I will be debt free.

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Adrasteia01

Hi,
Just so you know, if you're in a temporary job you'll have a lot of difficulty being accepted for credit cards. A lot of banks won't accept anyone who's not in permanent full time work (at least in Ireland) but I'd say it's the same for the UK. I'd suggest trying again after you've been in your new job for a few months.

I know you have to leave a bit of room in your budget for things for yourself - and those things you don't anticipate but your costs for hair/beauty and magazines are really expensive. Would it be possible to get your hair done less often or at a cheaper salon? As for magazines - you can borrow loads of them for free from the library, or could you share with a friend.. each get one or two and switch? There was also a site on the web listed on this webpage not long ago where you could get really cheap magazine subscriptions but I can't remember where. I suppose it would be the freebies and loopholes board?

Tamara

Adrasteia01

Another thing you could do is read articles/stories on sites on the web instead of getting the magazines, but I know it's not quite the same.

skintas_2

hair and beauty , can you go to a local college and get it done there for cheap or even a hairdressing academy...........

professionallytrendy

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climbgirl

Hair and beauty and magazines are not essentials! They're luxuries and you don't need them.

Granted, you've got a lot of extra cash to clear this debt, living at home will really help you because your expenses are low. You really need to make the most of this time though and clear as much as you can before you move out. Trust me, moving out of home ain't cheap!

There's a couple of great threads on the Old Style Board at the moment on how to replicate cosmetics for a much lower price, or how to replace them with cheaper alternatives. Check those out.

The other thing is to get onto Pigsback.com. I've had £50 of Boots vouchers in the last 3 months and when I use them I make sure I do Buy One Get One Free to really make the most of it. I like beauty products too but I haven't paid actual money for anything in Boots since I discovered Pigsback and I've got a few months worth of supplies in my cupboards at home!

Storm

You've budgetted £500 a month for debts, plus your essentials - which leaves £313.14 a month unaccounted for - what is this getting spent on?

Outgoing

I've worked out that I need £184.41 a month on 'essential' outgoings which are:
contact lenses (£23 per 3 months of which Quidco 'refund' £3.91)
mobile bill (£25 - just reduced from £35)
travel (£199 for a 10 week card)
hair/beauty appointments (£87 every 8 weeks approx.)
magazines (£48.70 per 3 months - I'm trying to bring this down by using subscriptions)

= £184.41

I would say to only keep your contacts, mobile & travel as essential items and include the hair/beauty and magazines in your monthly 'spends' - you're more likely to not buy a magazine if it means staying in when you want to go out.

That would give you £372.87 a month for socialising, clothes, mags, haircuts etc - £86.11 per week. A spending diary will show you where it's all going, and out of that £11 a week is going towards your haircut!

Sorry if I'm a bit rambling, Storm

flowerofscotland

Welcome to the DFW Forum

Start keeping a spending diary - only when you really know where your money is going can you set realistic budgets.

Have a look at the sticky on the Forum about DFW the Fly Lady way - it's a 31 day programme to change the way you spend and while not every step is relevant for everyone it is a good "baby steps" way to making a change in the way you manage your money.

You actually have a lot of disposable income compared to many on this board so I am sure there is plenty of scope for further savings to be thrown at your debts but not without some sacrifice. I too was a magazine addict and have managed to cut back. I now use the 3 for £1 trial subscriptions which saves me loads.

Good luck with your DFW journey

timbo82

Well done on posting. I wish that I did what you have done when graduating instead of buying a car and getting a mortgage! Its made my debt recover path a lot longer as I've committed myself too much at an early stage.

2 things I would like to say:

- In terms of the SOA - you've given yourself a lot of breathing room with spendies so I would try and put more of the debt if I were you. Hit the RBS card first - you might be able to clear it in the first month if you push yourself hard.

- When I was living at home my parents used to get annoyed at me for having an OTT lifestyle but claiming poverty at the same time. If you are staying with your parents make sure that they can see how hard you are working at clearing your debt - they are much more likely to remain supportive and not complain at how little housekeeping money you give them.

Good luck!

ms_london

Hiya!! Good to see another newbie!!

What is the pay like in your new job? Could you take on a part time job? Perhaps in a local pub? That way you are earning money but feel like you're out socialising too..?

What are your minimum repayments on your debts each month? Are you snowballing?

I was/am a magazine addict, so used to get the 3 for a pound too, and the best was when Time Out did something like 8 issues for 99p!! I used to love getting a pile of mags come through my letterbox when I knew I hadnt paid much for them (especially when they had a free gift too, which I'd usually sell on ebay..!) - I wish Oz had similiar offers

I have to agree with the hair/beauty comments, they arent essential - could you make do for the time being?

I paid off my debt pretty quick so that I could go travelling (which I am doing now), and all those little odds and ends add up, and it will be so worth it in the end. Being in debt was hard, but if wouldnt be here now if I hadnt sacrified what I did (which was a hell of a lot, and pretty hard living in London and being in debt I can tell you!!).

If you want to do it, you will!! It does take a while though to undo all of your bad habits, sticking to the budget will be your first step,rather than spending on plastic (i was so proud of myself the first month I did this, and the next month when I even had money left over,albeit only 20 or 30 pounds i was ecstatic!).

Also I agree with Timbo's statement about parents getting annoyed with you for claiming poverty but still spending OTT at the same time. I did the same to my parents, they ended up making me move out and live with my grandparents, embarrassing or what!! It did the trick though (I was 22 at the time!!)

ms_london

Hows it going professionallytrendy? xx