Jumping on the debt diary bandwagon! My attempt to keep myself sane!

girl-about-town_2

Hi everyone,

I've been lurking around the pages for a good while now, and even started a diary in June but fell off the wagon, lost the plot a bit etc etc! So now I'm back with a new resolve, just in time for the new year!

Really want to get rid of my debt asap and start being able to save for the things I really want, like a car and a house (Ha!)

Anyhoo, going to work out my state of affairs properly now, but in the meantime, if anyone wants to give me a shove in the right direction it would be much appreciated!!:D

Thanks in advance!

Candy0107

Hello and welcome to the board.

angelflower_2

hi there

and get on with soa.....we are all waiting

Skippycat

welcome! :hello:

girl-about-town_2

Ok, heres the SOA!

Not actually that much to put on here but its still stressing me out!

Income: £632 a month (I work 30 hrs/week)
(Defo going to top this up with as much ebaying etc as poss!)

Outgoings:

Luckily these are fairly minimal - living at home and dear parents aren't asking me for rent at the moment - however I would like to start contributing when I can

Fixed outgoings:
Phone: £35-40/month
Rent for art studio: £89/month (incl)

Others:
Clothes: £30/month approx (used to be a lot more but I've become very mean!)
Petrol: £30/month
Entertainment/Socialising: £60/month approx

Other than that, can't think of much else that I'm spending - share my mum's car so fortunately don't have any running costs/insurance etc other than the petrol. Make all my own lunches for work so limit my spending to maybe 50p a day on the vending machine!

Debts:
Amazon mastercard: £1722 at 0% until 18/4/08
Overdraft: £1400 (Graduate account, 0% for next three years)

Student loan £15,000 approx, under earning threshold at the moment though so focussing on the other debts first!

To fill you all in, I've been working in my job for 3 months now, and up until now have been being paid weekly (12 week probationary period was with temping agency) so have been trying to pay money off my debts every single week, however, now I'm going to be going on to monthly pay and I'm rather scared that I'll either fritter it all away when I've just been paid and not pay off any debt or pay off too much debt and not be able to live! Arggh!!

In the last 3 months with this job, I've paid approx £600 off my credit cards and switched everything over to 0%, I know I could have paid more off which is annoying but this year have also paid for every Christmas present up front so no new credit! Wahoo - first time in a few years!

Anything else I've missed, let me know and I shall add/answer your questions!

Thanks!!!

splishsplash

Hi Girl about town,
If you can stick to your SOA figures until the end of April, you should have approx £380pm to throw at that cc before the interest kicks in. If you can supplement your income by about £50 through ebay etc, you should have the card cleared completely! How great would that be!
You should cut up the card now, if you haven't already done so... *we'll wait for a minute while you do that*.... ....done? good!
You could also make a New Year's Resolution to steer clear of all vending machines!
All going well, you could have your overdraft cleared by mid summer of next year, leaving only the student loan - and that you can work on as a project for 2009!
Just out of curiosity - you're working and renting an art studio? Is there a garage at home you could use, or a loft? If you're working 30 hours/week, you don't have a huge amount of time to spend in the studio - if you could save on the rental and use a bedroom/other space, that would free up lots more to throw at your debts...?
Best of luck for 2008.

girl-about-town_2

Hi Splish Splash,

Thanks for your comments, I reckon I can stick to my monthly spending until then - I have become so so mean with money lately - I love it!!! Have also just cut up my card - was keeping it for emergencies but I have about £600 more of my overdraft limit available to me if I really need it. But I Don't! Student loan is definitely going to be the 2009 project - a friend of mine is attempting to pay hers off within a whole year, so if she can, I can too!

The studio is my luxury and in an ideal world I would give it up, however, I know I would regret it too much if I did - my space would be snapped up within2 seconds and I would never get another one where I live. In myold house I actually had a converted garage as my studio but we've now moved to a smaller house where there isn't a spare bedroom or any extra space around (I have an industrial sewing machine to house!) My 30 hours a week are actually only over 3 days - they're just very long days so that leaves me 2 free days in the week and 2 at weekends. While I have this job I want to make the most of having an income and space to create in! It does pain me not to be able to use that money for debt though! arrghh! The answer is to make lots of things that i can sell to cancel the cost out!!!

Thanks for all the advice splish splash and everyone else, I feel inspired and positive already!

jm28cardiff

What do you do in the studio, just out of interest. Is it something you could earn money from?

girl-about-town_2

Today, in my new positive state of mind, I went to the bank and queried a £30 charge that they had added for switching my account over from HSBC to LLoyds, though they hadn't mentioned this charge when I applied for the account, and they refunded it! woo hoo £30 richer - before I decided to do something about my debts I would have just let them do this! Ha - not any more!! I also paid in my £50 christmas money and then paid the £80 off my credit card! The end in in sight! Just wanted to add this in as its really made my day!

Tee hee!

girl-about-town_2

Hi jm28cardiff, well I have a fashion degree and so my studio is supposed to be used for fashion type stuff, have to admit in the run up to christmas have only been using it to make cushions and stuff for Christmas presents. There are a few things I've made and have sold on Ebay in the past which I'm thinking about doing again as soon as I have a minute - I have lots of fabric I can use thats just sitting there!! V naughty of me!:rolleyes:

tealady

Hi. Your phone seems high. Have you considered skype or similar. Re making things, why don't you set yourself a target of making/selling x number of items per month.