Welcome To My Blog

The Essentials

My name is Mx Emmin, I live in the UK, I am 28 (almost 29) and I use They/Them pronouns. This is my money journal.

I get paid about £21K a year, and after all deductions – tax, student loans, pensions, some work benefits like dental – I get about £1300 each month in my bank account. That’s… ok, if I live a very specific lifestyle. I live in a shared house so rent is lower and bills included, I shop at cheaper supermarkets, I don’t have a car, I never go on holiday, and I have no kids. So I don’t exactly want to be living this life forever.

My diary/journal was on the Moneysavingexpert and YNAB forums initially, but the MSE forums are aimed at becoming debt free, and YNAB forums announced they would close at the end of March 2022, so I’ve moved all my previous posts across to WordPress and started my site here 🙂

The Current Situation

On Feb 28th 2021:

My Bank Accounts Net Worth Is £10,596.98

My Investing & Pension Net Worth is £11,745.41

See a further breakdown here

The Backstory

When I was at the height of my debt I didn’t take as accurate measurements as I do now so I’m not 100% sure how much debt I had. The highest figure I had recorded was -£2355.04 but that was when I was already a few month into my journey and I suddenly realised that I needed to know how far I’d come.

That doesn’t sound like much I know but as I said, I’m single, and I work in customer service. I’m not paid mountains now and especially back then I was paid near-minimum wage. Plus, because I didn’t have a good grip on my finances, £2000 felt like £200,000.

I went through a nasty break up/escaped a really bad home situation in Feb 2019, moved to a new city and decided to sort my life out. I started out on Moneysavingexpert, which gave me a good starting point. They first suggested an envelope style system, although they called it “piggybanking”, but their suggestion was to essentially have a different savings account for every savings goal. That obviously isn’t hugely sustainable but it gave me a good start, and then I saw people talking about this “YNAB” system in the forums…. I started my YNAB account in late September 2019 and now I became debt free in July 2020!

So small confession: technically – technically – technically – I still have student loans. But for those of you who aren’t in the UK, they work a little different here. They basically function as an extra tax. A % of my income above a threshold (the exact % and the exact threshold varies according to the year you went to uni) is deducted automatically from my paycheque before the money hits my bank account. If I don’t pay off all my loans within X many years – and I would need to be very well paid to do that – the student loans are cancelled. Very few people pay them off. There is technically a way to overpay, I’m told, but it’s just not worth it for the majority of us unless you receive a big, lottery-style windfall. And frankly if I got that windfall I’d buy a house. So those debts are basically invisible to me, as I said, they just act like an extra tax.

Visit The Archives to find out more

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