My Graduate (Post-Student) Debt Diary!

MrJester

Hi all, and happy friday. I thought it would be great idea to have a diary of my debt events in overcoming it.

I'm approx 6 grand in the hole (not including student debts) after graduating from university for various reasons, a lot of people end up like me when they don't have income from family, at times when you don't have some part time work during uni credit sometimes seems like the only way.

I thought I'd spend my Friday evening plotting out all my outgoings against my income on my new job. To help me get a clear head of expectations to what I can actually manage to pay back of my debts. So I put together a simple spreadsheet! I've had Notes in my phone etc but its not as clear to manage, so this seems better.

Outgoings
https://docs.google.com/spreadsheets/d/1ghHh24J_UfG5t4vzFOeIrbd-hzSEVOnx3wlhRPooztU/pubhtml?gid=254349557&single=true

Debts & Balance Transfers
https://docs.google.com/spreadsheets/d/1ghHh24J_UfG5t4vzFOeIrbd-hzSEVOnx3wlhRPooztU/pubhtml?gid=2044607848&single=true

I'd love to hear your initial thoughts on my debts and how my outgoings/incomings is looking in your opinion.

I live in central London just started a new job fresh out of uni, if that helps.
I will be continuing to update this as I attack my debt and make better life choices to manage my money.
I want to be debt free within a year, hopefully thats possible.
:beer:

MrJester

>12 Months

Happy Saturday. Today's mood: meh

So finished up some of my budget spreadsheet and put it on Google docs so I can access it anywhere. Then I thought lets be even more productive, as I had been planning to switch bank accounts as I'm sick of Barclays.

So I did it over the phone with Santander, went through the whole hoopla, kind service etc, but sent my application off and it came back declined (this is for the 123 Graduate Current account).
I wasn't really expecting that to be declined, just for a bank account.

I suppose though it is a credit application like any other, and my credit isn't going to look amazing right now as I have recently moved address, only just about on the electoral roll (but is not yet showing on Equifax), haven't had a pay check yet. And that decline probably isn't going to help.

So that is a step backwards, as my plan is to get my credit decent so I can get a balance transfer card to rid myself of my high interest Barclaycard. Luckily I know quite well how to improve my rating with simple techniques, the MSE topic on it helps massively too. I'll just have to wait it out for a month or two again (did this earlier in the year and worked out fine for an application), not apply for any sorts of credit until I am sure it has improved significantly.

Pretty annoying turn of events for today, I think what annoys me the most is playing the waiting game, I want to proactively improve the condition of my debt immediately, but there's not really any way I can do that without getting my credit rating sorted for a Balance transfer which I think is a high priority, and also just getting my first pay check from my new job so I can begin to manage my money properly and start paying off debts!

Oh well, I'll just enjoy the rest of my saturday, have a nice lunch, pop to the gym, and chillax.

Right now I am pretty much broke, I'm spending on my high interest Barclaycard because I have very little actual cash. This is until I receive the money from some eBay stuff I'm selling (high price electronics thankfully). Then I might have some actual funds.
I was set back quite a bit as end of month/start of new month is when pretty much all my direct debits come out as I set it like that due to the pay day from my old job, couple hundred just went within a week. I get paid on the 19th, just gotta stick it out 'till then.

Sorry for ramblings, just wanting to get my thoughts out of my head and typed up, helps with the contemplation!

MrJester

>12 Months

So shortly after, just now infact I've given Halifax a ring just to be clear on the expiry of the balance transfers I have done on that card, as I've come to be aware that each transfer you do is individual.

So I have remaining around £820 to pay which is at 0% until 24 July 2016.
The second transfer I did was for £100 which is at 0% until 24 Feb 2015.

Something I did forget to ask, though, was when I make payments to the card how do I choose which it takes the amount from? Or does it automatically take from the amount that has the nearest due date?
:huh:

MrJester

>12 Months

Being very productive today. Rang Barclaycard to enquire about lower interest, ending up getting passed to another department but was on hold for ages so gave up, I'll try again next week.
Though I'm not sure they'll even bother giving me lower interest, as said previously my credit rating right now is crap so why would they? Everything seems to be decided depending on current credit.

E.g. When I sorted out my credit report earlier this year just by changing addresses, electoral, phone numbers, simple things, shortly after I get a letter from Barclaycard telling me they're upping my limit to what it is now at the 2400. Of course I spent it stupidly when I needed it.

So I might not bother trying again until my credit improves, because obviously once it does they are going to be a lot more likely to lose me as a customer.

