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Main site > Forums > Essential Money > Debt-Free Wannabe > Debt Free Diaries > £15,000 to 0
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      Silver Queen
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    • By Silver Queen 24th May 17, 3:16 PM
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      What's this?

    Silver Queen
    £15,000 to 0
    • #1
    • 24th May 17, 3:16 PM
    £15,000 to 0 24th May 17 at 3:16 PM
    Hi

    I have decided to re-join this forum so that I can stay motivated to bust my debt.

    A bit about me...I work full-time in London which gets me about £1.4k per month.

    I owe £15,000 exactly on 0% interest. This is £13,500 to bank of ma and pa (started at £15,500 in October), which paid for my postgrad, and £2k of student overdraft.

    I pay £250 per month to my parents but I would like to start making overpayments.

    Frankly, until now, I have not really even thought about my student overdraft because it's on 0%. However, in June or July (not sure which - oops), it will reduce by £1k so I will need to pay it back ASAP.

    I live at home at the moment, although I will be moving out in September.

    My monthly expenses are food and £350-ish on a train ticket since I commute into London daily. I also pay £200 per month into a help to buy.

    Goals
    1. Pay back £1k into my overdraft by end of July, whilst continuing to make £250 repayments monthly.
    2. Save a £1k moving fund. I am trying to declutter and become more minimalist so that I don't have so much stuff to move, but there will be general moving expenses.
    3. This one is a bit ambitious - I would like to try to pay back all the monies owed to my parents by next year. The current agreement is that I would keep paying them £250 pa until 2021 but I really really don't want to do that, because...
    4. This one is long-term. Save £20k by 2021 so that I can be on my way to putting down a deposit for a house.


    I have started this diary because although I have been on the debt free journey for about three/four months, I have been noticing myself slipping lately, so hopefully this will hold me accountable!
    Last edited by Silver Queen; 27-02-2018 at 10:00 AM. Reason: incorrect loan balances!

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Page 13
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    • By Silver Queen 28th Jun 18, 11:11 AM
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      What's this?

    Silver Queen
    Dentist appointment this morning has left me feeling a little

    What was meant to be a check up with a scale and polish has turned into a hygienist and a replacement of an old filling that apparently is making matters worse for me rather than better, so the bill is £190 rather than £21

    Luckily I have enough to cover it but... what a pain!
    Debt Totals July 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £9,750 £500 train ticket loan from parents / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £0 (paid off 09/03/18)

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    • By onedaysomeday 28th Jun 18, 11:56 AM
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      What's this?

    onedaysomeday
    Boo to the dentist - I don't mind the actual dentist so much but I have to see the hygienist regularly and she's £45 a pop....
    Just trying to make up for past mistakes and work towards the future I want

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    • By Silver Queen 3rd Jul 18, 10:41 PM
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      What's this?

    Silver Queen
    “
    Boo to the dentist - I don't mind the actual dentist so much but I have to see the hygienist regularly and she's £45 a pop....
    Originally posted by onedaysomeday ”

    So expensive I try to remind myself that it's for the sake of my teeth and they're worth looking after...I had braces for 5 years!! So I definitely didn't go through all that suffering for nothing...

    Pleased to report that my total debt is now four figures, at £9,750!

    Sadly my investment hasn't done fabulously, having lost an entire 0.15% in the last few days...I've been watching it like a hawk but remembering I'm in it for the long haul and there will of course be peaks and troughs!

    Have a busy social week this week, will probably blow my entire socialising fund...it's OK, I've realised it's a bit pointless trying to spread my socialising out anyway because all my friends get paid at the end of the month so if I spread out my budget I have nobody to socialise with because everyone else is skint by the second week of the month!
    Debt Totals July 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £9,750 £500 train ticket loan from parents / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £0 (paid off 09/03/18)

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    • By lonelyrat 5th Jul 18, 9:05 PM
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      What's this?

    lonelyrat
    Well done on all the shuffling... I love a good shuffle come payday!

