2014 - the drive to be ready to pay back debt created by doing a masters

Magsnoodle

Hi all,

You have absolutely inspired me to start this diary and try to articulate my plans for the coming year. Think I will need lots of support to get me through it and make sure I am doing it the right way.

About me - I'm married with a 14 yo who spends half week with her dad. I work full time and attend uni 2 nights a week to do an MBA - seemed like a good idea at the time. Have taken out a professional career development loan to pay for it so in April 2015, if I can pay it back before a certain date it will not cost me additional interest so this is absolutely the drive for the coming year. For the two terms that I have to pay the fees, I am using a 0% credit card and will pay a bit off of this each month and put most into the highest savings account I can find. Also had a loan from parents during my divorce which I have never made a priority which I now feel I should!

Also anxious to reduce my mortgage as my husband is an older man who is due to retire the end of next year (assuming he still has a job by then)

The advice and inspiration I have received from reading posts has encouraged me to start my own. Hope what I have done is ok.

Look forward to being an active member and getting as many tips as possible. Here's to 2014:T

Magsnoodle

So how was today in terms of spending? Went and did all of the shopping at Aldi and only had to get one item at Sainsburys to top up which is unheard of. Got my Daughter's easter egg as it was on offer. So overall a relatively cheap day.

Realised today that the money I owe my parents is far more than I thought. Yes it was £3000 when they gave it to me but they had to change their euros into sterling to give me that and when they did it amounted to over 5,000 euros. Need to rethink how much I need to pay them back - at least £4000 with exchange rate and that doesn't even take the interest they would have got had they had it in a bank.... Doh!!! And I should have paid them back a long time ago not just thought about it now. :mad:

At least now I think I have listed everything - when these bits are sorted the next task is the mortgage which I want cleared by the time I am 50. ( years and counting.....)

Have a great weekend everyone. Will update the signature later.

RainbowBridgeReturns

Hi Magsnoodle, what a great name and what a busy life you lead!

You have some great plans and you sound really enthusiastic, I wish you every success on your journey. It was lovely to see you on Skinty's thread, I am sure that you have some big hair stories to tell x.

Magsnoodle

Hi all,

A bit late with posting today on here. Have managed to put more into my savings from saving than I had planned and signature is reflected as such but its hard to be so disciplined around your money. Feeling a bit rubbish at the minute as work is really pressured currently - doing work e mails and reports etc for past 3 hours and did some on Saturday morning for 2 hours. Not done much on uni assignment which is due in Friday week and feeling really under pressure. Thought if I got work under control could take foot off for a week - maybe not though. Meeting with manager tomorrow - watch this space - lets see how it goes.
Night all xxx

Hope this week feels less hassled and maybe I need to set myself a target of how much words to write on my assingment every day?

Anyone any suggestions - know it is not strict money saving but could be life saving?

AlexLK

Switch the internet off, open MS Word and start writing. Simples!

Seriously, how do you find studying with a family? I am hoping to start a PhD (purely for own interest) when my son starts school in September 2015.

Magsnoodle

"Switch the internet off, open MS Word and start writing. Simples!

Seriously, how do you find studying with a family? I am hoping to start a PhD (purely for own interest) when my son starts school in September 2015."

Yeah thanks Alex.... Know you are right though.

My daughter is 14 and lives part of the week with me and part with her dad. I have an amazing husband who has taken over all household chores to allow me to study but on condition that I AM studying - he's not on MSE yet..... I know I have mountains to be grateful for.

Need to be online to access e journals - all new as in my day you had to go to library and photocopy. Oh how times have changed? What you planning to study?

And how has your day gone?

National_Debtline

Hello there, hope the studying is going well. I'm just coming to the end of a part-time law degree myself!

- David.

Magsnoodle

National_Debtline wrote: »

Hello there, hope the studying is going well. I'm just coming to the end of a part-time law degree myself!

- David.

Welcome David. I had no idea how hard it would be but I'm hoping it will be worth it in the end. One year nearly done only one more to go....

Have a good evening.

AlexLK

Magsnoodle wrote: »

"Switch the internet off, open MS Word and start writing. Simples!

Seriously, how do you find studying with a family? I am hoping to start a PhD (purely for own interest) when my son starts school in September 2015."

Yeah thanks Alex.... Know you are right though.

My daughter is 14 and lives part of the week with me and part with her dad. I have an amazing husband who has taken over all household chores to allow me to study but on condition that I AM studying - he's not on MSE yet..... I know I have mountains to be grateful for.

Need to be online to access e journals - all new as in my day you had to go to library and photocopy. Oh how times have changed? What you planning to study?

And how has your day gone?

Music. I know that is terribly broad and I need to break it down into something I *really* want to study within the field before 2015!

In a way that sounds easier than my situation but being self employed, so long as I get done what I need to get done, a lot of it can be done at any time, fortunately.

Had a great day today, as I've been volunteering within school for a music project I am involved in.

sassychick2014

Hi Magsnoodle

Putting everything down onto paper (or screen!) is such a great start and I'm sure you'll work as hard on sorting your debts & being more financially savvy as you seem to be with your family and studying - I got tired just reading what you're doing!

Although I don't study I'm self-employed & have the internet on all day for work so the temptation to sit on MSE, social media and any of the other many sites I seem to have open is extremely high so I have created a to do list (on a website cleverly called todolist.com!) and as soon as I've done whatever I need to do I tick it off then close down that page and don't go back until tomorrow. Well, that's the plan and I'd say it works about 95% of the time!

Good luck with everything, look forward to hearing how you get on.

Magsnoodle

Thanks sassychick for your advice. That sounds useful. I'm at uni now trying to start the essay - due next Friday. I tend to work best under pressure.

Have found that putting £2 coins into a jaar with any other small change - although not £1 coins as I might not get through a week - seems to be working. Must admit though I wish I could sleep better - all of it is playing on my mind and I am SO impatient.

Had a presentation on Tuesday night which had good feedback so that has set me up well. Just wish I would take each good feedback and use it to help me grow. Try to be glass half full but not always successsfully...

Anyway have a great weekend all

Mags x