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    • BelleOfBilboa
    • By BelleOfBilboa 28th Jun 18, 7:41 PM
    • 27Posts
    • 64Thanks
    The Debt Diary of a 20-something Spendaholic
    • #1
    • 28th Jun 18, 7:41 PM
    The Debt Diary of a 20-something Spendaholic 28th Jun 18 at 7:41 PM
    I am 26 and I am in debt.

    I loooove to spend money and I quite like to ignore the consequencesÖwell not anymore! The only way I will be able to achieve my goal of being a home owner by 30 is to get rid of my debt! Step one: acceptance
    For the first time ever I have collated all of my debts and calculated the total *drumroll*Ö ~£10220.56! I realise that might not seem like a massive amount to someone with a mortgage/pets/kidsÖbut to your average 26 year old without responsibilities I think that might be quite the sum. And an unnecessary one at that!

    I pay roughly £500 in debt repayments monthly and have been doing so consistently for a while now but the big figure hasnít really gotten that much smaller. I tend to get stuck in a vicious cycle: borrow from the bank of Mum & Dad > pay back what I owe > rinse and repeat. For a while I was your typical girl living a champagne lifestyle on a lemonade wage, but now my income isnít half bad and I really should be making bigger dents in that £10k!

    I hate asking my parents for money but itís too easy and my parents would rather I ask them than see me get a credit card...I REALLY need to learn how to live within my means!

    Iíve had a little bit of a wakeup call recently as I am just about to move in with my boyfriend (literally in 2 days) and so I will be moving out of my shared house where bills have been included and into a rented property where I will need to pay for rent + bills. The rent is the same as what Iím currently paying but the bills are going to cost me around another £150 each month. We have budgeted and I can afford this but only if I am sensible with my money.

    FYI my boyfriend is in a lot of debt too (accrued before we got together may I add, not my influence!) so we are in this together. He has even sparked an interest in creating his own debt free diary! You might make MSEs out of us yet

    In order of priority, hereís the breakdown:
    Next £362.91
    Natwest Overdraft £2000
    Natwest Loan £1692.30 25%APR
    Career Development Loan ~£4000*
    Bank of M&D £2165.35
    *I have estimated my CDL figure slightly but when I get a new statement I will update to the accurate figure.

    Iíve prioritised my debts and Iím going to treat them like mini goals. The Next account is my smallest debt and the result of frivolous spending so I need to get rid for good. My overdraft is scaring me a little as I accrued this as part of a student account and I have read horror stories of Natwest demanding their money back at short notice! My Natwest loans are recent debts as a result of poor planning for an expensive holiday earlier this year. I had to get a career dev loan to pay for my masters degree. And last but not least, the bank of M&D have lent me money in the past to buy my car, pay for last yearís holiday of a lifetime and thatís additional to general handouts.

    If I continued clearing my debt at £500 each month (without getting into more debt) then I should have a DFD of Spring 2020! Not too bad but I think I can beat this, I would love to start 2020 debt free! This goal will require some work and some significant overpayments but I have two jobs and I also earn money from cat/dog sitting. If I commit then I can definitely do this!

    I spend hours stalking other diaries on here but now I want to join the club!

    As a result of my stalking, I have recently signed up to Prolific Academic, Grassroots Mystery Shopping and I have an eBay account to sell bits and bobs so any money I accrue from them I will only use to repay debt. My promise to you.

    So here goes! My first (and hopefully only) debt free diary!

    Last edited by BelleOfBilboa; 10-08-2018 at 12:53 PM.
Page 2
    • Littlebirdie
    • By Littlebirdie 22nd Jul 18, 8:09 PM
    • 229 Posts
    • 285 Thanks
    Hello, we sound very similar so I've just commenting to say that I will be cheering you along - you sound like you have made a great start!
    To staying out of debt!
    Credit card (May 2018):£1082 £953.50 July 2018 Aim: £638.50 October Emergency fund: £753/£1000
    • BelleOfBilboa
    • By BelleOfBilboa 10th Aug 18, 12:40 PM
    • 27 Posts
    • 64 Thanks
    Thanks for the support LittleBirdie good luck on your journey!

    I have been quiet on here lately, I must try making my updates into more of a habit, at least once a week or something!

