My last post about personal finance seemed to strike a chord with some of you, which I really liked so I hope that in sharing I can give you all an idea of how I am doing. Charcoal Ink is always about hair, business & culture – but as we all know, finance plays a big role in how we can buy the hair products we love and how we can look our best.
It’s a little daunting to discuss my financial situation candidly online, but I am determined to be a better person which means I am going to divulge how some things are going in numbers & details.
- Credit card debt: None
- Bank overdraft: £1,998.39
- Savings in building society account: £313
- Emergency savings fund: £25
— At the moment, I have no credit card debt and while I am almost £2,000 overdrawn (yikes!!), I spoke to my bank a fortnight ago and they said that because I am overdrawn on my student account, I have a one year’s grace period to pay it off. Essentially, it is an interest free overdraft or loan I suppose. I am so paranoid about it – I called them twice to check that I am alright for the one year’s grace and while I remember her saying everything was fine, I really just want to get rid of that amount.
My savings are at £313 and they are in a savings account in England. I feel good that I am managing to put away money, but paying off the overdraft and creating a real nest egg is extremely important.
All in all, this June has been good because I finally paid off my credit card & I set up my first emergency savings fund. I am going to use this fund in case something happens such as a light breaks at home or anything like that.
How did you all get on this month? Keep an eye out for more personal finance-focused posts as I try and build my business and keep my sanity at the same time.