Plodding Along

InDebtEnby

I've been on here for a good few months now so it's about time I start my own diary.

I have been in debt since I was 18 when I got my first credit card and I'm 41 and a half now. The debt has fluctuated over the years with the highest being around the £20k mark, but my head was firmly buried in the sand then. I started to really tackle the debt in late 2022 and in June managed to get down to £3000 which I owe my mum. Then I took out a £12k loan for a campervan 

The plan is to overpay on the van loan while building up savings for all of the annual stuff. I am in a unique position where I don't pay for rent or utilities as that is covered by work and I get a good wage, but only for 7 months as my job is seasonal and then I drop down to 10 hours per week for the remaining 5 months. Last year the amount coming in from less hours was enough to cover bills, but I do like to have about £3000 set aside to cover costs, on top of the emergency fund of £1000. 

InDebtEnby

I earned a little bit of interest today, so I've added that to the emergency fund.

InDebtEnby

A little bit of cashback from TCB so moved that to the emergency fund.

dragonfire5566

Following this... good luck! Love building up the emergency fund

InDebtEnby

Thank you, @dragonfire5566 I'm not far off and had it for a while before I had to dip into it when buying the van. It will be fully funded next month and then the big savings starts

Sarahwithlove

Have you sat and worked out your annual income after tax etc and then divide by 12 to give you a monthly amount to live on. Then base your budget on the mortgage the monthly amount. Then I'd save the rest in a different savings account to have an even monthly wage which I'd ignore from my other savings/emergency fund. Just something to think about 

InDebtEnby

I did an SOA based on saving for annual payments over 7 months. But I have been living off a set amount and paying the rest either off debt or putting in to savings. 

InDebtEnby

I've already spend too much this month and pay day isn't for another 3 weeks. I still have money in the grocery budget and enough homemade meals in the freezer to cover, but its going to be tight on fun.

I have a camping weekend coming up but most of that is kayak based activities so hopefully won't cost too much, since the accommodation is free.

InDebtEnby

It was a hot weekend so didn't do much, other than a 5k on Sunday morning and pick up replacement specs. I bought a tea and croissant a hung out with the running group, and bought a sausage roll, so not too expensive.

InDebtEnby

Having a lovely time by myself.

InDebtEnby

An early payday since it's Bank Holiday Monday so I have moved money in to savings for winter costs, one of the sinking funds and the emergency fund. 

It's been an odd financial month but I'm not really sure why. Looking over my transactions, and they are not much different from usual, possibly just a lot of things happening at the start of the month so feeling skint by the end of it.

I have a category in my monthly budget named "Other" but looking through it, it's mostly hobbies, clothing or home improvements. I think I should make these sinking funds and take out of the monthly budget.