    News on the Natwest overdraft, I had to speak to 3 different customer advisors until I got my answer but basically if I were to pay off my overdraft in chunks, I would be negatively affecting my credit score. I was told that to pay off in chunks, you simply apply for a new overdraft at the lesser value eg. current overdraft sits at £2000 and I want to pay £50, I need to reapply for an overdraft at the value of £1950. Im not good with having money sitting in my account so paying off in chunks would have suited me best, however I dont want to keep chipping away at my credit score so Im going to have to have a behaviour change and just keep adding money into my Natwest account until I have enough to pay it off. My plan is to do it in 2 chunks, pay off £1000 and then basically start again. Im hoping this way it will be more manageable, I wont be able to blow lots of money and it will only affect my credit score once. Thoughts are most welcome though!!

    What else is going on? Well not a lot really. Muffin update (#muffdate) the canteen are no longer stocking them as they had been on promotion. Im deeply saddened but alas I must move on

    Last month I managed to make £38 from mystery shopping, £40 from cat sitting and £5 from Field Agent! The £40 from cat sitting unfortunately got reabsorbed into my account as I needed the funds at the time but I am quite happy about putting £43 extra into the Next account

    So far this month I have made an extra £50 from market research, I will also accrue 3 x pet sitting payments which will probably earn me >£200, I have a mystery shopping assignment worth £22 and its still only the 10th August! I think Im doing pretty well the Next balance now sits at £238 and will be even less by the end of this month!

    I have however had to make a rather large pay out, an advisory from my MOT back in May was to replace my front tyres as they were nearly worn. I invested in some middle of the range tyres with good ratings. £111 in total but a necessity (just think of how many muffins I could have bought!)

    Has anyone had any luck with Populus surveys? I rarely have them come into my inbox and when I do I am usually not eligible and get sifted out . YouGov isnt too bad but will take some time to reach the £50 payout. ReceiptHog is a bit addictive but so easy and quick to manage so I dont mind dedicating a bit of time here and there to that. Still waiting to have my application approved by Prolific Academic but I have heard that PA is the best survey site! Market research and mystery shopping are definitely proving to be my biggest extra earners right now though (not including pet sitting and my second job).

    Oh and I wouldnt recommend Field Agent unless you are confident talking to yourself in the middle of a busy supermarket! Definitely got some strange looks for that one!!!
    Last edited by BelleOfBilboa; 10-08-2018 at 12:51 PM. Reason: Apostrophes not recognised
    Next £362.91/£0; Natwest OD £2000/£2000; Natwest Loan £1692.50/£1104.29; CDL £5700/£5080; Bank of M&D £2710.35/£1965.35 DFD 31/12/19

    • lonelyrat
    • By lonelyrat 15th Sep 18, 9:14 PM
    • 482 Posts
    • 1,235 Thanks
    Hello! How are you getting on? I found it hard to update my diary a lot at first, but the more you do it the more fun it is Although my diary is far less about money than it should be haha!

    Love the #muffdate ... But not so keen the muffins themselves are missing Well done on your extra payments! It really does make a difference I think. Can't really advise on the surveys as I never had the patience for them really! Scott_Weiland does loads of them so if you have any questions maybe go give him a shout

    With your overdraft it seems a bit backwards. Definitely doesn't make sense to treat it as a new credit application each time... I would do what you plan, just keep adding to it. It's definitely hard, but it is doable if you just keep at it. I kept mine totally separate from my spending money and just tried not to think about it.
    Total Debt : 1723.49 / 7266.93
    Weight Loss: 19.2 / 45kg
    • BelleOfBilboa
    • By BelleOfBilboa 28th Sep 18, 3:24 PM
    • 27 Posts
    • 64 Thanks
    Thank you to lonelyrat for the push I needed to write another post

    Progress since my last update:
    • Paid off Next account (and closed store account)
    • Found out my accurate total debt figure, (well…excluding the interest)
    • Paid off car!!!
    • Updated my signature

    I calculated my current debt figure, adding in what I had forgotten the first time around and the current figure as of today’s date sits at £10396 This was a little disheartening as when I began my diary (in June?) I thought I was close to breaking the <£10k mark …however I then calculated how much debt I had cleared since starting my diary and the figure is £1929 which made me feel proud
    getting there!

    Some of the money I borrowed from my parents was to buy a car back in 2015. Today is pay day and I have just paid my last car repayment I feel very happy about this as it has taken me just under 3 years. So that will be my car and Next account cleared, two little milestones

    I have set my DFD as end of 2019 as I don’t want to go into 2020 with debt. I want to start saving for a house deposit ASAP as soon as I am debt-free as I know that is going to take a few years. If I only pay my minimums then I won’t achieve this so I’m going to need a frugal 15 months to really smash my target. I’m hoping I can get a promotion, some pet sitting jobs and some more mystery shopper/ market research gigs to help. Wish me luck!

