Fresh thread, fresh start

onewayoranother

I've tried this before but i always seem to go off the rails. This time i'm 100% committed and i'm going to be a right tight b[IMG]file:///C:/Users/Matt/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif[/IMG]stard until I’ve paid off my debts! I'm going to treat this as a diary and hopefully it will encourage me to keep going.

So my current debts;

Natwest Overdraft 29.9% apr (i think) £4600 - currently over the limit by £60
Natwest Overdraft 0% (will expire in June) £1400 - currently at max
Natwest Credit Card 29.9% £500 - currently £482
Egg Card 16.9% - had the service withdrawn currently at £606 - credit limit £650 - i have been paying this one off and have got it down from £900.
Capital One - not sure on the APR - credit limit £500 - currently £518
Lloyds Credit card - not sure on APR - Credit Limit £1,000 - currently £1020
HSBC overdraft - £450 limit, currently at £450 6.9% apr
Plus a student loan which i'm not concerned about right now!


Income;

I am currently a student so have a fixed income of £300 per month. This will hopefully rise to £1200 in August when i leave uni.

However i also have a few other areas of income;

To remain anonymous I’ll be very brief with these;

Additional Income #1 -

From my website and ebay - although the ebay account may soon get suspended due to poor DSR's - 4.3 for delivery time despite a warning that i despatch within 3working days.
This is at times a good earner but does involve holding some stock for quite some time. I now have enough stock to last me a while and will not be buying any more.
Income from this varies but it can be anything from £50 -£500 per month. 25% of this will be reinvested and 75% go to pay off my debts.

Additional Income #2 -

This is still in the pipeline but is a discount version of the above based solely on ebay. It will aim to sell things at 99p with a profit of 65p per transaction after item costs and ebay/paypal costs. Before launching this i'm waiting to see what happens to my other ebay account, however i have already started collecting stock.
I will also use this account to sell general items from my house as it will be a private seller account.

Additional Income #3 -

This is something i hope to develop over the next year but it has already been launched. This involves having a stall at various events selling the products. I will also sell the same products on ebay and a website in time. These products have so far proved popular and i think could be a great business.

Income from this will range from £100 per month with 50% being reinvested and 50% going to pay off my debts.

Additional Income #4 -

A party plan business that is great when I have parties. I need to get my act in gear with this as it can bring in a great income.

Income from this will be anything from £50+ per month

'Don't be a busy fool' is my favourite saying and i believe i have been this with Additional income #1 by investing too much in it. However not anymore!!

I will post my SOA tomorrow.

Tixy

Welcome back

Here's to being very tight :beer: and getting all those balances below their limits as soon as you can!

savingmummy

welcome back and good luck sticking to the dfw this time.

I found it really helps to have a SOA, i update mine each month and keep an eye on things! It is amazing how much you can save each month by using a SOA on here too - people can advise on your outgoings and see where you can reduce.
I found my signature helped - seeing the debts going down really spurred me on to keep at it!

onewayoranother

Thanks everyone, i'll post my soa tomorrow (or today seeing the time!)

A quick update;

On Monday i didn't spend a penny on anything for 'personal use'. The only thing bought was a book of stamps for additional income #1

Today i didn't spend a penny on anything personal but spent £60 on additional income #3 but made £40 from additional income #3.

So i'm down £20 today but that will soon be made up from future revenue (within a week).

I have a fair bit of postage to do tomorrow which will need some £££, however this is all paid for by the buyers. Other than that i shouldn't spend on anything personal AGAIN!

onewayoranother

Well i nearly didn't spend anything, i put £2 on the lottery which is my last go at it until i'm debt free! That should save £416 a year (i never expected it to be that much!!!!!!!!!)

Other than that NO other expenditure

One sale today through ebay (income #1) £8 profit. It's a shame i can't get one of those everyday!!!

onewayoranother

Right an update for the past few days.

Thursday and Friday were great, i didn't spend a penny except for some postage which was far less than i expected!

Yesterday i attended a fair to sell Income 1 and Income 3 items, Income 1 brought in £20 and income 3 £140!! Which me

I also attended another fair today which despite the snow more than halving attendance i made £50 from Income 1 and £30 from income 3, i also made some useful contacts.

So a superb weekend but there was some spending yesterday and today. I spent £5 on food and drink today and £12 on food and beer yesterday - i wouldn't normally have had the beer (£10's worth!) but a friend was in town.

Off to the bank tomorrow now!

onewayoranother

Still going strong.
I haven't been spending much, and have thankfully sold quite a few bits on ebay. It's a nice feeling to know i'm not wasting my money on crap!!

Additional Income #3 has now been launched on ebay with £24 worth of sales in the first 9 days. Profit on this is around £12. This is with no feedback so i'm hoping my sales will grow with feedback.

I've brought my natwest accounts up to date, and have deposited enough to cover this moths interest payments, so no more charges! That'll save £60 a month!!!!!

Just need to bring my capital one card back down to within its limit and my lloyds credit card back to its limit. Then everything is in order and i can take it from there.