DST Debt diary

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Just a note to myself and any friendly ear that’s listening on my debt repayment story. I grew up in a poor family, managed to get away to the bright lights of London. Got a good job, some savings but then went off the rails after a bad relationship break up in 2013. In a new relationship now, still in a good job but realised that I was in £15k debt and struggling due to coronavirus and a pay drop due to role change. Ultimately I’ll earn more and can do overtime but the struggling of paying off the monthly arrears was a shock. I’m so lucky that I had £8k saved and I stopped my work pension and got a £4K refund. I paid off £12k in the space of a month! So I now currently owe £1892.00 on a Halifax credit card - with frozen interest. Plus I owe £1200 in student loans paid automatically off my salary in varying amounts depending on income.

 I earn £1600 a month basic salary - not counting £200 monthly savings through a work scheme that will save me £24k by 2028. Thank god I can do overtime and usually manage to do 2-3 shifts a month. 

I have a car paid outright already and it only costs me MOT, service (just done), petrol (£90) and insurance (due December). 

So in true NSK style (challenges) I plan to pay off my credit card in a year -so I have 11 payments due of £172.00 a month. 

I’m already doing a few No spend days, have worked out a budget where I keep food/petrol money separate. I do shop much more frugally with meal planning, yellow sticker buys. Not ventured into selling online yet but do have a few bits to sell when I get the time. 

Let’s see how well I can do- £172.00 a month to my debt but aiming to throw more at it. 

I write this currently at an overtime shift so happy about this. 

One big expense is horse riding- I love horses so much and could never afford to learn to ride. Lost my mum last year and promised myself I’d learn and it honestly makes me so happy so it’s non negotiable- one overtime a month pays this but looking to volunteer in exchange for lessons- BUT 1 x overtime = 5 riding lessons whereas a full day volunteering =1 lesson but time around horses so need to figure which is best. 

I have £1000 emergency fund saved already. I just set up Yolt and pay £40 savings there, a HyperJar for £150pcm horse riding fund, a stocks + shares ISA at £20pcm and a Loqbox at £20pcm to improve my credit score. 

Credit score was a yellow fair but has gone up to a 966 green thankfully - although no plans for a credit card or loan ever again! 

So wish me luck everyone! 

Finding motivation from the NSK challenges and Ultimate Challenge diary from 2013. 

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Just to add- got paid on 20/7 and I’ve had 4 NSD. 

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Also- finding huge motivation from social media/you tube/podcasts and money accounts; MSE, clever girl finance, frugal me free, ladies finance, Dave be clever with your cash, Dave Ramsey etc. Noticing more money programmes on tv also. Funny how what you focus on expands- some manifesting work to be done maybe. 

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Home now having tea. Twinnings tea but on sale. Making a shopping list for tomorrow for a food shop. Have to get petrol for tomorrow also before I drive the 50 miles through the beautiful countryside to my riding lesson. So worth it! 

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Spend day today. £30 horse riding lesson. Nearly a full tank of petrol in my Ford Ka for £37.33 and a food shop at Tesco for £38.95 with £4.75 discounts from coupons. This food shop is a salad + chicken, and the NSK lentil dish and this will do me dinner today and 2 x days of packed lunches. Just cooking lunch now before I drive the 50 miles to my beloved riding lesson. Home later- washing + cleaning are already done for the week ahead so some ironing awaits, maybe some fitness. Continue watching money tv programmes before an early night. Have work 7am-4pm tomorrow. Train line I use that’s direct is a countryside line so my station is in the middle of nowhere. I was paying £50 for monthly parking but I’m actually parking in the little village nearby and walking down to the station. Hoping I won’t annoy the residents by parking there. It’s an interesting walk back to my car in the 2am darkness! Worth saving the £50 per month and it gets my fitness up. I listen to finance podcasts while I walk. 

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Managed to score free tea at my riding school as they have a tea club. Love tea and it was very relaxing having tea and cuddling a horse. My lesson is usually 30mins long but we were doing pole work so lesson lasted a bit longer so that’s bonus time. Back home and I remembered that I have vouchers from my birthday but with paperwork all over the flat it was difficult to find. Created a voucher/coupon folder now and I managed to find a £20 voucher for Boots and M&S from my birthday. Also found vouchers for Tesco and money off coupons. 

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Just realising how much £172 a month actually is. 11x payments then that amount is mine per month. Never to get into debt again. That’s my horse riding a month! Due a little pay rise in September of about £50 a month. Student loan payment due to finish by end of the year- that £100+ will go to my partner who has been paying bills for us bless him. He earns a lots more than I do currently-£3k + a month! Hoping as time goes on to match his salary. A colleague of mine who has more years of service and does the same OT as me takes home about £4100 a month. Fingers crossed for frugal living and that amount of income in the future. Dreams! Maybe buy my own horse one day. 

Another thing to consider is my car. Starting to give out so I’ll have it for another year or so but afterwards I’m considering PCP. Newish (repairs less likely) car on lease for a lower fixed monthly payment, give it back at the end of term (so no balloon payment as I don’t actually want to own the car) and then get another one. Lots to research about PCP I’m sure. My sister keeps saying “but you won’t own the car” but when it’s raining darkness at 2am and I need to get safely home I won’t care who owns it?! Hmmmm. Lots to research anyway. 

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Parked up in the village today and walked the 10mins to the train station. Saved myself £3.40 not paying for train station parking. I’ve got packed lunch with me- the NSK lentil dish with pitta, an array of snacks. Long day ahead.

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Took steps towards a my dream career today- working with horses. Fingers crossed! 

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Just went for a run. Doing couch to 5k. More freebies- listen to podcasts, you tube or the free playlists on Spotify. 

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Another walk to the station for fitness and free parking at the village. Packed lunch of chicken, salad with grapes, feta, tomato, cucumber, walnuts.