The Debt Free Roll Of Honour

benedictadams · 28 May 2013 at 9:51PM

Lightbulb moment: when i had to finish work through depression late 2006

Debts at highest: £6419.10

Debt-Free Date: 16th May 2012

Pearl of wisdom: don't beat yourself up if you don't achieve everything you set out to do, so long as the money owed is going down over time you are going the right way and is better than feeling bad and going out splashing the cash

seriousDFW · 28 May 2013 at 10:37PM

Lightbulb moment: February 2011. Had been in debt since starting uni in 2003 and hadn't made any headway. Discovered this website (thanks to OH) and discovered it didn't have to be this way!

Debts at highest: About £18,000 between me and OH on credit cards and overdrafts

Debt-Free Date: 28th May 2013

Pearls of wisdom:
Identify where overspending occurs and find a solution to overcome it. For us, almost all our overspend money went on food shopping and eating out. Solution: old-fashioned cash. Months where we kept to the budget were invariably months where we withdrew the cash at the start of the month and avoided using debit/credit cards.

Meal planning. As our biggest expenditure is food if we don't control it, planning meals and sticking to the plan puts us in control and we are less likely to give up on the plan and go for a takeaway/meal out at the end of a tiring day.

Be aware of spending. Before I admitted I had a problem, I didn't check balances on credit cards or bank account. No idea how I managed to not go over limits. Now I have a spreadsheet where we set a realistic budget and which I update regularly as payments leave my account. I feel much more in control.

If tackling the problem in a partnership, TALK about it. We found it much easier to have one person (me) managing the accounts as it was easier for admin purposes but we talked about what we wanted to achieve that we would need finances in order for as motivation (holidays, baby, house) and agreed together a budget to stick to so that we could achieve those goals. Once we did this, we very rarely had disagreements about money. Before we did this, we argued regularly about money.

We have just bought a house and are going to be having a baby and I am certain that there will be times in the future when I make use of credit cards, but I also know how to stay in control thanks to the lessons I have learned from this website, but for now it feels great to have paid all the credit cards of at this moment in time!

And if you had a debt diary on DFW, a link to it:
I didn't have a diary but have contributed at times to 'Pay off all your debt by Christmas 2012 and 2013' threads which I found a HUGE motivator and so thank you to all the posters who run and contribute to that thread. Without it, even though I wasn't a prolific poster, I would not have been as successful.

Good luck to all other DFWs!

his_missus · 29 May 2013 at 2:05PM

Lightbulb moment: hmmm...there were a few but I kept falling off the band wagon and spiralling into reconciliation loans to pay off debt. The one that really kick-started it all was in October 2011 with a new job and a new outlook on life and in particular my finances.

Debt at highest: this final time round, just under £9,000.

Debt free date: officially 17th May 2013 when my credit card statement showed that I was actually 97p in credit. They owe me for a change

Pearls of wisdom:
- when you get your income, budget wisely and whatever is "spare" after bills and grocery, use to pay off debt, don't wait to see what's left over at the end of the week/month as there'll never be as much.
- ask whether you really need something before you buy it.
- what works for one person may not work for you but try as many ways as possible (spending diary, joining DFW challenges, multiple bank accounts, money envelopes etc.) and find a debt free path you can follow.
-don't give up if you feel you've "failed" because you've gone over-budget, splurged on an unneeded item etc. pick yourself up and start again.
- think of the things you can/want to do when you're debt free to spur you on. Think how much money you'll have when you no longer have to repay debt.

I can now save up for a deposit on a house

gothrockchic1 · 29 May 2013 at 7:52PM

Well Done His missus!

lovefullshelves · 30 May 2013 at 4:12PM

Light Bulb Moment - :idea:About six years ago when I had to move as I couldn't afford rent.

