My Money Matters

left up arrow - originally posted by Leo Reynolds

I thought it about time for a quick update …  

 

Things are looking up. It’s been a few weeks since a started my new job, since I started this blog and since I wrote my first My Money Matters post. Work is going great, this blog is going better than I ever expected, and my money matters are looking healthier by the day

 

First for the numbers:

 

Debts

 

Overdraft	£1,400	0 % Interest
Student Loans	£9,900
TOTAL	£11,300

 

Savings

 

Mini Cash ISA	£500	5.75 % (Tax Free)
Emergency Account	£9,900	5.26 % Interest
TOTAL	£11,700

 

I’ve been making steady progress over the last few weeks. I’ve opened a Cash ISA and managed to save £500 so far. I’ve also managed to put £100 into my Emergency Account and £400 towards my overdraft.

 

My priorities at the moment are to:

 

1. Contribute the maximum allowed (£2,500) into my Cash ISA before the deadline for this year (5th April).

2. Clear my overdraft before I start having to pay interest (April).

3. Increase the balance on my Emergency Account to at least £1000

 

You may have noticed that the amount I owe for my student loan has not changed at all. Here in England, loan repayments are calculated based on a percentage of your salary and do not start until the April after you graduate. I will start making payment this April, but as interest is calculated in line with inflation, I will be meeting the minimum payments, but my focus is going to be on maxing out my Cash ISA and building up my emergency fund.

 

Let’s just hope the next update is as positive as this one.