Young & Dum
I have struggled with money from the age of 18 and am currently 25. I am trying to get my act together from now on. I make good money but have been very bad with managing it. I think my first aim should be to create a £1,000 emergency fund instead of paying off the debt. What do you guys think?
To get to a £1,000 emergency fund I need to save an average of £33.33/day for 30 days, which sounds difficult to be honest. But Christmas is coming up, I haven’t been one to celebrate any holidays, I don’t like celebrating my birthday or anything. Christmas for me just means a loss of income on the holidays as am self-employed.
My thought process is to put £1/day and increase by 1 every day for 30 days. This will equal to £465 in 30 days, and I will have to put £535 from my monthly salary from my LTD company.
If anyone has any suggestions feel free.
Natwest Overdraft - £6,250
Santander Overdraft - £8,700
Barclays Overdraft - £3,000
Pay day loan - £1,200
Pay day loan - £200
Phone - £800 (contract itself), £120 (Phone)
Family member - £1,100
Other Family member - £800
Mortgage - £124,420
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