MrJester

>12 Months

Spoke to my mother to confirm how much I owed her, turns out she just wants £300 off me for some money she had to borrow to help me out. She helped me out a lot so that I could follow my desire to move to London for a career, never mind the years gone by, probably owe her thousands and thousands. But she just sees it as her job, to help me. She is not well off, not one bit. I am very lucky to have someone so generous and caring.

Of course, this brings my total that I thought I originally owed to her down by 700 odd, which is good for me because she would be my priority debt, before any credit cards or whatever, she's most important - so I would have on my first pay check given her as much as I could have. But this now changes things.

I've updated that on my Budget spreadsheet. My total debt is now £5,522.00

MrCrimeFiction

>12 Months

Hello. Its great you've identified your debts so quick after Uni and to have a plan is fantastic. It looks like your on the right track. I would personally get your friends and family members paid off first then put all your Money towards the debt with the highest interest.

Can your mobile co,e down any further . £40 sounds a lot!!

Keep at it, the figure will only go down.

MrJester

>12 Months

MrCrimeFiction wrote: »

Hello. Its great you've identified your debts so quick after Uni and to have a plan is fantastic. It looks like your on the right track. I would personally get your friends and family members paid off first then put all your Money towards the debt with the highest interest.

Can your mobile co,e down any further . £40 sounds a lot!!

Keep at it, the figure will only go down.

Thanks, I just want to be as well off as I possibly can and first that starts with becoming debt free and continuing a frugal lifestyle, look after the pennies and the pounds take care of themselves :cool:

Not at all, I asked them a while ago if I can just have less minutes/data etc and pay less, but they don't do any changes whatsoever. A bit disappointing, when I was with O2 they let me do that. Its strange how varying these phone companies are. But the service was awful.
Swings and roundabouts.

I've got another year of paying the £40, its often a few quid higher than that too from having to use my mobile for all calls to those pricey numbers etc. I want the iPhone 6 when that comes out too.. so will be selling some stuff to afford one of those but in future I'm never going to contract out like this I'll buy phones out right and get a cheapo contract its ridiculous how much better sim card only deals are!

MrJester

>12 Months

Happy Sunday. Having myself a relaxing weekend thus far!

Had some thoughts this morning about my current expenses. I currently spend somewhere in the region of £120 PCM for my Oyster Travelcard to commute on Undeground to and from work. It takes me something like 30-40 mins.

Just had a bit of an epiphany, I'm quite an avid bicyclist, when I was living up in Leeds I would use my flat mates bike to go everywhere, even just to the shops or whatever, its quick and convenient enough.

So I was looking at some bikes, and for the same price as a months commute I could get myself a nifty brand new foldaway bike for around £120. The commute on bike would take the same amount of time if not less, and I would then save myself £120 recurring monthly!

I'm quite an avid fitness person, recently started back at the gym and that would be sufficient cardio too ha biking to work and back.

I'm a tad apprehensive at taking on the London roads on a bicycle, but I'm not a crazy road rager like even some bikers are on these roads, flying in between cars and such aggravating drivers. I'd more take it as a nice stroll into work, set off early at first and just see how long it would take.

Might be worth a test before investing, could possibly hire a borris bike for one day and try that out just to see what its like to bike to and from work.

Right now I'm just constantly thinking up ideas to lower my costs!
I'm only on a 3 month contract with my rent and I'm looking to hugely reduce the rent I'm paying in my next rental, I want to try get down to around 500PCM, its a challenge in London but I think it can be done.

MrJester

>12 Months

Phew I've been so skint recently, having to spend back on my credit card which is at it's max again. Luckily tonight I sold a bit of audio kit for a cool £180 which should be enough now to last me till pay day.
I'm turning on my business brain a bit again to try and find some interesting buy and sell opportunities. All to help get more dosh in to pay off those loans.
Right now I'm looking to find stuff in my local area that I could then get a better price for on eBay and such.

Anyway I'm not totally skint for the start of this week which is good!

MrJester

>12 Months

Yesterday my friend paid me £15 he owed me. Every quid counts! That's a couple days of food for me so thats decent.

Though I did spend £38 on the new Destiny PS4 game It would have been £50 but from past trade-ins and reward points I shaved £12 off the cost. So a bit of a naughty purchase particularly right now, but just got a bit of a games addiction I'm afraid! Massive geek right here ha.

Will be managing rest of my money carefully till payday. After which I will be even more careful! hah

MrJester

>12 Months

I still have £32 of groupon vouchers that they would never give me a full refund for.. so at some point I need to use those! Maybe a treat for pay day weekend for being so bloody good !