Pay off £16k in 2016

YoungBusinessman · 10 December 2015 at 10:11PM

As you may(or may not) have seen, i have a thread in here already. I just feel its far too negitive so i have started up this new one for 2016! I realise i am early but everything i do workwise from now on i dont get paid for until the middle of January so why not start it now!

My debt started at £46k in the summer and iv nailed it down to just under £30k. This is from working crazy hours, ebaying off lots of stuff and starting to keep an eye on spends. From now on i plan to work harder and smarter but while putting in less hours. Aiming to maximise salary in 2016 and get it to a career high. The income side of this isnt the challenge though, the outgoings are.

I spend too much going out, at the baker at lunch(need to take a packed lunch box!!) too much on modding my van, eating out, takeaways, clothes etc etc just your normal young male stuff!! If i can track things on here i feel my money will go to much greater use. Aswel as this challenge to pay off £16k, i have a seperate one of £15k in 2016 to be saved. So effectively i will be debt free come 31/12/2016. I need you guys to help keep me on track so this can be my last year in debt. Thanks for reading, hopefully i can get a few followers so iv got help and advice when i need it....as noone else even knows im in debt :eek: :beer:

YoungBusinessman · 10 December 2015 at 10:13PM

First mini challenge is to fill out the £1,000 emergency fund. I only started last week so its sitting at a tiny £41.50 right now. Ok if the emergency is we run out of milk but any worse and im stuck!!

tootallulah · 12 December 2015 at 9:09AM

Hello YB I was wondering how you were doing, and it looks like you are doing very well. Outgoings are pesky, I have found YNAB really works for me and it has prety much stopped my "oh its only a few quid" purchases.

Good luck with your 2016 goal - I know you can do it with bells on!

lcc86 · 12 December 2015 at 9:35AM

Hi YB, I was subscribed to your original thread so have subscribed to this one too. You've done so well this last year!!

Have you thought about posting an up to date SOA? I recently updated mine after getting a new job to ensure I stay on track.

As for saving/not spending 'frivolously', I guess for me it's always going to be work in progress and there will be times I spend unnecessarily. I used to spend a fortune on my old car so see where you're coming from on that front (although in my case it was partly responsible for getting me into debt in the first place!). I try to think about whether spending X amount of money on something will actually make me happy. If it won't I try my hardest to not do it. I also try and have a few months of scrimping and saving as much as possible then I give myself a month off. Perhaps you could try something similar? I find it helps to break up the debt-busting so it's not quite as daunting!

All the best for 2016's debt-busting and saving, I'm planning similar things (although on a much smaller scale) so will follow your plans too

YoungBusinessman · 15 December 2015 at 8:37PM

Hey guys, thanks for you posts. Also to the two who took time to send me a PM. I agree its about time i sat and worked out a new SOA. I will get onto this over my time off, i have 2 weeks off over Christmas. Hoping to keep expenses down as will be going 4 weeks without income as opposed to the usual 2. I am planning a short weekend break away in April so may try to work towards living as frugal as possible until then. Iv not had a packed lunch box with me yet this week, need to get my finger out and take one tomorrow as i bought everything i need for it on Sunday!

I had a good day at work today and earned more than i expected(im on pricework so no two days are the same). Iv stuck another £20 into the emergency fund so it sits at £61.50. I could put more into it but would end up noticing the money going more so be more likely to touch it when i really dont want to unless i have to!

Im here for a while tonight so hopefully hear back from some of use! Love the support from these forums especially as i dont get it IRL with noone knowing i am in debt!

Working out is going well im sticking to it, just need to get the diet in check now for the summer body to follow! Hope your all well, thanks for reading.

YoungBusinessman · 28 December 2015 at 10:20PM

Hey guys how are we all? Il be here alot more from now on as tracking my finances online and using excel for budgeting etc. Aim is to start NOW, so i get a 3 day headstart on 2016.

I want to achieve the following

£30k incease in net worth. Be it savings increasing or debt paid off.
Gain at least a stone in weight - healthy, high protein diet, much more working out and less drinking
Budget!! Stick as close to budget as possible - there will be good days and bad days, dont give up!!

Last one isnt really upto me.....get engaged. The last one is only going to happen if i stick to the first 3!

Posted this in another thread but want it here aswel so i can check back on my progress over 2016!! Hope everyones had a good Christmas!!

sophieo16 · 29 December 2015 at 9:29AM

Subscribed. Good luck with your debt free challenge

lcc86 · 29 December 2015 at 2:53PM

Loving your targets for 2016, good luck!

YoungBusinessman · 29 December 2015 at 5:29PM

Nothing like being ambitious! Thanks for the support and the PMs. Enjoying another week off before I go flat out at achieving my goals. Looking forward to the day before a payday and I don't actually "need" the money!!

tootallulah · 30 December 2015 at 8:52AM

Good luck yB, I am looking forward to seeing where you get this year.

YoungBusinessman · 5 January 2016 at 2:38PM

The hardest of my goals this far for 2016 has been the gain weight. Im not back to work yet so sleeping too long in the morning making me miss a meal/2 so not getting enough protein and calories in. Gained a pound in weight so only 13 to go now really! Im currently away to take a seat and workout a new SOA, i might download this YNAB app but do you really need to link it upto your laptop to use it? Has anyone seen "making a murderer" on Netflix? Seeing rave reviews about it but i dont have netflix so how do i go about seeing it?

What horrible weather today, been 3 days of constant rain now. Hope everyone is well.

Pay off £16k in 2016

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