Worrying about debt

NineDeuce

Why are you at uni with so many credit cards, a loan and with car finance?

catlady1990

Car died and had to get car finance as literally had no spare money, had to have a half decent car as I do at least 400 miles of driving a week. It's cheaper to drive to uni than stay in uni accommodation. But it's 0% so I'm not that worried about it.
I basically started uni and then found out student finance wouldn't fund my first year of tuition fees because I had started a degree years ago and left after a year. By then I had quit the job I had at the time, moved towns and got a new job so I was already committed.

Plus this was a really big thing for me, I have utilised this time to gain as much experience as possible in my career field. I know exactly what I want to do afterwards and I'm already have a job lined up at the end of this year.

I was at a point in my life where everything needed to change so I changed it and it's got me into debt. However apart from the debt I'm a lot happier and I'm getting to where I want to be.

Everybody makes different life choices and I don't default on my payments. I just want to get them paid faster which is why I am here.

DebtFreeDuo

There is a really good thread over on the challenge board, its called something like 'Make up to £10 a day', they have tons of fantastic advice for making extra money. As long as you pay it over at the same time each month then I wouldn't see a problem with doing it that way, as long as it is monthly as the interest will be applied monthly so you should still save interest in that way.

I'm also at uni with 2 loans and a CC, everyone makes different choices and it is possible to sort debts at the same time as studying, the way I see it is that my debt won't hold me back from living my life, it just means that I will live my life in a more frugal way.

catlady1990

I started doing the 100 days challenge (late but I will still achieve something).

Thanks debtfreeduo, I started to read your dairy and you are doing so well :-) Glad I'm not the only one at uni with additional debt. I live really frugally, I quite enjoy it at the moment.
My biggest expense outside of my debt is my fuel for car but it's necessary where I live.
Moving back home in April after a messy break up with my ex was the best decision possible.
I still pay keep and food but it's much lower than doing shared accommodation (I refuse to live in halls because they are expensive and I was worried about being with party people).

I just can't wait to be debt free and able to go on a decent holiday again :-)

DebtFreeDuo

Thank you, it can be a little more tricky doing the budget with being a student but we will get there, 6 months and I WILL be free of debt for the first time in my whole adult life.

Sometimes moving back home does really help, I think I'm probably a little older than you and with a child and I could never move back home now. I definitely couldn't live in halls, even without the addition of my boy, I'm just too old for it now.

Do you have a target for your debt free date? I haven't gone very far back in your diary but have you posted an SOA? They are always extremely helpful.

catlady1990

It's definitely a little tricky budgeting as a student because you can't garentee that you can work all the way through.
I'm late 20's and I moved out at 18 so it has been very strange however I haven't lost my freedom which was I was most worried about.

I'm hoping to be debt free by February 2019 as I should be in full time work then, instead of juggling 3 part time jobs.

You are doing amazing getting debt free with a child, whilst studying :-)

catlady1990

So today just over £100 has been thrown at mum's loan because I got paid for one of my three little jobs.
Hopefully throw at least another £100 next week when I get paid from my other two.
Finally feel like I am getting somewhere! However I have deadlines due in December for assingments which means I will have to cut back on working as much. Not a problem though as my body will probably need a break from working 6 day weeks that includes my two full days at uni.
If I can get as much paid towards mum 's loan as possible before then, it just means any extra / spare money can possibly go towards paying off cc with 20% interest sooner.

I will get this debt paid off as I need a hot, relaxing holiday :-)

DebtFreeDuo

You're doing great! Just prioritise your studying when you need to.

Pauper1

Just wanted to pop in and say good luck! It sounds like you're juggling a lot and doing really well. I agree that a SOA might help. I did one straight away, got some suggestions and could easily see where I needed to make changes. Saved about £80 just in one day.

catlady1990

That sounds like a good idea. I will definitely try and do one later this weekend.