Finance Notes: How I am getting on (June 2011)


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.

Check out these useful links for anyone who has UK based personal finances. For my US readers, read this blog.

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