Countdown from £28k...

IrishSean

Sub £10k: buy the brownies & coffee in then go to the gym to work off them off💪😊

Families are very complicated; I know for a fact mine contributed to debt, but great to emerge from other side with a new perspective. As my late mother used to say "I could put some of them in the bin twice and take them out once..."

Would love to know how many LBMs there have been, nationwide, as a result of Covid...

ryanm8655

Haha! Yes, they certainly are complicated...

A bit of careers news, I didn't get to the final interview for the law job. Some consolation in that I am on the reserve list but I think in the current climate it is highly unlikely I will get a place. A bit disappointing. Reading it filled with me with terror.

While I am lucky to have secured a promotion in the current role, in the longer-term I couldn't see where the job is going. Promotion prospects are both slim and include a massive increase in responsibility for not a lot of extra cash...

At the same time, I have spent long enough on cruise control in my current career with one eye on a switch to law, the applications and networking before the applications is very resource intensive. For my latest rejection I'd already gone through several intense stages...and you generally have to do 10+ apps like that to hopefully secure one... I'm not sure I can go through that rigmarole again to potentially be in the same position next year. Likewise, having done the calculation I worked out that over the next 10 years I'd actually earn almost exactly the same from law as I would if I stayed in my current role without a payrise. Once the value of my pension is included I'd actually earn considerably more. While after that ten years Law would start to pull away, I'm thinking it's probably less risky to put those 10 years of energy into my current career with the aim of being in a more interesting role and one with exit opportunities into the private sector. I have actually made a thread in the jobs section of the website if anyone is interested Now considering a masters in economics in the future as a plan b and a move into economic regulation, which would be a bit of a hybrid of law and economics.

On the plus side, I now don't have to worry about potentially being a student in January so can move to London whenever I am ready and continue to pay down the debts.

Thanks,
Ryan

 

purplehippo276

Delurking here to say sorry to hear about the interview Ryan but sounds like you have a good plan in place.  You could pay down the debts and then save to do your Masters, which would be a good savings incentive, unless you can convince your work to pay for your masters? 

enthusiasticsaver

Good news on being almost sub £10k and whilst I think it is a shame you are going to have to put the brakes on the debt busting I think you are doing the right thing in moving back and getting your own place.  The pluses are you are better living in budget now, you can get rid of your car, it is better for your mental health, the debt will be at 0% and you will not have to pay for expensive spa hotels to get away from any atmosphere.  

ohdearhowdidthathappen

Sorry to hear you've had a stressful time.  The child has probably appreciated having you in their corner and hopefully the parent might look at their behaviour having had it pointed out.
Sounds like you've got a solid plan for the future, with contingency and flexibility built in to allow you to adapt to any changes quickly. Congrats on nearly being sub £10k, that will make a big difference psychologically

ryanm8655

Sorry for the less frequent updates, had a busy last week in the old job tying up loose ends and the new role is proving to be intense, ha.

Hit the gym everyday last week, which helped hugely on the stress side of things. Those moments where things flared up at home, while stressful, didn’t cause the same level of stress. My plan was to hit the gym everyday from now on but it’s a struggle in the new job. A lot of the work is reactive and linked to no.10’s priorities so I get a lot of ad hoc requests that need turning around quickly at all times of day. Today I got one at 4pm so had to miss my evening gym slot. That sort of work suits me though. I quite like the fast pace and constant change and get a bit of a buzz from it. It does mean I need to be more organised in other area of my life though. If I’m going to fit in the gym, it’s going to have to be in the mornings before work. 

I’m also working quite long hours at the moment just to get up-to speed with everything. Plus relatively simple requests are taking me quite a long time as I don’t know the data sources so don’t know where to look. I could delegate but I do think it’s important I get to grips with it for other parts of the job. Plus it helps with developing that relationship with policy customers.

I could actually see myself working in this job for a longtime. It’s a really interesting policy area, fast paced, requires that expert knowledge of the policy area as well as the technical skills so offers that intellectual challenge. For now I think I’ll put law on the backburner. Sure, I could earn more in the longterm but I’m realising that job satisfaction is also important and the perks are still pretty decent. I’ll never be poor anyway.

The other positive is that I’m so busy I’m not getting a chance to think about spending money. Did have an expensive weekend pre the new job though...

Still going ahead with the plan to save all my wages after regular expenditures this month and then stashing them in my other account.

After that I’ll play it by ear. It would be good if I could get debt free before moving back but let’s see...it also looks as though we may be heading in the direction of another lockdown, in which case being trapped in London could suck...

Still on course for sub £10k this time next week.

Smashingitnow

Glad you're back. I can't figure out how to follow diaries and missed your last post...thought you'd gone and fallen off the wagon.

Far from it...plan sounds a good one. Roll on the 17th and sub 10k!

Situation where you're staying sounds too bad. I can't bear to see children treated badly. I can bite my tongue on a lot but not that...yeah your own place sounds good!

enthusiasticsaver

Glad you are enjoying the new job and great news you will be sub £10k very soon.  Good luck on finding a new place if you decide to do that before Christmas. More than two thirds of the debt is now gone

alt80

Following.

ryanm8655

Thought I’d check in briefly as I woke up early this morning so have a bit of time on my hands.

Am starting to settle into the new role and am surprised how much I’m enjoying it. I have a lot on my plate but the policy area is really interesting and there’s a lot to learn legally and policy wise, so it’s actually giving me a lot of what I wanted from a career in law. What I work on is very tangible, you can see the impacts of the work in the real world and things you’re working on in the news etc. That adds some excitement. I know it sounds odd, why would you apply for a job you didn’t expect to enjoy but the honest answer was more money and just to develop the technical skills I need if I’m going to remain in this career. Actually I could see myself working in the policy area longterm, though that may change but I’m keeping an open mind.

The sub £10k date is a couple of days away. I’ve got that urge to purge the debt some more now. Things have settled a bit at home since the kids are back at school and there are fewer of us in the house. I’ve also been hitting the gym most days which helps regulate the mood. Plus being busy at work helps. I also abstained from booze for the first weekend in a longtime, which I think helps. Hoping to carry that through to the end of the month, along with regular gym.

I’m slightly anxious about moving to London while still in debt, now that the dust has settled. While the family situation can be uncomfortable (things flare up in an almost bipolar fashion every weekend), it is at least pretty effortless to not spend and I feel I have better coping mechanisms in place now. If I can hold out a few more months then I’d be debt free. Rather than move while still in close to £10k of debt and likely take another year to finally be debt free. My mind changes like the weather but I’m inclined to get back to hitting it hard again. I’ve had a month off and saved a little bit (got about £1000 stashed away now). I should be paid about £4.5/5k this month with the pay rise and holiday pay owed, so could plough most of that into the debt and leave myself very much on the home straight...