Money

Getting serious about my debt

Six months ago I finally rented out my flat in Aberdeen and breathed a sigh of relief that I wouldn’t be paying for two sets of bills anymore. For some reason I thought that this meant I could stop tracking my spending and worrying about having a budget. Big mistake.

I was still in debt.

Still AM in debt.

So why I thought this was a good idea at the time I have no idea. Fast forward three months and I was in a pretty good position financially. Part of the reason I moved to London was so I could explore Europe at a much cheaper cost but I didn’t do any travelling at all in 2014 because I simply couldn’t afford to. 2015 was to be that year a I started planning various trips with gusto. A couple of which I’ve already taken; Paris, New York City, Oslo.

Fast forward another three months and my financial situation has changed completely yet again. This time in not such a good way. I had finally paid my dad back some money he had loaned me for my flat deposit for the first time since I moved to London. £1k which was roughly the amount of money I’d made from renting the flat out for the previous six months, hence the huge drop in my NET worth this month. A couple of days later I committed to attending Dragon Con in Atlanta in September making hotel arrangements and booking flights, which I got at a bargain price FYI! Then the bad news started to trickle in; there was an issue in my flat with part of the roof collapsing due to damp which I have no idea how much is going to cost to get repaired, my rent is going up £100 a month and because of this I’m probably going to be looking for a new place in 6 months which means saving for a deposit. Y’know right around the time I’m going to be heading off to Dragon Con *sigh*.

So with all this, plus my 30 by 30 goal to be out of debt by that time it’s time to get serious again. Basically I need to save around £400 per month between now and May 2016 in order to achieve this and put it solely towards debt repayment. I’m very lucky that I’m not paying any interest on any of my debt thanks to balance transfers and such like so I don’t have to worry about racking that up at the same time.

I’m quite lucky that most things for my trips are prepaid but I still have about £600 worth of hotels to pay for in the next 6 months and of course spending money so I can actually enjoy being away!

To help I’ve put myself on a theatre ban for the next six months so apart from the tickets I’ve already bought for Alice Underground and Hamlet I won’t be going to any other shows unless I get complimentary tickets. *hint hint* Expect to see a lot more free events and cheap eats on the blog as I try to have a bit of a social life while saving money.

I actually like the budget I made back in September but I need to track my spending for this first month to see what sort of numbers I should be aiming for. I currently get £1,688.80 per month salary and approximately £200 from renting out my flat but I’d like to make a little extra money on the side somehow to bring up that total to a round £2k per month. How I’m going to do that I’m not entirely sure but I’m open to ideas!

Are you in debt? Do you have a plan to pay it off? Any suggestions for ways to make a bit of extra cash?

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