Small debt, just saying hello

Cheery_Daff

Hi all,

I've been lurking around for a while, being very inspired by you all! My situation is very mild in comparison to some, and theoretically easy for me to deal with, but I thought posting here would give me the kick up the backside I need.

Only have one debt - Abbey credit card at £1386. Transferred from another one because of 0% on balance transfers - then took out about £500 cash (I know, I know, and I shan't be doing it again...). Never even had a credit card til a couple of years ago, then got an alcoholic partner... (long gone, thank goodness). Anyway...

I'm a postgraduate student, I've had studentship money of £12000 this year (no tax taken). However, this runs out at the end of September, and I've got a part time job which pays £300 a month. Have been working and saving this since June. Have also saved £700 from another job I did during the summer. And I managed to pay off my £600 overdraft in 3 months before June, so I CAN do it!

My "necessary" outgoings are minimal:

Rent: £265 pcm all inclusive
Mobile: £35 (18 month contract - tied in for another year)
Credit card: £30 (minimum payment about £15, but £10 per month interest at the mo, so overpaying).

I've been ignoring my credit card, just paying £30 a month, and after hanging round here for a while, put it into the snowball thing - which gave me a debt free date of June 2013!!! Ridiculous So I'm here to do something about it.

I've been keeping a spending diary for about 4 months now - that's how I managed to pay off my overdraft, and why I got a part time job. However, last month I STILL managed to go £230 over my £250 budget.

Because my income is partly coming from what I've saved over the past few months (I'm writing the last few months of PhD now, should be done by Christmas, so don't want to work full time yet), I'm allowing myself £700 per month for everything. I would like to (and can) spend far less than this!

I know exactly what I need to do from my spending diary (take lunch to work, do a weekly instead of twice daily food shop, don't spend half the day in the cafe... ) I'm just here for a little motivation, if that's ok? Just thought I should out myself, since I'm lurking on everyone else's threads.

And just saying hello

Thanks,

Daffy

hypno06

Hi Daffy :hello:

well, you seem to know the basics, and your head is screwed on, so it is just a case of focus and knuckling down to it!

Why not join in one of the challenges - £1000 by Christmas or something. That would get that credit card cleared in no time! Have a look at the sticky for maximising income at the top of the board for ideas, and if you have not already done so, sign up to quidco and get registering for freebie cash!

Postingalwaysposting/Moozie does a weekly challenge to commit to a certain budget with daily postings - would be well worth you doing that one to keep on top of that budget.

Good luck on your debt free journey!

taka

:hello: Hello and welcome!! Good luck writing up (:eek: :rolleyes: :eek: ) and paying your card off !!

Cheery_Daff

Just popping in to say thanks for the welcome Hypno and taka! I'm not going to use this thread as a diary - I'll never keep up with everything, but I've joined the £500 in 4 months (or is it £1000 in 4 months?) thread, so will stick over there.

Good luck yourselves!

OliveOyl_2

Make it the £1000 in four months, so much better to aim high than aim low - you may miss

Karmacat

Hi Daff - I do like the name, btw! You *do* sound like you've got all the bases covered, but even if you do, you have to keep an eye on it - thats why your spending diary is a good idea. What was your overspend on? Good luck with it all, anyway.

Cheery_Daff

OliveOyl, I was thinking of aiming for the £1000, but before Christmas I'm finishing my PhD, which is full time, I already have a part time evening job, and so can't really take on another, actually, that's a load of excuses, isn't it?? Maybe I should take on the £1000 after all.... Will see how I get on for the first couple of weeks...

KarmaKat, my overspend in August was mostly because we went away every weekend... Bf in a band, so been doing a few festivals. So we get in free, but it's still fuel to get there, and some food etc. Could easily have spent far less but wasn't really in that mindset. Other than that, it's generally not taking lunch to work, shopping every day instead of once a week, general disorganised-ness

Of course, all that's going to stop now

The fuel is for our van, which I share with my other half. I probably can't afford it really... It's our only vehicle, but we don't use it to run round town - we both walk or cycle to work and most other places - use mostly for holidays and weekends away. Relatively cheap to run, and insure (well, would be cheaper if I hadn't crashed it - grrrr). Also gets taken to parties at friend's houses, so we can sleep in it - saving taxis home. We've discussed getting rid of it, but he needs a vehicle for band related things, and at least this one means (mostly) free holidays!

Will ponder the £1000 in 4 months thing...