Posts from the ‘debt’ Category

This is all I saved last week

….3 quid.

Pathetic I know but at least it was still something!!

I really need to giddy up with my saving because it is just paltry sums I am putting away!


Keeping a cash book

I have been keeping a cash book for a few months now. It is one of the only positive things I have been doing for my journey to get rid of debt.

I can see that I have the following patterns:

  • I’m an impulse buyer. I will randomly decide to buy Company magazine, as I did today (argh!)
  • I buy chocolate when I’m at university but I buy it less on the weekend.

Sometimes, I wish I could just stop spending money!

Saving Money

I put £10 away today in my glass jar in my warderobe.

So now, I have around £39 saved.

It’s not a massive amount of money but it is something. I just kept putting the money away and now I have £39! It’s exciting.

The next things I have to do are my March debt payments for my credit card, overdraft and my ISA savings account so I will do them on Friday, the last day of February.

Pensions, Pensions, & Pensions

I have not updated my pension scheme yet and they keep writing to me asking for ID when the Home Office has my passport.

My pension is really important to me and this global crisis is making it lose fuck loads of value, which is pissing me off a great deal.

If I put £10 each month for 5 years, I would have £600 in my pension plan.

This is not a bad look at all considering many young people do not have pensions. I am going to try and put the minimum payment of £18 in my account each month to make sure that I have some sort of security.

The financial crisis has meant my pension worth has plummeted to £232.

This is disheartening when it was around £280 earlier this year.

Banks & Overdrafts

I feel relieved today.

I called up my bank to enquire about my student overdraft. As you may know, my student overdraft is at its limit and the current balance sits at a tonk -£2, 049.

However, the bank explained the following:

  • I am hopeful to start my MA course in September. They said that when I finish that course, I will then have one year interest free on my overdraft. So that means that I will have until 2010 most likely to pay off the full £2,049. Anything can happen in those times but I am deeply relieved

I would go to sleep thinking about how much I needed to pay to pay off the student overdraft and my credit card. Now, those sleepless nights can start to be combatted.

And I am just so relieved that I have more time now. So technically if all goes well in life and I go to my MA in September, that will mean from this month until July 2010 for instance, I will have basically 24 months to pay off the £2,049, which works out to be around £85 or something pence a month.

I have broken them down into several options of how to pay back this money:

Option 1: £85 each month x 24 months

Option 2: £100 each month = 20 months to pay off.

I truly could not afford to give more than that when I am going to be a student.

I will work really hard to stick to the plan but it will be difficult because I truly want to start saving dosh.

This means I will have to now start looking for a part-time London job for september.

What are your thoughts?