Time to start a Fresh part 2, 2022!

gymgirl11

Hi Jade, 

I'm still reading and supporting from afar - having a 8 week old baby makes it harder to keep track of everything & time just flies by!

Good idea to put your Sainsburys money separately. If you get £522 as a 'base' amount and you don't include overtime you could budget your Sainsburys money to be £400 to debt and £122 to savings (depending how aggressively you want to pay off the debt) and then decide if want to do the same with your overtime.

Ideally, going from your SOA, you should be able to live off your main income and use the Sainsburys money for savings & debt repayments.

Have you had a look through your bank statements to see where the rest of your money went last month? It appears to be on the car and perhaps Christmas?

BlueJ94

gymgirl11 said:

Hi Jade, 

I'm still reading and supporting from afar - having a 8 week old baby makes it harder to keep track of everything & time just flies by!

Good idea to put your Sainsburys money separately. If you get £522 as a 'base' amount and you don't include overtime you could budget your Sainsburys money to be £400 to debt and £122 to savings (depending how aggressively you want to pay off the debt) and then decide if want to do the same with your overtime.

Ideally, going from your SOA, you should be able to live off your main income and use the Sainsburys money for savings & debt repayments.

Have you had a look through your bank statements to see where the rest of your money went last month? It appears to be on the car and perhaps Christmas?

Hey!

Oooh congratulations! I don't have any children yet but I can imagine it's super busy! 

Ooh that's a good idea actually, I think I'll do that. I wouldn't even of thought to do that. Thank you!

I think you've hit the nail on the head, it went on the car and Christmas. I became lazy the lead up to Christmas and just after. But I need to get my butt back on track! 

enthusiasticsaver

Good that you have done a new soa and maybe refocused on the main objective you have to clear the debt and reduce your working hours as 14 hour days are still long for the monetary gain you receive.  I would keep the Sainsburys money separately and overpay the debt by £400 a month and save £122 as @gymgirl11 suggests so you are  not tempted to see it as extra spending money.  That would see you clear of debt by August/September and if you wanted to continue with Sainsburys that gives you extra Christmas spending money or you could stop Sainsburys or even consider going full time with them and getting rid of the main job. 

MrFrugalFever

Hi Jade,

Once again, such a positive jump back in to life response. Your SOA has shed the light on the situation and with a bit of push, nudge and determination I think you can become debt free by December this year. I reckon you can stretch yourself to achieve this and (providing Sainsburys sticks) allow yourself to reach financial freedom right before xmas with your last payday before Christmas being entirely yours to do with as you please (minus household bills).

As hard as it is, I think the ONLY way to achieve this is as suggested above, you keep Sainsburys income separate and divvy it up to each lender according to interest rate %, it’s money you never had and you still have a FT job which, according to your SOA, allows you to live off without the need to borrow. There will always be bumps in the road as you journey to debt freedom (such as car), but in the main, you’ll have more months without bumps than vice versa.

I have a loan that costs me £402.44 pence per month, every month, I overpay that loan. Sometimes it’s by £100, other times it’s by £400 again, either way, I am absolutely determined that I will get shot of it ASAP.

Lovely dog, my boss has one and she is adorable. Read T’s & C’s of pet insurance, they aren’t like car insurance policies, I strongly suggest maximum benefit or lifetime benefit style policy! (Speaking from first hand experience!!)

Legs21

Hi Jade, I’m sure you said on your previous diary you were taking on the Sainsbury’s job for the sole purpose of paying off your debts. I agree with others that you need to treat this income separately to your main income. Pay a large chunk of your Sainsbury’s pay off your debts on the day you receive it so you’re not tempted to fritter it away through the month. If it’s gone you can’t spend it. 

The quicker you pay your debts off the sooner you’ll be able to leave your main job. 

BlueJ94

Legs21 said:

Hi Jade, I’m sure you said on your previous diary you were taking on the Sainsbury’s job for the sole purpose of paying off your debts. I agree with others that you need to treat this income separately to your main income. Pay a large chunk of your Sainsbury’s pay off your debts on the day you receive it so you’re not tempted to fritter it away through the month. If it’s gone you can’t spend it. 

The quicker you pay your debts off the sooner you’ll be able to leave your main job. 

