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  • FIRST POST
    • Silver Queen
    • By Silver Queen 24th May 17, 3:16 PM
    • 508Posts
    • 2,280Thanks
    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 9
    • Silver Queen
    • By Silver Queen 28th Mar 18, 9:19 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Thanks working Mum! Unfortunately my sis isn't really the freecycle type but she earns enough that it doesn't make a big difference to her.
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • Working Mum
    • By Working Mum 29th Mar 18, 2:29 PM
    • 329 Posts
    • 1,137 Thanks
    Working Mum
    Aw sorry SQ - I had it in my head that your sister was struggling and you were supporting her - too many threads for my addled brain to keep up with

    Have a lovely Easter
    • Silver Queen
    • By Silver Queen 3rd Apr 18, 5:15 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Another 250 off my debt total - hooray!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • EssexHebridean
    • By EssexHebridean 4th Apr 18, 1:04 PM
    • 8,718 Posts
    • 46,113 Thanks
    EssexHebridean
    Just catching up. Money stuff all sounding good, but there's something more vital than that...

    Falafels - you can bake them. Just spray them with oil and pop them in the oven.
    Oh and the tahini in the hummous definitely adds a lot of flavour - the jars of it last for EVER too so might be worth paying out for. However, if you have sesame seeds you can add in a spoonful of those before you blitz it all together.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/1035.63 (09/07/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Silver Queen
    • By Silver Queen 6th Apr 18, 10:13 AM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Falafels - you can bake them. Just spray them with oil and pop them in the oven.
    Oh and the tahini in the hummous definitely adds a lot of flavour - the jars of it last for EVER too so might be worth paying out for. However, if you have sesame seeds you can add in a spoonful of those before you blitz it all together.
    Originally posted by EssexHebridean
    Thanks for the falafel and tahini tips EH! I'll have to give it another go soon then...

    In other moneysaving news, I never thought I'd thank Terry May but the rise in student loan repayment threshold is awesome for me

    This month is the first month that my pay rise to 25k takes effect so I was due to start repaying my loan, but now she's raised the threshold to 25k, I'm now going to continue to repay absolutely zilch

    This is 99% good and 1% bad seeing as interest continues to accrue at about 150 each month...I think I might overtop 50k in my annual statement this year
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • Treadingonplaymobil
    • By Treadingonplaymobil 7th Apr 18, 6:31 AM
    • 1,767 Posts
    • 18,219 Thanks
    Treadingonplaymobil
    I have no idea what my student loan is - I haven't repaid any for about 10 years, since I last left employment! Have always been well below the threshold ever since becoming self employed. I doubt I'll ever earn enough to repay much, but I don't mind paying a 'tax' if/when I ever earn over 25k.
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 1st Sept 2018: 12,221.27 unsecured debt/19,940 parental loan/191,003.72 mortgage = 223,165
    • Silver Queen
    • By Silver Queen 13th Apr 18, 10:19 AM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    I have no idea what my student loan is - I haven't repaid any for about 10 years, since I last left employment! Have always been well below the threshold ever since becoming self employed. I doubt I'll ever earn enough to repay much, but I don't mind paying a 'tax' if/when I ever earn over 25k.
    Originally posted by Treadingonplaymobil
    Do you not get an annual statement every June/July? I think if you are part of Plan 1 (went to uni before 2012) then the repayment threshold remains the same and rises only with inflation. I believe it's about 18k afaik but I could be wrong, and I'm pretty sure because you're self-employed, it changes as well!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • Silver Queen
    • By Silver Queen 13th Apr 18, 10:38 AM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    On a different, strange and not very MSE note...a post that may see me bludgeoned to death by the MSE gods.

    I have been giving it a lot of thought lately and having slowly been inspired by TOPM's outlook on life and a long chat with my sister at the weekend, I've actually decided...wait for it...to spend more.

    I'm in my early twenties and my OH is in his early thirties, although we joke that developmentally he's in his early twenties. We don't have kids and have no big financial obligations at this stage besides rent. My OH earns barely into the 20k's and I earn 25k now. We live apart and pay about 1k rent between us, but we both are in the early stages of our careers. His job is a bit more flexible in that he could potentially move to a different location closer to me but we both feel that there's a lot of potential for promotion where he is now, whereas if he moves to a location closer to me, that would not necessarily be the case. There's no way that I can move to be closer to him. We live far enough apart that it would be impossible for one of us to commute daily - ignoring even the cost, the time it would take would nullify any benefits of living together.

