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  • FIRST POST
    • Silver Queen
    • By Silver Queen 24th May 17, 3:16 PM
    • 655Posts
    • 2,888Thanks
    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!
Page 16
    • enthusiasticsaver
    • By enthusiasticsaver 13th Dec 18, 4:23 PM
    • 8,216 Posts
    • 18,609 Thanks
    enthusiasticsaver
    Most bank accounts will let you set alerts so you get a message when the balance reaches a certain level.you could set one for 550 or just pay particular attention to what you are spending so you don't go into the 500.

    Sounds like you have exciting plans for the New Year.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Silver Queen
    • By Silver Queen 13th Dec 18, 5:36 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Just wondering if you are worried about dipping into the money you have ear marked for the credit card could you pay it off now so that the money is gone and you won't have to think about it. Know that might not work with direct debit amounts etc but might be worth thinking about as if you pay the amount due then direct debit just gets cancelled (I think). The other option is transfer the money to another account and transfer it back it again after Christmas? Sorry you have probably thought of all this already but that's what I end up doing when I get paid early at Christmas and want to make sure there is money there in the new year.
    Originally posted by ChasingSunshine

    Hiya, I have the money in a separate easy access 5% account at the moment so I'll keep it in there, it's separate from my current account so I forget about it and it earns me interest
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • lonelyrat
    • By lonelyrat 15th Dec 18, 8:54 AM
    • 559 Posts
    • 1,622 Thanks
    lonelyrat
    2. Bank of Mum and Dad: ticking along nicely. 8,500 outstanding.
    That's such a big reduction, it's great! You're doing so well

    Good idea with the train ticket. As long as the credit works for you and is interest free then it makes sense. I would not want to be paying an extra 350 a year myself!

    I was also considering a new diary as mine is such a roller coaster, but I think I will keep going with it until I am debt free. Then I can have a "keeping on track" diary instead
    I lurk lonelyrat's diary
    You big lurker
    Total Debt : ?? / 7266.93
    Weight Loss: ?? kg / 45kg
    • Silver Queen
    • By Silver Queen 18th Dec 18, 2:07 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen

    You big lurker
    Originally posted by lonelyrat
    I can't deny it
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 19th Dec 18, 10:39 AM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Having a good think about life at the moment and have decided it ain't so bad. Got some new years' resolutions going on...
    1. Total debt under 5k by the end of the year
    2. Lose 3kg in January
    3. Lose another 3kg in February and so on...
    4. Save 1,000 by April for short-term things such as large purchases and holidays!
    5. Save enough to be able to pay train ticket in full in November.


    I think that's a fairly doable list...here we go
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • enthusiasticsaver
    • By enthusiasticsaver 19th Dec 18, 11:00 AM
    • 8,216 Posts
    • 18,609 Thanks
    enthusiasticsaver
    Too late for next year now but have you thought about doing a regular savers starting October to pay for train ticket?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Silver Queen
    • By Silver Queen 19th Dec 18, 11:24 AM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Too late for next year now but have you thought about doing a regular savers starting October to pay for train ticket?
    Originally posted by enthusiasticsaver
    I actually hadn't, thank you! I do have a regular saver but I didn't have the sense to start it until March
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 20th Dec 18, 2:29 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Two more ideas...

    6. Eating out of store cupboards for January - we're full to bursting after entertaining friends every single weekend this month! Lots of leftover salmon, stuffing, pork etc.
    7. Start on writing a book. I used to absolutely love writing and spent most of my teenage years holed up in my bedroom, writing (yes, I was an absolute delight to be around!) but I lost my creativity. I want to get it back!


    I had a really good chat with OH last night and we've decided that he will reduce his payments to me to 100 per month but he is not allowed to skip a month for any reason. It's easier on my own budget that way and can also let him start saving properly too. He's technically in a better financial position than me because he has no debts except student loan repayments, but he does earn quite a bit less than me.
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 28th Dec 18, 10:26 AM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Been thinking a lot lately about self-improvement and self-motivated change rather than just waiting for things to happen. In the spirit of that, OH and I have made a decision to finally move in together! But it won't be until the end of 2019

    This means I will need to factor in moving costs (deposits are around 1,000 and first month's rent is around 700) and the cost of my train ticket will go up by around 80 per month.

