I lived paycheck to paycheck and had £5k of debt, I paid it all off in 8 months without going cold turkey on my spending
A WOMAN has revealed that she was living paycheck to paycheck and found herself in £5,000 of debt.
Not only this, but Devamsha, who describes herself as a ‘financial hot girl’, was also £2,000 in her overdraft too.
The young woman explained that to get out of debt and say goodbye to her overdraft for good, she had to change a variety of her lifestyle habits.
She explained that it starts with checking your bank account, and it’s also very important to really think about things before making a purchase.
Sharing her advice on social media, the now savvy saver, Devamsha, said: “The first thing I did when I graduated and got my first big girl job, was get myself into about £5,000 of credit card debt and also keep myself in my overdraft for about two years consistently.
“I managed to pay this off and get myself out of my overdraft permanently thanks to lockdown. That was how it was slightly a blessing for me.
“But there are some habits that I have now that have kept me out of ever being in that situation ever again.”
Devamsha firstly explained the importance of checking your bank account, as she revealed: “The number one thing I know I did was stick my head in the sand every time it came to checking my bank account. I wouldn’t even check how much I’d been paid.
“The one big benefit to checking your bank account, and now it’s something I do as part of my budgeting process, is to see where you’re at. It puts your feet back on the ground.
“By not checking my bank account, I was lying to myself about how bad my situation was.”
Not only this, but she also discussed her mindset shift when it came to spending money, as she added: “Another rule that I have now – I spend money how I want to actually spend money.
“When I graduated and got myself into this debt, the debt was largely driven by buying stuff to fit in with people around me and also spending money at social events and on a lifestyle to impress the people around me.
“A few years on and out of credit card debt, I know what kind of lifestyle I want for myself, so I spend money according to that, not according to who is around me.”
Not only this, but Devamsha also claimed that she now really thinks about her purchases before making them, as she continued: “Another thing I do that has permanently kept me out of credit card debt and really keeps me in my place with overspending, is when I want to buy something, really thinking about if I need to buy it now.
“I think, ‘do I actually need this thing, right here, right now?’.”
In a follow-up clip, Devamsha explained that she was “living paycheck to paycheck”, but found an additional three things very helpful in changing her financial situation.
She revealed: “Here are some tips on how to get out of a student overdraft. I paid off my overdraft, in about seven to eight months.
“What I did was I started out with a plan. I didn’t just pull this out of nowhere, I had a clear vision of what my future looked financially at that time, which was not having to rely on the overdraft.
“I started to make some changes in my money habits. I looked at my transactions and my habits and I picked out the ones that were doing the most damage. At the time it was drinking and eating out.
“Month by month, I reduced it bit by bit, instead of cutting stuff out cold turkey.”
The TikTok clip, which was posted under the username @devamshagunput, has clearly left many open-mouthed, as it has quickly amassed 39,400 views.
Social media users could relate to Devamsha and were thankful for her advice.
One person said: “This mindset is gold, thank you!”
Whilst another added: “I can relate. When I became aware of how I was feeling, it allowed me to think about whether I needed to purchase that item and made me change.”
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