    Because of the above and the fact that he's never ever had weekends off until he started this job late last year, we tend to spend every weekend together and are both getting a bit worried that we aren't making the most of our (relative) youths and all we ever do is stay in with each other and never see any of our friends. He literally sees his friends twice a year at the maximum.

    We've both decided to spend a bit more time (and money) with our friends and enjoy ourselves whilst we can. I'm getting sick of being worried about spending any money whenever I'm out with friends because it has meant (so far) that I go out for one drink and then I feel so bad about spending money that I bail on everyone.

    This isn't to say that I will go wild and get into more debt - that isn't the plan. I will just stop feeling quite so guilty on spending any money on drinks, tickets, experiences with my friends. It's making me dull to be around and I hate that.

    My plan is to allocate a bit more money to my monthly entertainment budget, spend less on food (the worst culprit!) and perhaps stop saving or overpaying so aggressively. I'll carry on paying back my debt 250 a month to my parents, and save 100 a month in an overpayment pot for them which works out logistically better than paying them extra every month.

    In this vein, in the spur of the moment I have booked a short trip abroad to celebrate my upcoming birthday which has cost me 90 and will cost me an additional approx 100 in spending money.

    I have also decided to be a bit more consistent with splitting costs with my OH. He earns less than me but because he has a car he usually is the one to come to me. I often give him petrol money but not always, and I feel this is a bit unfair of me so I'm going to make more of an effort to give him his fair share of money.

    In less emotional and more usual moneysavingness, here's my mid month balances, which I still haven't worked out a consistent format for -

    Owed
    10,500 to parents
    332.66 outstanding on my Amex (I pay this off every month in full - next payment is due in early May)

    Bank Accounts
    Nationwide - 128.94
    First Direct Current - 354.12
    First Direct savings - 50
    Help to Buy - 167.58

    Other
    OH owes me 835 which he is paying off monthly.
    Last edited by Silver Queen; 13-04-2018 at 10:45 AM.
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • lonelyrat
    • By lonelyrat 16th Apr 18, 10:06 PM
    • 520 Posts
    • 1,396 Thanks
    lonelyrat
    This isn't to say that I will go wild and get into more debt - that isn't the plan. I will just stop feeling quite so guilty on spending any money on drinks, tickets, experiences with my friends. It's making me dull to be around and I hate that.
    This is exactly how I feel. I'm 27 and OH is 25 and we don't have big commitments yet. It sounds kind of dark but youth is a bit fleeting and while it's important to pay debt down it shouldn't come at the cost of experiencing life. AND not feeling as guilty when spending on experiences is totally valid. You have a good plan for paying down the parental loan and you earn good money at the moment, which I'm sure will just keep getting better and better as you progress your career.

    I think I'm going to try and follow the same plan as you and take money out of the food budget... It is where most of my money, bar debt payments, goes and it really needs to stop! I think I have quite snobbish/ picky taste when it comes to food so really need to try and reign that in!

    Where is it that you're off to? Very jealous but am sure it will be wonderful and is well deserved due to your wage rise!
    Total Debt : 1600.00 / 7266.93
    Weight Loss: 20 kg / 45kg
    • lonelyrat
    • By lonelyrat 16th Apr 18, 10:10 PM
    • 520 Posts
    • 1,396 Thanks
    lonelyrat
    Just thinking about it and I've never received a student loan statement either... Strange! I was pre- 2012 so I think the threshold is just over 18,000. If I was full time I would earn just over that but now I'm part time it definitely doesn't affect me! I think I'll have a look into how to get a statement as I graduated in 2015 so it's strange I've never had anything. I worked out roughly what I think I owe but that's not taking into account any interest, and I'm sure it's mounting up!
    Total Debt : 1600.00 / 7266.93
    Weight Loss: 20 kg / 45kg
    • redofromstart
    • By redofromstart 17th Apr 18, 9:06 AM
    • 2,063 Posts
    • 12,826 Thanks
    redofromstart
    I think pinning yourself down to such a tight budget usually results in a rebellion and a splurge. If you can trim some of the food pot into entertainment then that is great - just make sure you maximise the smiles per pound so it is money well invested.
    • Silver Queen
    • By Silver Queen 17th Apr 18, 12:48 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    This is exactly how I feel. I'm 27 and OH is 25 and we don't have big commitments yet. It sounds kind of dark but youth is a bit fleeting and while it's important to pay debt down it shouldn't come at the cost of experiencing life. AND not feeling as guilty when spending on experiences is totally valid. You have a good plan for paying down the parental loan and you earn good money at the moment, which I'm sure will just keep getting better and better as you progress your career.

