Living @ home and hating it

cassidy0111

iwantahome wrote: »

Hi Cassidy,

I just wanted to say good luck on your debt free journey. Living at home sucks big time when you have tasted freedom, but it will get easier and you settle in. Seeing your debt decrease will be a great motivation to stay there and not blow all your money on rent. It worked for me and a few others on here. And once your debt is gone the saving for a deposit or whatever will be your motivator to stay.

And no being excited about paying off a debt is not sad, it is growing up and taking responsibility. Stick at it.

IWAH

Thanks IWAH. I will be glad to be shot of my debt and will then start on my savings. As much as I would like a place of my own now, it is just not possible without more debt!

LittleBoots

Hiya

Welcome to diaryland
I live alone now but remember having to move back home after uni and it was awful!!
Good luck on your debt busting!

LB

Ps I'm in Glasgow too. x

cassidy0111

LittleBoots wrote: »

Hiya

Welcome to diaryland
I live alone now but remember having to move back home after uni and it was awful!!
Good luck on your debt busting!

LB

Ps I'm in Glasgow too. x

Thanks LittleBoots. I lived with my ex in the west-end and am now at home with the parents in the east-end. I miss my strolls along Byres Road.

LittleBoots

Yeah especially on sunny bank holidays!!

cassidy0111

LittleBoots wrote: »

Yeah especially on sunny bank holidays!!

Indeed. :beer: Was just having a little read of your diary.

rictus123

Hey im part of the Scotland crew too! I am part of the 100 day challenge...i thought to myself though, why stop at one?? And have aimed to pay off my 4 smallest loans. Card at £800, £600 overdraft at £500 and loan at £950...total started at £2856...todays first day and iv paid £114.42...there will be extra interest aswel over the next 100 days but im sure i can get rid of the lot! Looks likely overdraft can go as of Friday...dont want to overstretch myself though so will have to see what happens!

cassidy0111

rictus123 wrote: »

Hey im part of the Scotland crew too! I am part of the 100 day challenge...i thought to myself though, why stop at one?? And have aimed to pay off my 4 smallest loans. Card at £800, £600 overdraft at £500 and loan at £950...total started at £2856...todays first day and iv paid £114.42...there will be extra interest aswel over the next 100 days but im sure i can get rid of the lot! Looks likely overdraft can go as of Friday...dont want to overstretch myself though so will have to see what happens!

Well my target is £2606 so quite similar although I am ignoring the interest until after the 100 days are up. I have four pay days and will be EXTRA frugal for 100 days. Good Luck on the 100 days!

KPR11

Hi Cassidy,

I am sure it is only a temporary thing and will have your own place in no time.

This:

cassidy0111 wrote: »

Credit cards....
Halifax Credit £2606 @ 19.95% APR
Santander Store £0 @ 29.9% APR

Savings....
£400
(£50 per month Standing Payment to be used towards car insurance- i stick to this every month without fail)

caught my attention, you have been/ are / will be saving £400 - wouldn't this money be better used in repaying the credit card which is at 19.95%? I doubt the savings will earn you much more than 3-4% (before tax, so in reality about 2-3%). The credit card is costing you a lot of money atm

Having a rainy day fund is a great idea, when I started my journey I too had set up a small rainy fund to cover emergencies and cut my dependency on debt. However, £400 IMHO is a bit on the high side.

Perhaps you could chuck £300 extra to the CC and then when you have cleared the CC, increase your savings to make up?

Good luck!

KPR

cassidy0111

KPR11 wrote: »

Hi Cassidy,

I am sure it is only a temporary thing and will have your own place in no time.

This:



caught my attention, you have been/ are / will be saving £400 - wouldn't this money be better used in repaying the credit card which is at 19.95%? I doubt the savings will earn you much more than 3-4% (before tax, so in reality about 2-3%). The credit card is costing you a lot of money atm

Having a rainy day fund is a great idea, when I started my journey I too had set up a small rainy fund to cover emergencies and cut my dependency on debt. However, £400 IMHO is a bit on the high side.

Perhaps you could chuck £300 extra to the CC and then when you have cleared the CC, increase your savings to make up?

Good luck!

KPR

Thanks. My savings are at 0.5% I think. I could pay off some of the card and just take my car insurance over 12 months rather than using my savings to pay it in full. I am running through all sort of options in my head and doing all sorts of calculations.

KPR11

cassidy0111 wrote: »

Thanks. My savings are at 0.5% I think. I could pay off some of the card and just take my car insurance over 12 months rather than using my savings to pay it in full. I am running through all sort of options in my head and doing all sorts of calculations.

I would chuck it at the credit card for now cause in the worst case in scenario you could pay for that insurance on the credit card and still be in a slightly better position as you would have saved 2 months interest on the credit card (I am by no means suggesting that paying on the cc should be a solution to everything and certainly not encouraging dependency on cc, just trying to suggest ideas that might save you money)