    Financially, it's a stupid idea but I have decided it's worth it for the sake of my mental health and his. It'll also be cheaper in terms of costs of visiting each other and my food expenses. I will get a pay rise in early 2019 so I will be able to afford it, I just won't be able to save as much but OH and I want to buy a house together in 2021 and have to try living together as a couple first anyway.

    Excited for 2019!
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Meowcom
    • By Meowcom 28th Dec 18, 10:44 AM
    • 27 Posts
    • 115 Thanks
    Meowcom
    V exciting and super sensible! Good luck in 2019
    SPC 061
    MBNA 4001/ 5300 on 0% until November 2019
    Nationwide 19990 / 25000 7.6%
    M & S 8666 / 15000 5.6%
    • Silver Queen
    • By Silver Queen 2nd Jan 19, 10:54 AM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    I've been seriously toying with starting a new diary but have decided to stick to this one for now. I thought I'd do a quick start of year roundup.

    Debt Totals: January 2019
    • 0% card: 1,802.83 (paid off 165 so far)
    • Parental Debt: 8,250 (7,250 paid off so far)
    Total: 10,052.83

    I do also have outstanding balances on my Amex and my Halifax card, but both are paid off in full on a monthly basis.

    Other Notable
    • 625 in my LISA
    • 250 in a regular saver
    • 350 in my train ticket fund so far
    • 500 in my holiday fund
    • OH owes me 1,400

    2019 Goals
    • Self-Care: Yoga once per week
    • Self-Improvement: I am learning calligraphy and will write once per month at least. There's no limitations on how much or how little I need to write, just need to get a pen to paper and get something creative down.
    • Financial: I want my total debt to be under 5k by the end of 2019. To help me along my way, I'm doing my own version of Uber Frugal Month a la Frugalwoods. I will not be buying ANY groceries for the entire month of January and have to eat out of stores, even if it means weird combinations. I am also planning to do something similar to Project Pan for my cosmetics so that I'm encouraged to actually use them up rather than buying more, and will be keeping my empties for 2019 so that I can see what products I actually like and use.

    Exciting times ahead!
    • European holiday in February
    • Qualification in March
    • USA holiday in April
    • Moving in with OH by end of 2019

    Lots to look forward to and can't wait to crack on!
    Last edited by Silver Queen; 02-01-2019 at 5:39 PM.
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Rebecca01
    • By Rebecca01 2nd Jan 19, 1:34 PM
    • 689 Posts
    • 1,065 Thanks
    Rebecca01
    Good Luck. Love the idea of no grocery January. Please share you weird food combinations as I will be interested in this too.

    I like the idea of keeping the same diary as it is the story of you. I understand why people do start one but it’s still the tale of how we got to where we have in life.

    2019 sounds like an exciting year for you.
    • Silver Queen
    • By Silver Queen 3rd Jan 19, 9:17 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    A quick update to keep me on the straight and narrow!

    Had hospital appt today near my parents, it's frustrating having to go that far because I have to take the whole day off and I'm at the point now where it's a simple 30 second check up and then another appt in 6 months. It's very specialised though so can't go anywhere else. Waste of money for train also - cost me 20.

    Haven't spent any money on food so far but we're in early days yet!

    Getting cajoled to join the gym. Feeling nervous about it though and not really sure.

    Have decided that yoga will be Saturday mornings
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 7th Jan 19, 2:58 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Checking in

    Realised at the weekend that I didn't account for one key thing - my sister! She ate all the eggs, drank all the milk, used all the potatoes and all the veg on Thursday when I wasn't there! No idea how she managed it because we had at least 10 eggs!

    Ended up spending 10.07 on eggs, milk, veg and potatoes (and OK - I admit it - 2 frozen pizzas) on Saturday but I'm not too upset about it. I used up a lot of freezer stuff as well and ended up feeding 3 people for 3 days without spending any more. Also got a pasta sauce so that I can make a tuna pasta bake during the week.