Hey, 

Yes agreed. That's why I've set up the starling account. As a previous comment said, which I quite like if I treat my base salary from sainsburys as being £400 I can save £100 from my extra income and if I do get any over time (neatly always) i will then pay my debt with whatever I have from there.

BlueJ94

enthusiasticsaver said:

Good that you have done a new soa and maybe refocused on the main objective you have to clear the debt and reduce your working hours as 14 hour days are still long for the monetary gain you receive.  I would keep the Sainsburys money separately and overpay the debt by £400 a month and save £122 as @gymgirl11 suggests so you are  not tempted to see it as extra spending money.  That would see you clear of debt by August/September and if you wanted to continue with Sainsburys that gives you extra Christmas spending money or you could stop Sainsburys or even consider going full time with them and getting rid of the main job. 

Thank you! I seemed to have lost focused and just gave up for a while. But I'm back into it. I will clear this debt. My aim is by Christmas this year, maybe sooner!

Yes I will follow the advice with the separate pay with Sainsburys, that's going into a separate account and I will pay my debts from that account now. 

Thanks for the input!

BlueJ94

MrFrugalFever said:

Hi Jade,

Once again, such a positive jump back in to life response. Your SOA has shed the light on the situation and with a bit of push, nudge and determination I think you can become debt free by December this year. I reckon you can stretch yourself to achieve this and (providing Sainsburys sticks) allow yourself to reach financial freedom right before xmas with your last payday before Christmas being entirely yours to do with as you please (minus household bills).

As hard as it is, I think the ONLY way to achieve this is as suggested above, you keep Sainsburys income separate and divvy it up to each lender according to interest rate %, it’s money you never had and you still have a FT job which, according to your SOA, allows you to live off without the need to borrow. There will always be bumps in the road as you journey to debt freedom (such as car), but in the main, you’ll have more months without bumps than vice versa.

I have a loan that costs me £402.44 pence per month, every month, I overpay that loan. Sometimes it’s by £100, other times it’s by £400 again, either way, I am absolutely determined that I will get shot of it ASAP.

Lovely dog, my boss has one and she is adorable. Read T’s & C’s of pet insurance, they aren’t like car insurance policies, I strongly suggest maximum benefit or lifetime benefit style policy! (Speaking from first hand experience!!)

Thank you! I just want to be debt free and not have to deal with owing my wage out every month.

Great advice which I will stick to and follow, my loans and CCs are on payment plans, so I'm trying to pay each as much as I can without chucking myself into not having money at the end of the month. 

Yes I think we had lifetime but when my cat passed last year its taken months to try and get a claim sorted. I put the claim in the first week of September and I've had to ring them 6 times since and it's still not sorted. I plan to get this sorted ASAP!

Thank you got the advice I appreciate it

foxgloves

Morning, @jadewest94, It sounds like a car & Christmas-induced 'blip' to me. You now owe under £5k. That is a very small debt in the scheme of things. It is still only January (just!). I honestly think this debt could be gone by the end of this year if you knuckle down & really prioritise getting as much of that Sainsos wage as possible for debt repayments. You work long hours & the whole point of this is to get rid of the debt. So, while everyone needs the occasional little treat now & again- a nice cappuccino, a new lippy, a bar of chocolate, any additional, regular little fritters which have crept back in around Christmas need to stop for one big almighty final push. One thing I CAN tell you (because Mr F & I changed the bad habits of a lifetime & paid off £35k) is that when you make that final debt repayment, it feels amazing. Your wages arrive in your account on payday & all of it belongs to you. Yes, you have to pay bills & living expenses, we all do, but you no longer have that millstone of paying for stuff you bought so long ago on credit, you can't even really remember what most of it was!
Going forward, saving a decent emergency fund will be key, as you will then be able to deal with car & other emergencies without borrowing.
So, make these long work hours really count - a final massive push - & let's see you solvent by the end of 2022.
Remember that the small things do add up. Every £ saved is another £ that can be chucked at the debt.
You can do this!!
F x

BlueJ94

Morning @foxgloves

Thanks for the support! I totally agree with you. Yes agreed, I was back into the habbit of spending £3 a day on a coffee. Sometimes 5 days a week!! So that's stopped.

Thank you for the push I needed this morning. I've just put myself in for over time next week! So aiming around £600 payday roughly I think!