Starting my diary again...

CandyCupcake

A bit about me... I'm 25, still living at home & have a decent paid job with a bank. I have been a member of MSE for a while now, and did used to be a regular poster but haven't been on for a good year or two (maybe more )!

I currently have outstanding debts of £8,828.86 which consist of a loan from my Grandparents, a Barclays loan (half of which is owed by an ex :mad: ) and a Barclays overdraft. My debts aren't unmanageable, but I still want rid!

My aim is to be debt free as soon as possible (no later than the end of the year), save £1200.00 to open a Help to Buy ISA and also to have savings to pay for things like insurance, vet bills etc as I currently don't budget for these and just take the hit when the time comes.

Now for the not so MSE bit, I have 2 holidays coming up in February & March, and also pick up a new car in March so this means that I'm not going to be making very big dents in my debts until March / April payday but I want to use this diary to keep me on track so that there is potential for me to make some payments and have all money together ready for the planned expenses.

Now to start budgeting...:D

CandyCupcake

So today has been a bit of a spendy day, but it was an expense I had accounted for (snow appropriate clothing ready for my holiday). The shop had 10% off which was a bonus, plus I used my Mum's loyalty card for a little bit extra discount. On top of these discounts I used Quidco so will be getting 5% cashback :j

Hoping for no more spending now for the next few days until I do my weekly shop on either Monday / Tuesday, just checked my A$da receipt from my last shop and got a nice voucher for £8.00 which can be used on my next shop.

Going to have a look at YNAB again, tried it last night and could not get my head round it!

CandyCupcake

Ok I've given up with YNAB I have my own spreadsheets that I use to budget so I'm going to carry on using those! I just need to add in a budget for car insurance (mainly), groomers & vet bills. I already have empty savings accounts that I can use to pop those additional funds into so they will come into use as of February's pay (I get paid middle of the month)

CandyCupcake

Starting to lack on the diary front already! Naughty Candy!


Not much to update, having a pretty stressful time recently but I know it's because I have 2 holidays / breaks & a new car purchase all happening within the next month so the debts aren't getting a look in. Once March payday arrives I will be able to start throwing my pennies at the debts and see those totals come down!


I feel like the more I try to not spend, the more I need to spend for example, I had another vet bill on Tuesday, hopefully the last one now, followed by the purchase of a new tyre (which was purchased very begrudgingly seeing as I'm getting rid of the car!!). Anyways, I have the money to pay for it all, just means I have to crack on with the overtime offered in work to bring the bank balance up to what it should be.


Not one to wish my life away, but hurry up March (even though I know I won't be saying this when I'm on the plane to Norway!).

CandyCupcake

So, I think this is either my 3rd or 4th attempt of keeping a debt clearing diary on here. I am adamant this is going to be my last! I'm not even sure why I don't keep up with my diaries, I can only imagine it's because I've completely fallen off the wagon with my debts or get myself in a good place for a short while so feel I don't need to focus on my diary. Well, clearly, I do. As yet again I'm back in debt (not really sure I've ever been truly out of it tbh).

I'm doing this diary to keep me on track. I change my mind all the time on how I'm going to approach clearing any debts, and increase my savings, and for this reason it never works. This time I have a plan and I'm sticking to it.

My current debts, which I will add to my signature, are as follows:

Loan from family member £460.00
Savings owed to partner £887.25
MBNA credit card £2730.30
Halifax credit card £1562.87

Total: £5640.42

Ideally I want this cleared by November as this is when our mortgage is up for renewal. I know this may not be realistic, so I just want to to aim to clear as much as I can before then. I also want to build up an EF of £1000.

Luckily my credit cards are both at 0% for a while yet (thanks to members on here prompting me to check an existing credit card for any offers). I want to clear the loan to my Grandparent first, then my partners savings. Then the Halifax card. Then finally, MBNA.

My approach to debt clearing will be the following:
1) Split my Penny Savings challenge savings 50/50. Half to EF and half to first debt.
2) Anything earned above the earnings we budget for will be going straight to the debt.

So... here goes...

enthusiasticsaver

Keeping a diary may well keep you on track. To clear all the debt and save £1000 by November would mean setting aside £604 from your salary each month. Is that doable?

CandyCupcake

It's unlikely but will definitely do my best. It would be great if we could get rid of at least one credit card before November... so fingers crossed!

CandyCupcake

£88.25 sent to EF and to loan today, as we already had £176.50 saved from the penny savings challenge.

My partner gets paid on Friday, and he is picking up £90.82 more than I include in the budget, so this will be £45.41 to each pot

CandyCupcake

Grr having a bit of a stressful day in regards to finances. I owe more than I thought to my partner's account, meaning I've left us just under £90.00 short on the bills front it's not an issue in relation to missing payments or anything as I know I can replace the funds. It may just mean that the additional £90.00 I was hoping we would have tomorrow to split between savings / debt might have to not happen and instead go into the bills account. Bit disheartening but what can you do...

beanielou

Happy shiny new diary

CandyCupcake

Thank you beanielou