Is Is Possible For Me To Be Debt Free By 30? (27/09/2009)

saver03 · 7 December 2007 at 10:23PM

I have decided to start a new diary and hopefully it will push me to work towards my goal of being debt free by the time that I am 30!

I am currently in talks with my mum about her lending me some more money so that I can pay off my loan and save on the interest. If she does then I will only owe her money and will have no interest to pay. However, when I say only I would owe her £16200! :eek:

As there is only 21 months until I am 30 :eek: then I would need to be paying nearly £800 per month. :eek:

A lot of shocked faces, I know!!

I will post my revised soa soon and would really appreciate some advice as I will have to cut back to be able to reach my goal.

gems2381 · 7 December 2007 at 10:49PM

Good luck!

Sea78 · 7 December 2007 at 11:04PM

Look forward to seeing your SOA

london_fox · 8 December 2007 at 12:01AM

It might seem hard but you never know! There are so many ways to raise the extra cash needed. As long as you keep checking in on here every now and then, you will be fine! Look forward to checking out your SOA so we can give you some tips.

immoral_angeluk · 8 December 2007 at 12:06AM

Anything is possible if you believe in yourself enough. It may be hard but motivation is the key.

saver03 · 9 December 2007 at 10:25PM

RENT £410
COUNCIL TAX £88
CONTENTS INSURANCE £23
MUM LOAN £450
WATER £15.66
TV LICENCE £13
VIRGIN MEDIA £30 (phone, tv and broadband)
MOBILE £39.99
GAS £40 (on meter so high as it is winter)
ELECTRIC £25 (on meter)
FOOD £100 (for 2 people and 1 cat, including toiletries and cleaning stuff)
WEIGHTWATCHERS £17.95 (monthly pass)
HAIR £25 approx. (have it done very 6 weeks)
ISA £250 (holidays, birthdays, Christmas, pay off debt sooner)
TOTAL £1527.60

Incomings
OHs £1280
ME £570 approx. (every 4 weeks and sometimes more if I can do extra hours)
TOTAL £1850 approx.

Difference £322.40 (Have no idea what we do with this!!)

I think a spending diary is in order! I didn't realise we had such a huge difference. I am guessing we spend it on stuff, maybe lottery or if we have take-out. I think a spending diary will probably be very enlightening and also scary!!

Any advice is greatly received as I would love to be debt free by 30 and there is not really that long left.

MissEyre · 9 December 2007 at 11:37PM

I think it's great that you have a target-am sure you will get some good advice about your SOA, and a spending diary sounds like a good plan, especially when you have a spare £300 going walkabout every month

redsquirrel80 · 10 December 2007 at 12:50AM

Good luck - I'm also aiming for when I'm 30, just three months after you! The spending diary is a good idea - I also find the weekly challenge, i.e. setting a budget for anything 'extra' above the bills/ food etc a great help.

I can't see anything glaring in your SOA, maybe you could find somewhere cheaper for the hair cuts, try a local college that does hairdressing or trainee night at salon?

There seems to be quite a few challenges kicking off for 2008, maybe join one of them for ideas and motivation for making some extra money?

And once again... good luck! :beer: x

skintas_2 · 10 December 2007 at 1:15AM

i wanna be debt free for 30 to,23 months.......

chloebelle · 10 December 2007 at 1:47AM

Best of luck OP, I am determined also to be debt-free by 30 which is 6 years away. Best of luck, with a firm aim in mind you will do it.

cocalls · 10 December 2007 at 7:04AM

RENT £410
COUNCIL TAX £88
CONTENTS INSURANCE £23 Is this buildings/contents look on quidco to see if you can get cheaper
MUM LOAN £450
WATER £15.66 ring up to see if this can be spread over 12 months
TV LICENCE £13 check this is right mines 11ish
VIRGIN MEDIA £30 (phone, tv and broadband)ring threatening to leave and they give you cheaper deals i do this every 6mths or so!
MOBILE £39.99 this is high is it for 1 or 2 can you get payg or ring to get a tariff cheaper
GAS £40 (on meter so high as it is winter)maybe reduce the time you have the heating on each day
ELECTRIC £25 (on meter)Make sure everything is turned off at mains and cut back
FOOD £100 (for 2 people and 1 cat, including toiletries and cleaning stuff)
WEIGHTWATCHERS £17.95 (monthly pass)
HAIR £25 approx. (have it done very 6 weeks)
ISA £250 (holidays, birthdays, Christmas, pay off debt sooner)
TOTAL £1527.60

Incomings
OHs £1280
ME £570 approx. (every 4 weeks and sometimes more if I can do extra hours)
TOTAL £1850 approx.

Difference £322.40

Hi there its def doable id start a spending diary to see where the extra money goes do you mind me asking why you are on such a low wage? Id say that this is one of the biggest problems if you can get more hours and/or a better paid job then you'd be debt free in no time good luck!!

Is Is Possible For Me To Be Debt Free By 30? (27/09/2009)

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