We helped Adam clear his overdraft and more… We helped Adam clear his overdraft and more…
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We helped Adam clear his overdraft and more…

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by Jamie Phythian

Adam recently got in touch with us after his HR team introduced him to PinPoint!

Adam is 25 and currently works in customer service for a law firm in London.

In September, Adam will start his masters in Business Management as he wants to get a bit more qualified before pursuing his career.

For this reason, he’ll go from working full-time to part-time so he can concentrate on his studies. He figured now was the time to get more on top of his money.

Ultimately, Adam wanted to pay off his overdraft whilst still being able to have a bit of fun with his money along the way… a familiar story for most of us!

Clear overdraft

How we helped

We hate to say it, but the way we helped Adam isn’t mind-blowing.

He already had a really good grasp on finances, we just added some finishing touches.

Adam simply needed a practical and realistic plan to follow, but that's the tricky part.

As Adam’s pay drops in September when he goes part-time, we wanted to set him some manageable goals to start with.

For this reason, we split his plan into two mini ones.


Mini plan 1 (Sep 17 - Dec 17)

We advised Adam to… 

  • Set up a regular savings account, this will be where he will save money specifically to pay off his debts….and get some interest along the way. 
  • Start with saving a manageable amount of £25 a month, so he’ll have £100 saved by Christmas.
  • Keep his overdraft at £1,400, so he won’t be charged for going over his limit. (Important Note - Adam has a student overdraft, this wouldn’t work very well if it was an interest bearing overdraft)

We wanted Adam to have a great Christmas, so our second mini plan started in January. This is where we’ll really help him make a difference.


Mini plan 2 (Jan 18 - Sep 18)

At this point, Adam will have some extra cash each month as some of his outgoings will be dropping. We gave him 2 options of how he can use this extra money to save towards paying off his debts.

  • Option A - Increase his payments to his regular savings account to £100 a month
    •  Adam can have a bit more fun with his money whilst still paying off a considerable amount of his overdraft. By Sep 2018, he’d have £905 saved to use towards his overdraft. 
    • = overdraft balance of £495 and a credit card balance of £310
  • Option B - Increase his payments to his regular savings account to £200 a month
    • With some extra motivation, Adam could really overachieve! Saving at this rate would build up a fund of £1,710 by Sep 2018.
    • Adam would be debt free!

Clear debts

When Adam came to us for help, all he wanted to do was pay off his overdraft in a year.

We’ve shown him how he can do that and clear his credit card balance at the same time!

Sometimes you don’t need a crazy solution to get more out of your money. Most of the time, a practical plan you can actually follow is all you need.


We could help you next!

Let us know your goals and we’ll get started on your plan.

Just sign up here.


Posted: 07/08/2017

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