The Debt Free Roll Of Honour

lambda · 28 October 2016 at 2:36PM

a. The date of your lightbulb moment

I don't know the exact date but it must be sometime around October 2015.
I think the moment that really hit me when a CC was declined because there wasn't enough
available funds on it as I'd maxed it out.

b. Debts at their highest

Somewhere close to £14,000

c. Debt-Free Date

Today! 28th October 2016. Just made close to £3500 as a final payment towards it all.

d. Your one perl of wisdom.

Focus. Draw up a budget and tell your friends and family and use their support to help you.
I found YNAB brilliant - and I'm not sure we would have achieved it so quickly without something like that. Count every penny, think twice before buying anything, big purchases at least sleep on it before making the decision, and balance! You do need a bit of balance - the odd takeaway here and there won't make any different in the grand scheme of things, but will help you feel better!
Get a hobby! Something to take your mind off it.

Sorry - that is many pearls of wisdom. The one overlying tip I would give is to budget religiously. The budget is the be all and end all of your money. Don't trust your bank account balance as it is not a true reflection of the value of your money.

e. Links to the MSE guides that helped you
I think I can't really point to a particular guide that helped me - just this site in particular is so brilliant and resourceful.

f. Which forum threads helped you
The DFW thread - I enjoyed posting on that and letting people know about my progress.

retiredandskint · 7 November 2016 at 12:57PM

a). Lightbulb moment - when I retired and really realised outgoings seriously overtook income.

b). Highest debt - £24000+

c). Keep a control of spending, no non essentials, when one debt clears pay extra on the next debt. Look for cheapest deals on utilities and insurance. No expensive mobile packages.

Debt free date 7 November 2016:T:T:T:j:j:j

Money_Muppet · 10 November 2016 at 12:21PM

I have waited so long for this...

The date of your lightbulb moment; I started a spreadsheet in February 2012. It wasn't until August 2014 that a switch was flicked.

Debts at their highest; August 2014; £23,507.81

Debt-Free Date; Today! :beer:

Your one pearl of wisdom; You Need A Budget. I saw Martin had mentioned about budgets a lot, but it always seemed too much hassle, too difficult to set up. Then I came across a post on here about YNAB and Mr.MoneyMustache. I spent 2 days reading every post on Mr.MoneyMustache, Did all the online tutorials until I got a free copy of YNAB and I was on my way. Being able to see where my money was going was a revelation. I cut out all unnecessary spending almost overnight.

Which forum threads helped you; Lots, but Debt free by xmas 2015/2016 was the main one I stayed in. Obviously the thread where I first heard about YNAB and Mr.MoneyMustache is what changed everything for me.

And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it; No diary, but I do have my Report page from YNAB which helped me stay motivated all the way through the last couple of years...

ab_saver · 28 November 2016 at 2:25PM

I made it! :j :j :j

Lightbulb moment: first one probably as soon as I had my overdraft- needed to pay my uni halls rent when my parents weren't able to pay. I had another one when I got my job and decided I was serious about cracking on and getting it gone.

Debts at highest - about £2300

DFD: Today 28/11/16

Pearl(s) of wisdom: write a diary, join challenges, join MSE

My diary: http://forums.moneysavingexpert.com/showthread.php?t=5527202

I'm still there - planning to save for a deposit now

monz · 30 November 2016 at 10:03AM

a. The date of your lightbulb moment

September 2014. I hit my lowest moment and realised I needed to get a grip of myself.

b. Debts at their highest

£6,702.11

c. Debt-Free Date

Today! 30 November 2016

d. Your one perl of wisdom.

I love my spreadsheet I counted every penny and what went where. I made sure I had enough to live by and treat my boy. Budget definitely and will be staying to this.

Also surveys omg best thing ever. Also helped me out debt early by winning their quarterly and helping me with a chunk to a house deposit of £5,000. Best feeling ever. If can happen to me can happen to you.

I found everyone I met on my diary to be so inspirational and made sure I read theirs.

e. Links to the MSE guides that helped you

Boost your income is amazing

Weekly emails are amazing too.

f. Which forum threads helped you
The DFW thread - I loved this seeing everyone cheering each other on.

Diaries. Everyone had such useful hints and tips.

Username!_2 · 30 November 2016 at 2:17PM

Dobby is finally free, he got his sock

Learning2Budget · 1 December 2016 at 12:21PM

Loving reading all these debtfree messages. Budget is the recurring theme. I cannot wait to post mine!!!! L2B.x

ashley · 7 December 2016 at 11:55AM

Very smug and possibly annoying to those around me.
I paid off credit cards,car loan and mortgage last December.
Took early retirement which gave me a small windfall and a small monthly income. Yeah,no tax to pay!
Now before I buy anything I check if I need it
Opt out of the pressure to have " the latest" version of things.
Taken up cooking rather than using ready meals. Healthier for me as well as being cheaper. Buy fruit and veg in season and freeze.
Shop for bargains,those yellow stickers on foodstuffs which have reached their sell by dates are still good. Check for ones that freeze .
I recently got a Pork joint,£3.60, enough for a family dinner. Cut it into smaller portions cooked one popped rest into the freezer.
Watch the newsletter for deals and advice.
Here's my best tip though. Become a house and pet sitter.
Doesn't pay but you get free accommodation and utilities so can actually afford to go on holiday.
This year I managed to nab a £250 return flight to US. Spent 2 and a half months split between sits in Florida and the Smokey Mountains.
Savings on utilities here covered Flights and food was cheaper in US.
I had a great time,met some wonderful people and hope to return again.

It's strange,and I wonder f anyone else has the same experience.
I feel I manage better on my fixed income without the shackle of debt than with my salary of £40,000 and the constant pressure.

Bipolar_debt · 7 December 2016 at 7:37PM

After an inheritance from my mum I am debt free just paid the last bit off and I have £1000 emergency fund set in place. It's a shame my mum never got to see me debt free but I think she would be happy I used to money to get back on track.

At it's highest I was 16.5k I had 8k left and I received £8500 from my mum but after settlement figures were given I still have £1000 left. Now I'm not in debt now it's time to start saving for a deposit to buy my house.

It will take a long time to get my credit rating back up enough to be able to get my mortgage but that will give me time to save for my deposit. I am going to do this

FinallyDebtfree2017 · 10 December 2016 at 12:18PM

Wow bipolar_debt what a great feeling that must have been, well done!!!

The Debt Free Roll Of Honour

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