    I think I'm going to try and follow the same plan as you and take money out of the food budget... It is where most of my money, bar debt payments, goes and it really needs to stop! I think I have quite snobbish/ picky taste when it comes to food so really need to try and reign that in!

    Where is it that you're off to? Very jealous but am sure it will be wonderful and is well deserved due to your wage rise!
    Originally posted by lonelyrat
    Nice to see you around again, I was getting a bit worried that you hadn't posted for a while! Hope everything is ok on your end.

    We're going to Norway! I've never been to any Scandinavian country so I can't wait! It just happened to be the cheapest place to go
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • Silver Queen
    • By Silver Queen 17th Apr 18, 12:49 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    I think pinning yourself down to such a tight budget usually results in a rebellion and a splurge. If you can trim some of the food pot into entertainment then that is great - just make sure you maximise the smiles per pound so it is money well invested.
    Originally posted by redofromstart
    I think you're totally right with this
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • Silver Queen
    • By Silver Queen 19th Apr 18, 10:00 AM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Glorious weather today! But stuck at work

    Norway on Saturday, I haven't packed or anything eek!

    I managed to get a payout of 50 from populus, 6 from prolific and I'm so so SO close to 40 on onepoll. Also got a 10 voucher from Shoppix. Looking good this month!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • lonelyrat
    • By lonelyrat 19th Apr 18, 3:38 PM
    • 520 Posts
    • 1,396 Thanks
    lonelyrat
    Norway will be lovely! Is it Oslo you're going to? When I was picking holiday places it was Copenhagen or Oslo based on cheapness! I'm sure you'll have a brilliant time. Just checked the weather there and looks like Saturday will be nice, but the next few days not so much
    Total Debt : 1600.00 / 7266.93
    Weight Loss: 20 kg / 45kg
    • Silver Queen
    • By Silver Queen 19th Apr 18, 5:00 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Norway will be lovely! Is it Oslo you're going to? When I was picking holiday places it was Copenhagen or Oslo based on cheapness! I'm sure you'll have a brilliant time. Just checked the weather there and looks like Saturday will be nice, but the next few days not so much
    Originally posted by lonelyrat
    Oslo

    I can't wait! I just need to get away from work and stomp around nature a bit to be honest.

    Hope it brightens up for you up there!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • lonelyrat
    • By lonelyrat 20th Apr 18, 5:01 PM
    • 520 Posts
    • 1,396 Thanks
    lonelyrat
    I know how you feel about getting away from work... I feel the same almost every day Oslo will be awesome, have fun!
    Total Debt : 1600.00 / 7266.93
    Weight Loss: 20 kg / 45kg
    • Silver Queen
    • By Silver Queen 20th Apr 18, 5:43 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Thanks lonelyrat!

    I still haven't packed Tonight will be a busy night!

    Had a bit of a cheeky month this month, got an extra 300 in and somehow it's just been swallowed up by various overspends including finally buying new bras and new clothes for the first time in about two years. Before, I'd keep buying them and then feeling guilty and returning them all Also holiday ate up about 200.

    I feel as though there's a duality that I'm constantly struggling against. Part of me wants to be frugal and save money and buy a house so that I can bake bread and make jam all day. Part of me wants to go out and travel and have fun and embarrass myself whilst I'm young and it's not too embarrassing to do it.

    I just have to make sure that even though I'm increasing my spends budget, I don't go off the rails and get into actual proper consumer debt.

    Still inching my way towards cash out on onepoll. 39 and counting. Hopefully I'll get there by the end of the month and then that's it, I'm not doing it again, it's not worth it!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
    • redofromstart
    • By redofromstart 20th Apr 18, 8:21 PM
    • 2,063 Posts
    • 12,826 Thanks
    redofromstart
    Hope you have a lovely break.

    Making jam and bread gets dull after a while, and it makes you fat
    • Silver Queen
    • By Silver Queen 23rd Apr 18, 10:26 AM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    Redo, I think you must be right on that one. I love things like gardening, cooking, making jam, making bread, crafting etc and often think wistfully about how much better it would be if I had my own place and more time but the reality is I'd probably be bored out of my mind after a couple of weeks

    Back to the UK now after our little excursion to Oslo. I had a really wonderful time but it was even more expensive than I anticipated a packet of crisps for 7! Water for 3! A main meal each with no sides or drink for 65!

    Luckily I've had a reasonably good month budget wise so that's now my budget blown. I had a great time though so I don't mind.

    Annoyingly our flight back was delayed which meant we missed the last train, which meant we paid 40 for a taxi rather than 3.50 each for the train. You win some, you lose some.
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 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 1,967.83
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