Credit score update (mid-July 2024)

I wouldn't normally update on credit score mid-month, but I had to share this little update. Monzo (my bank account, which includes credit score tracking - see my video about Monzo here) has upgraded my credit status from 'rebuilding' to 'looking good'.

Who knows how meaningful that actually is, but it made me smile :)

Debt cleared! (2 down, 4 to go)

In the spirit of celebrating all wins, today I can celebrate one more debt cleared. When I started this journey, I had five debts to clear: two credit cards and three loans/ex-credit cards. One of those I had been challenging for around 18 months as I had documentation to show it had already been cleared via a DMP (debt management plan). That debt was about 8 years old and had been sold to an agency, who didn't have documentation to prove it hadn't been cleared. I didn't have documentation to show it had been, as the DMP was long finished and I no longer had portal access. Last month I had a communication to confirm the debt had been cleared, which was great, and this month I paid off my smallest debt. That's two down, which is really motivating and reassuring!

Debt & credit score update (end June 2024)

You can see the June retrospective/wrap-up over on YouTube at this link. In the video I update on debt and credit scores, as well as give a summary of June spending.

First off, let's do a debt update. As ever I'm using the free tool Undebt.it to plan out my debt repayments. I can't recommend this tool highly enough!

• Total debts: 4 (down from 5 in May 2024)
• Total owed: £2499.16 (pending a couple of payments due in early July)

For better or worse, I am tracking my credit scores on this financial journey. This is partly because my bank account with Monzo gives me access to two of these scores. (For those in the UK, I made a little video about how much I love Monzo here.)

Here's the update for the end of June:

• Transunion: 532 (+9 since May 2024)
• Equifax: 662 (+22 since May 2024)
• Experian: 578 (first track)

I find this to be an excellent overview of credit scores from DebtCamel, and below is a table from Money Saving Expert.

https://www.moneysavingexpert.com/credit-cards/what-is-a-good-credit-score/

iPhone homescreen finance layout

When it comes to my iPhone's home screen(s), I'm pretty minimal. I have a main front page with key apps and a snapshot of my calendar, and a second page with a snapshot of the weather, my ToDoist, and the total number of miles cycled this week via Strava. I also have a couple of folders with work apps and cycling apps.

But after being inspired by someone on YouTube talking about the YNAB widgets, I decided to make a whole separate screen dedicated to finance and budgeting, and it looks a little something like this...

Asda vs. Costco?

I've long been a grocery delivery sort of a person. For at least 10 years now, given that I don't drive and tend to live in places with small, higher-cost mini supermarkets nearby. I've been to Costco once before around 10 years ago, and I went with someone who knew which prices were better than elsewhere or not. I work in education so I'm eligible for a membership which is £33.60 (incl. tax) for one year.

Today, a friend with a membership kindly let me tag along on a Costco trip. I took as many photos as I could of various items I frequently buy, so I could go home and compare prices.

(While I was there I also picked up some bagels, apples, and sweet peppers. Why did no-one tell me how great Costco bagels are?)

Let's look at my price comparisons... 

Deinfluencing content

Something I've only recently discovered on YouTube, TikTok, Instagram, etc., is deinfluencing content. As someone (like anyone these days) who consumes a fair bit of content on those platforms I've valued in recent times consuming content that is more interested in my financial wellness than influencing me to spend money at all costs.

As I've been navigating a no-spend month and as I am trying to kickstart a healthier relationship with money, I've been trying to watch at least a couple of YNAB's videos on YouTube per day. This is because I've found that being proactive about consuming media that encourages good habits and financial wellness (and avoiding doing financial harm to myself) has been REALLY sustaining.

I wanted to share a couple of videos/channels that I've appreciated in recent days, if only for me to come back to later!

Rock bottom (debt + credit score)

There's really no better place to begin than rock bottom.

I'd actually say that this isn't rock bottom. I've been deeper in debt than this before in my lifetime. I had a default/CCJ in my early 20s, and I've twice completed debt management plans with the (excellent) charity Stepchange.

But I really really really want to clear my debt and keep it cleared once and for all. I want to make a solid plan and execute it. A big part of that is awareness and facing up to the journey ahead of me. You can see my goals and priorities on the about page of this blog for more on all that.

So, time to look at the debt total, deep breath.... 

This graphic, by the way, is from https://undebt.it/, a tool with a solid free option that I highly recommend.