    Sorry you're feeling a bit low/ stressed, I know what a massive impact work can have on your mental health. I hope it's just a short stressful period and passes for you soon enough. I find that my anxiety and low moods are sort of cyclical so am hoping this is similar for you and you feel on the up again soon.

    At the end of the day you should be so very proud of where you are.

    You're doing great with the debt busting and you're making smart savings decisions. Investments and premium bonds in your mid twenties is very sensible and older you will likely be very happy and proud of what you've done. You're in a good position because you worked hard at your job and got a raise - which you totally deserve! There should be room in the budget for your fun stuff and don't beat yourself up about it. The important thing is you have the self awareness/ savy to realise if you're going to far aaaand you are smart enough to come up with solutions.

    Another boo to the dentist from me It's been far too long since I've been and I am fearful about what I probably need done. I have the mentality that if they look fine, then they are fine? Probably very, very wrong! I can get dental insurance through my work for about £4/£5 a month so should probably take that up sooner rather than later!

    Makes sense with your socializing fund! If no ones around to socialise and you have loads left it will probably just get frittered away. So better to spend it for it's purpose and have a good time doing it!!
    Total Debt: 625 / 7266.93
    Outstanding Debt: Virgin CC 625
    Weight Loss:14.9kg/ 45kg

    Sorry!

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    • By Silver Queen 7th Jul 18, 9:24 PM
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      What's this?

    Silver Queen
    Hi lonelyrat, thanks for pooping in.

    You're absolutely right re mental health. I think it really is one of those things where it ebbs and flows. Anyway, work will always be stressful so I had better get used to it really.

    In keeping with my socialising plan, I've had a busy week this week which has also been relatively spendy. Should be ok though as it's all in budget.

    Only thing is this damned filling which I should be getting on Monday. Oh well, needs must and teaches me a lesson to not be so pig headed with my health and corresponding budget.

    Lovely sunshiney day today and even enjoyed watching the football, which is very unlike me!

    I've joined a diet bet, need to get under 80kg by the end of July otherwise I lose my £25! I think it should be doable as I'm about 80.5kg so only one more kilo to go...
    Debt Totals July 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £9,750 £500 train ticket loan from parents / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £0 (paid off 09/03/18)

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    • By Silver Queen 8th Jul 18, 11:23 AM
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      What's this?

    Silver Queen
    Spent my Sunday morning picking aphids off my peppers and chillis, removing a pepper which has succumbed to blossom end rot, stripping excess leaves off my tomatoes and picking caterpillars off my broccoli

    Serves me right for being a blackfingered millennial living in London trying to grow food off a tiny balcony

    Will spend the day today catching up on life and cleaning the house, going for some drinks with a mate tonight and then OH will finally make an appearance this evening after he's done watching fast cars go vroom... his words, not mine!

    Today shouldn't be too spendy... I'm thinking £30 max... but tomorrow will be as I still have £150 to pay on my replacement filling. My OH happens to have taken the day off work so he's kindly agreed to drive me there and back so I will probably make or buy lunch for him to make up for it.

    Still trying to keep up with surveys but prolific is taking ages to clear...
    Debt Totals July 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £9,750 £500 train ticket loan from parents / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £0 (paid off 09/03/18)

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    • By lonelyrat 9th Jul 18, 2:43 PM
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      What's this?

    lonelyrat
    “
    watching fast cars go vroom...
    Originally posted by Silver Queen ”
    Lol

    Glad you've had a good/ busy week and well done on staying in budget Hope the dentist goes well today.

    A dietbet sounds like a solid idea! I remember yonks ago I looked into doing it but was never confident enough... I may give it a go come payday though, would be good to keep motivation up. Sounds like you're going to hit your goal no problem which is awesome!
    Total Debt: 625 / 7266.93
    Outstanding Debt: Virgin CC 625
    Weight Loss:14.9kg/ 45kg

    Sorry!

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