    I still need to do a car boot sale with my OH at some point. Proceeds from that will go to our holiday fund I expect so no rush. I was originally going to put whatever I made on this towards debt but I think it’s easier to put in our piggy bank rather than divvying out who earned/sold what etc.

    I’ve been panicking a little bit about how I’m going to afford Christmas (I feel like this every year I’m sure!), I have so much family and now my OH’s family to think about too! But I sat down and did some calculations and I think I can afford it if I budget and I will still manage to make my minimum debt repayments, no overpayments though which is ok for a month or two as something has got to give I guess.
    Over and out

    Last edited by BelleOfBilboa; 28-09-2018 at 3:26 PM.
    Next £362.91/£0; Natwest OD £2000/£2000; Natwest Loan £1692.50/£1104.29; CDL £5700/£5080; Bank of M&D £2710.35/£1965.35 DFD 31/12/19

    • lonelyrat
    • By lonelyrat 18th Oct 18, 10:52 AM
    • 482 Posts
    • 1,235 Thanks
    Hello! Glad you're back Sorry I went AWOL again for a wee bit there (easily happens!)
    Well done on paying off the next account/ paying the car that's brilliant!! £1929 is a great amount to have cleared so you should feel very proud!

    With regards to Christmas it's great that you've sat down and budgeted it... I really need to take a leaf out of your book!

    How are you getting on at the moment?
    Total Debt : 1723.49 / 7266.93
    Weight Loss: 19.2 / 45kg
    • BelleOfBilboa
    • By BelleOfBilboa 9th Nov 18, 11:47 AM
    • 27 Posts
    • 64 Thanks
    Hello to anyone that might be reading....lonelyrat this is mainly aimed at you

    Wow life is crazy right now. Ever since I realised the magnitude of my debt and figured out an actual number I have been so motivated to reduce it but itís taking its toll

    My days consist of getting up at 5:30am so I can make my way to a clinical trial before work. I work full time but I then have to fit in the horse, my second job, cat sitting jobs, market research and life eg. washing, food shop, cooking, sleep. I am exhausted. To top it all off, I have a job interview next week and I have to perform a 10 minute presentation for the panel. This week and next are two of the busiest weeks in my work calendar too so I canít even get the day off to go to the interview! We compromised and they have let me do an skype interview from home

    I know you may be thinking that writing on here is the last thing I should be doing with my timeÖ you are right I am procrastinating but it is also helping to get my head straight and realise what I need to get done in the time I have.

    My weekend plans were going to consist of travelling for an hour tomorrow to meet up with my parents for lunch, followed by running a canicross 10k. Then on Sunday I had planned to travel for two hours to meet up with one of my best friends from uni who I rarely get to see because of distance. Iíve been realistic and cancelled the majority of my plans. The 10k was booked and paid for and Iím running someone elseís dog so I canít let them down but as soon as I get back from the trial in the mornings I will dedicate the days to writing the presentation and prepping for the interview. My friends and family will have to wait luckily they are very understanding and they just want me to be happyÖwhich Iím not at the moment with my current job.

    Life is crazy. I work best under pressure but I have to admit I am rather stressed. And tired. The clinical trial finishes on the 19th so not too many more early starts. The horse is being neglected because of my busy schedule, poor thing, Iím really missing him but the time off will do him good. I hope! If he is a rocket the next time I sit on him then I can only blame myself

    It will all be worth it in the end and if I get the job then I will slow down, itís a pay increase and I would have to quit my second job, cat-sitting and market research etc. It is also kind of my dream keep your fingers crossed for me please!

    Would love to hear how anyone else manages to balance so much and survives to tell the tale. Please do share
    Next £362.91/£0; Natwest OD £2000/£2000; Natwest Loan £1692.50/£1104.29; CDL £5700/£5080; Bank of M&D £2710.35/£1965.35 DFD 31/12/19

    • adg89
    • By adg89 9th Nov 18, 1:26 PM
    • 46 Posts
    • 20 Thanks
    Hi BelleOfBilboa !

    Just found your diary! Loving your story so far and will be tagging along to see when you finish your debt journey!

    Best of luck and well done for all you have paid off so far!
    My DF Journey Start: 22/10/18 DFD: 25/03/19
    VM CC £5,727.84 OD - PAID OFF OH Cap One: £355 OH Aqua: £825.28
    Owed to fam/friends: £423 EF - £140/£720 (19%)
    Total Debt Remaining: £7,331.12/£8,991.57 18% gone
    Balloon Payment for adg89's car due in March 2019 - Amount due will be £5,227

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