Virgo In Pursuit
This is my first DFW diary on my journey to become debt-free. For those who don’t really follow the zodiac, Virgos are known for being perfectionists and control-freaks, I tend to tick the boxes except when it comes to my finances.
A little bit about myself, I am over 30. I think I enjoyed the freedom of my twenties too much that I somewhat didn’t really consider paying all the debt I owed. My mindset was as long as I have work, I can pay it off with ease. How wrong I was, the work and money were always there but the repayments were a nightmare. At 25, I was having a credit card with a limit that I cannot afford to payback, focused on too many experiences that I can handle that I ended up with payday loans. Being in University on basic pay also meant that I was over utilising my credit card, hence, the hefty result. Looking back, I do not fully regret having those life experiences as it was something I still remember fondly and learnings were made. However, I wish I knew more about being financially responsible and knew life hacks such as overpaying my credit card (and not just the minimum) and living below my means.
I am where I am now and I’m taking control of those decisions.
Fortunately, I have gotten over the payday loan spiral and closed my accounts years ago, finished University and resumed working with a more appropriate pay (unsocial hours increments and extra shifts can be a lifesaver). The University aspect was vital to my promotion. Two years later, I got another offer to a senior role. So I am using this opportunity to save bigger and even end my credit card debt quicker. Obviously without sacrificing my usual self-care (within reason).
Annual Income: £30,000 (Was £26,000 annual income until March 2021) + overtime
Credit Card: £9201.57 / 22.04% interest (Was £13,200) - looking into 0% balance transfers or overpayment at present
Savings: £4,600 of 5,000 goal / £5000 goal achieve as of May 2021 (Trying to aim for £10,000 the rest of the year)
I do have a few reasons why I decided to become “money smart” recently. But I will bore you with my sob story some other time. I just want to be stable enough and boost my finances so I can actually start thinking about a future in London.
I will tackle posting my statement of affairs next (if I can find the template again) and talk about my woes and progress as much as I can. Fair to say, I have seen an improvement in my mindset to money since I started joining in January. The advice and support I see on here is are motivating and heartwarming. I hope this little diary of mine can shed the same because I know I am not alone and I am bigger than my money problems. This is me, Virgo in Pursuit of becoming debt-free. Wish me luck!
Debt-Busting Progress: 2020: £13,200 | 2020: £9,200 | 2021: £4,900
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