This Duo's debt free journey

DebtFreeDuo

Its been too long since I updated, life has been pretty hectic and will be for the next 6 weeks until my exams are over. I wanted to get a quick update in whilst I thought about it but I should be back with more focus in around 6 weeks time. So from having a look over my finances today I believe my current debt sits at around £300 (not including the overpayment), this was a very quick look though and I plan on going over everything properly when I have a little more time.

I do feel that my spending at the moment is very all over the place because I'm not focused at all on it, I think its just going to be a case of trying to spend as little as possible without really thinking too much about it just while I get through the next few weeks. It has also been my smalls birthday which has cost a small fortune and I have treated myself a little with the money I received from the bank.

I hope everyone is ok, I will do a post with all my figures on once I'm back and I may post a new SOA too as some things have changed since my last one.

HairyHandofDartmoor

I hope your exams are going well DFD, good luck with them.

EssexHebridean

Wowee just catching up with your news - how absolutely fantastic and well done you! :T:T

Good luck on the exams!

Willowtree222

Good luck on the exams. x

DebtFreeDuo

I can't believe how long it has been since I last updated! So I am currently right in the middle of exams, it's not going well at all and I think I am going to end up having to redo the whole year (excluding the modules that I did pass), I have accepted this and I am prepared for it, I am trying to look at the positives, an extra year being able to spend school holidays with the small and the extra time I will get to really work on the areas that really need improving, which will in turn, I believe, give me a better level of degree. I am NOT feeling sorry for myself, I am going to give this all I have and in the grand scheme of things, what is an extra year really working on my learning and learning more about myself in the process? I think initially I worried because I feel like I am getting on and really feel like I should be in a stable job with good prospects by now.

Enough about that, I have looked over my finances this morning, not in huge detail but a little more depth than previously. As I'm a student I have to look at my finances months ahead to see the real picture so here goes, currently I am not in my overdraft so my debt looks lower but by September I will be approximately £800 in my overdraft (provided I stick to my budget), this is interest free so not a huge deal and once my student finance comes in at the end of September this will be gone completely and I am going to remove it from my account.

So current balances are:

Loan 1 and 2 - Gone forever
CC debts - £200 (Not sure on exact figures but once exams are over I am going to be going through my cards and closing some accounts down as I currently have around 4 cards with either zero or relatively small balances)
Overpayment - £1200 (This still hasnt been asked for but I want to try and put this amount to one side so that its there for when it is asked for but it will most likely be taken from my student finance in small chunks.
Overdraft - £0 at the moment but as above this will increase, it will all be cleared Sept/Oct.

I'm feeling really good about where my finances are, I don't think I have ever been in such a strong position. I still have a good amount in my Help to buy ISA which will hopefully help get me on the property ladder once I eventually complete my degree and my debts are almost completely gone much earlier than I could have hoped.

I hope you are all doing well and I will check in again soon.

DebtFreeDuo

Quick update, I have been going through some finances today, I have closed one of my credit cards and will close another one when I can actually locate the card itself, that will leave me with 3 cards, one which I have had for around 10 years which I will not close, one that has 12 months interest free on purchases and another that I have had for some time that I am reluctant to close as I want to have some long relationships with banks when it comes to applying for a mortgage in a few years time.


Currently living in my overdraft, this will be the case until September but its interest free and will be cleared in full. I think I am going to remove this from my account in January so I have less access to credit.


I have added my boy to a waiting list at a new swimming pool for his lessons, this is £3 per month cheaper than his current lessons and I really dislike the place he currently goes to. I have cancelled the direct debit this morning so he may go a few weeks without lessons but that will save me a little money if he does. I am however looking at joining the same place myself for a swim only membership, me and my boy decided we wanted to start going swimming together once a week and he will get free swimming with his lessons and I currently go swimming once per week so it makes sense that I have a membership if I am going swimming at least twice per week.



I also changed my gas and electricity so I am no longer prepaid, immediately I had a credit on my account which I don't really understand, I thought being prepaid that you would never be in credit but I am now around £150 in credit which I am not complaining about at all.



So I have around £1200 in my budget to cover me until the end of September, this is after all of my bills are paid so it should absolutely be more than doable to cover food, fuel and other day to day bits. I also want a nice summer with my boy so will try and achieve this within that budget. I have given myself a bigger budget now that my loans are clear, with DS being in school now I really want to make the most of our time together.



I will report here each week hopefully to break down my spends to keep me within my budget.

Willowtree222

Hi,

Sounds like you have a plan. I don't understand how you are £150 in credit either if it is a pre payment meter? How strange.

Do you have any nice plans with your boy booked in yet? x

DebtFreeDuo

I don't have anything booked in just yet but I have lots of ideas of things for us to do, he doesn't finish school for a couple of weeks yet which feels really late. Hope you're doing ok x

HairyHandofDartmoor

Your finances sound a lot more positive . What's happening with your course?

DebtFreeDuo

Thank you Hairy, I have been a little out of control this week, I must focus! As predicted I am having to redo some modules next year, it means an extra year of studying but I do feel that this is the best way forward for me, I believe that it will lead to a better degree classification and better knowledge of the subject.