Becoming obsessed....

enthusiasticsaver

You are doing really well. Just read your diary from the start and getting the cards all on to 0% and getting rid of the overdraft and building EF is awesome. Hopefully you are able to rebuild that after accidentally paying off the loan. I am a big fan of saving (hence the name ) and have always saved for holidays, Christmas, car bills, insurances etc. I have a spreadsheet and although money is not tight now I still have a regular amount going out from our pensions to cover all these things. Great habit to get into.

When  I was working a big saving was taking packed lunches (usually healthier too as meal deals often involve crisps which as I am a serial dieter too is not good for my weight). 

I had 2 daughters at Uni at the same time so totally get how expensive that is. I don't think there is any harm in them working over Uni holidays to contribute to the financial headache. Good luck in getting rid of the rest of the debt. Will subscribe to follow the rest of your journey. 

rugbymadfamily

Wow, what a job you're doing. Just read the dairy and so impressed! Keep up the good work!

I agree with some others though, your Uni age kids need to work to cover some of their own costs. And to be honest, to help their graduating CVs. I got a great graduate job straight out of Uni and the Partner told me the only reason I got it over other candidates is that I had been working since I was 16 (we all had good degrees etc etc, me working as a teen was the differentiator), so I know now isnt an ideal time to try get some work but with lockdown lifting, there will be jobs available!

Sarahwithlove

I worked through uni at evening and weekends but kept it limited to amount of hours I did and during summer holidays did longer hours. During winter and Easter holidays I did about 20 hours a week instead as had uni work to do during those times as well. Only time it really effected me was during my final year but that's because I was doing 25 hours a week which was too much in end but it was something I loved and had lost interest in my degree. Its all about balance. When I was at uni I would schedule my day as a 9 to 5 day like you would if at work and found that helped me to keep focused on my reading and work. 

vixx_123

I never received a penny of support from my parents to get through uni. I know they supported me in other ways, but it was my choice to go to university and they just didn't have the money to support three children through degrees. I maxed out on student loans to fund myself and worked a multitude of jobs. My loans are paid back in my salary each month. It also meant I understood the value of things. For example, I earned £3ph aged 17, so always valued things by how many hours I had worked 😅

EssexOstrich

Thanks guys. The uni situation is actually much better now as they’ve been working since early summer. The eldest finds it’s tricky to find work whilst at uni as his course has odd hours including evenings and weekends so it’s hard to commit but he’s made enough money over the summer to carry him through. Our own salary’s are fairly decent so the student loans are not enough to cover the rent which was the main problem but happy to say it’s all on track now.

EssexOstrich

I haven’t got much of an update. I seem to have developed a problem of trying to hold on to money 😂 for the first one in forever I have money left at the end of the month and it’s such a lovely feeling that I’m struggling to part with it! I’m sure I’ll find my mojo again once Christmas is out of the way and boring January is here!!

EssexOstrich

My last update of 2020! It's been a really crap year in general, but one that's given me the much-needed breathing space to sort my life out financially. I doubt I'd have done any of this without the whole awful Covid thing and it still scares me that I tried to mortgage my house in January to consolidate £35k worth of debt (including some additional funds for a house project!). Thankfully it failed and I'm in a much better position today than I could ever have hoped for, despite my debt amount still making me twitch! I don't think I realised how much it was affecting me either until now, when I look at the spreadsheet and finally feel in control. I know I'm seriously lucky to be employed, and to have had a pay rise this year and the debt isn't so much about affordability but about bad lifestyle choices and terrible financial management over at least a 15 year period and whilst I can't promise I won't book a holiday at the earliest opportunity, I will pay it off this time ahead of the date and not 10 years later

So this is where I'm at today:
Loan1: £6000 (3.9%) - balance now £4980.57
Loan2: £3227.28 (6%) - balance now £2305.20
Loan3: £2592.47 (6.9) - balance now £0
CC1: £9196.90 (4.9% LOB) - balance now £7500
CC2: £2820.06 - balance now £1340 on 0%
CC3: £2705.36 (0%) - balance now £1992.70 on 0%
CC4: £2338.03 - balance now £0
CC5: £556.59 - balance now £0
Storecard1: £234.61 - balance now £0
Very: £225.07 - balance now £0
Paypal Credit: £157.75 - balance now £0
Overdraft £2000 - £0! Account kept in credit each month.

Total £31852.73 - now £18118.47
Emergency fund: £1500 

I know some will suggest I use the emergency fund to pay off more but this gives me so much peace of mind -saving is as much a battle as paying the debt off so is an equal achievement for me. No longer being overdrawn is the other best feeling and if it was to take another 10 years to pay off the remaining debt, I'd be happy with those two things alone. The biggest things that have made a difference (other than the absolute lack of holidays, days out and good times this year!) is writing down the debts, the interest rates and looking at the bigger picture and in doing so, getting the shock of my life. Also keeping the 'bills' account tidy now it's no longer overdrawn, I transfer the same amount each week regardless of outgoings and it helps balance out the heavier weeks. And finally giving myself an allowance each week that if I don't spend, I still keep rather than paying it off something (possibly contrary to everyone else's methods!). This makes me feel in control, gives me wriggle room to satisfy my urge to spend at unexpected times but is teaching me to live within my means, budget and save for the expensive stuff.

So a good year for me. Next year I plan on paying down the mahoosive CC1 as that is probably my oldest debt and the only interest-attracting credit card now, albeit on a low rate. I've set up standing orders to make sure I pay CC2 and CC3 off in full before the end of the 0% offer.

Thanks for all the support. Merry Christmas to everyone and may 2021 be a million times better for you all xx

enthusiasticsaver

Brilliant result.  Well done.  I would tackle Loan 2 before the credit card as that is charging you a higher interest rate and is smaller so you can then snowball the loan repayment to the credit card after it is paid off. 

EssexOstrich

@enthusiasticsaver thank you. Unfortunately that loan is with Tesco and in my husbands name, and they don't seem very easy to overpay. I seem to have to ring them each time, get my husband to speak to them, make the payment over the phone and then specify it's an overpayment otherwise they deduct it from the monthly direct debit. We tried to make an overpayment a few months back, not realising we had to state it was an additional payment, and they adjusted the direct debit so back to square one. Shame they're not in the 21st century yet. Unless anyone knows any other ways to overpay Tesco Bank? I work long hours and my husband is practically phone-phobic so I know if I have to do it that way I will end up not bothering and I don't want anything to knock me of my perch just yet.

enthusiasticsaver

That is a shame and yes I can see why you think it is better to let it run its course then if overpaying it is a faff.  Looking at how much you have paid off in just 8 months you will have the rest gone in a year.  Maybe once it gets lower just ask for a settlement figure and settle in full once CC1 is gone as you have already sorted the other cards to be repaid by the time the 0% deals are finished?