    It's back to me myself and I for a couple of days now so I should be able to keep spending very little. I think I'm going to allow myself 10 per week so that I don't get malnutrition.

    We have a ridiculous amount of fancy cheese from Xmas, we hosted a lot and guests brought stuff too!

    So now my next challenge is to figure out a way to use up wensleydale with cranberry, white silton, blue stilton, soft blue, goat's cheese, mozzarella, comte and brie without giving myself gout...
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • redofromstart
    • By redofromstart 7th Jan 19, 4:23 PM
    • 2,313 Posts
    • 14,680 Thanks
    redofromstart
    So now my next challenge is to figure out a way to use up wensleydale with cranberry, white silton, blue stilton, soft blue, goat's cheese, mozzarella, comte and brie without giving myself gout...
    Originally posted by Silver Queen
    Invite me round?
    • Silver Queen
    • By Silver Queen 8th Jan 19, 12:00 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Invite me round?
    Originally posted by redofromstart
    I have four different types of chutney open too...caramelised red onion, apple pear and fig, spiced plum and ginger and tomato...
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 8th Jan 19, 4:17 PM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    Debt Totals: January 2019
    • 0% card: 1,802.83 (paid off 165 so far)
    • Parental Debt: 8,250 (7,250 paid off so far)
    Total: 10,052.83
    Originally posted by Silver Queen
    The 53.83 was annoying me so I've sent 55 to the Barclaycard from my holiday fund. Total debt is now 9,997.83!

    Another thought I've had - we know where we'll move to but my train ticket will cost more per month, which means my train ticket savings won't cover the cost
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • Silver Queen
    • By Silver Queen 11th Jan 19, 10:17 AM
    • 655 Posts
    • 2,888 Thanks
    Silver Queen
    So annoyed! I decided to treat myself to something I've had my eye on (cost 10) yesterday, put 20 in the self checkout and apparently managed to walk off without the 10 change

    Just hope that whoever was behind me needed it more than me!

    Making up for it by getting my head down and getting on with doing some surveys this evening, plus I've been spamming the referrers threads (fingers crossed!) with my codes for various things.

    Things are going pretty well so far, the freezer is emptying steadily although I've had to start supplementing with buying fresh food...don't want to get scurvy

    The idiot that I am, I budgeted for going away in April but forgot I'm going on a family holiday in February first Will have to try to scrape that together somehow but should be able to manage it - just won't be able to save as much unfortunately.

    Haven't had a payout from Populus for MONTHS - I'm at 38 now so only 12 left to go, but I've been working on this one for over four months! Usually I get a payout every 2 months but Ive been a bit lax lately.

    Hope everyone is well!
    Debt Totals March 2019::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 7,750 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,396.76
    Total 9,146.76
    • bald_rick
    • By bald_rick 11th Jan 19, 9:35 PM
    • 15 Posts
    • 4 Thanks
    bald_rick
    This is very impressive! Hopefully you can inspire others in a similar situation that it is possible to reduce debt.
    • lonelyrat
    • By lonelyrat 13th Jan 19, 11:20 AM
    • 559 Posts
    • 1,622 Thanks
    lonelyrat
    So now my next challenge is to figure out a way to use up wensleydale with cranberry, white silton, blue stilton, soft blue, goat's cheese, mozzarella, comte and brie without giving myself gout...
    Invite me round?
    Originally posted by redofromstart
    Me too?! Mmmmmmh cheese

    Love your round up/ plans for 2019. I am going to steal the idea and when I sit down and look at my debt/ get settled with the new job I'll do one too.

    Massive well done on being under 10k! Fab news Very exciting news on moving in with OH... Mines a pain, but I couldn't imagine not living with him. It's definitely a good idea to live together before committing to a mortgage I would say! Annoying about the train ticket being more expensive. I currently pay 95ish a month, but when I move to England it will jump up to 150

    Holidays sound great
    Total Debt : ?? / 7266.93
    Weight Loss: ?? kg / 45kg
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