. Might even treat myself to a bottle of wine. I am going to try for a monthly budget of £150 and then cut down from there.

Sign up with some mystery shopping sites. I will have Weds afternoons free when uni starts so this will be a good way to spend/earn.

Print off the thread from the match betting thread and see if I can get my head round it. I can pass my end of year exams for Medicine but still haven't quite got what MB is all about.:mad:. Any tips please? Is it really as easy as it's made out to be.

Complete and submit my overtime sheets for August and September.

Sorry about the long and boring list but I just find that writing it all down helps to keep me focussed and will probably make me do it as well. I can't remember the last day I didn't spend any money and have already managed 2 NSDs this week thanks to this site..

Thank-you guys.

Ames

When I looked at matched betting I couldn't figure it out either, even though I did A level maths! I keep meaning to have another look at it though.

brokemedic

Do you think it is the easy money-making machine that it is made out to be?

:rolleyes: Just thinking that it could be that much quicker to pay off my debt.

brokemedic