Debts at Highest - :lipsrsealCatalogues - £5000, 2 credit cards £6000, and finally my overdraft, only £500 but the hardest of all to pay off. Total - £11,000

Debt Free Day - 30.05.13 last of overdraft paid off, officially in the black!:T

Pearl of Wisdom - Don't ignore bank statements, read them with a red pen in hand and watch where the money goes.
Don't have catalogues!! Too much temptation:o
Save, in pots, just change, it all adds up. I paid to have 6 cats neutered with 50p pieces!(Vet loves me!)
Make sure there's still treats, however small. Mine were charity shop books.
Eat local and try to grow some stuff yourself. Even a lettuce, some beansprouts and some radish takes the money from Mr supermarket.
Meal plan and always shop with a list. One big shop is better for me as I always seem to spend £20 if I go in for a couple of items!
I now always carry a notebook with lists for different shops and a running total of how much I've spent that month.

Six years ago I wouldn't have believed I'd ever be out of debt. So, thankyou Mr Martin Sir, and of course all the lovely forum members, the advice on here has helped me over my final hurdle. :iloveyou:

Kerfuffle · 31 May 2013 at 1:34AM

Lightbulb Moment - The debt to Bank of Mum and Dad had been niggling me for some time but as it was lent to us on a 'pay it back when you can' basis we hadn't actually dealt with it. Finally in October 2011 I decided that we'd had it for far longer than we should have had it and made it my own personal challenge to pay it back.

Debts at Highest - 15000.00gbp to Bank of Mum and Dad, plus something to Santander.

Debt Free Day - 31.5.13 (yep, that date was done on purpose)
Santander was paid off just after Christmas this year, BoM&D was paid back today.

Pearls of Wisdom - Be realistic. Sit down and work out exactly how much you owe. Work out a budget setting a realistic figure for paying towards debts and then live off the rest. Menu plan, shop with a list, cut back on everything that isn't a necessity, go back to basics. Use up everything in your cupboards and wardrobe before buying anything else. Deal with cash. Each fortnight I buy $150.00 of supermarket gift cards, which allows for $75.00 per week (50.00gbp). I then don't carry cash or credit/debit cards so I'm not able to buy anything anywhere else but I know that I have a means to buy food/milk etc from the supermarket. Surf this site and find all the different ways that people have invented to keep themselves motivated. From saving spare change in sealed pots, to colouring in blocks on squared paper for each set amount that has been paid, to using percentages to keep a tally of how far you've come. Find a way that works for you. Don't give up.The next step for me now is to start overpaying the mortgage.

Living_a_good_life · 4 June 2013 at 5:52PM

Lightbulb Moment : so many over the years but really got going on the final push in January this year. It hit me that I had spent half my life and my entire adult life in debt - enough was enough!

Our debt at its max was about £14,000 (actually thinking about it post Uni with student loans and car loans and overdraft between us it was more like £25000):eek::eek:

Debt free date 28/05/13

Pearl of Wisdom - apart from the mantras recording everything you spend - whatever your method get on top of the numbers and keep on top of them! Set realistic budgets and stick to them - sounds so easy! Oh and plan your menu - it brings your food costs right down - wish Id twigged that years ago!

Old style thrift, and all those type "threads" this roll of honour for encouragement and the NSK challenges to keep me on the straight and narrow.

The NSK challenges were my diary since January this year - its all in there

The current one is *** This is Sparta ***

rartherinv · 5 June 2013 at 11:56AM

(sorry future readers i deleted my post. felt very weird knowing ppl could click a link to my life story every time i post)

Napoleon66 · 6 June 2013 at 11:20AM

Light Bulb Moment: January 2008
Debts at Highest: approx. £25,608
Debt Free Day 28 May, 2013

Pearl of Wisdom: Use cash only, cut credit cards, budget, meal plan, check bank balance often (I do this daily), read MSE as it keeps you aware and focused on your own financial situation and goals.

Personally, the last 5yrs has been a huge learning curve, I will continue with the habits I’ve learnt, I know I will never be in debt again. I'm in the Black for the first time since, i can't remember when! To be honest, it hasn’t hit-home yet that I’m debt-free, maybe next payday when my salary is still in my a/c a week later and its all mine.

Good luck to everyone who’s DFD is still on the horizon, you’ll get there, don't give up becuase it will be worth it.

clearmydebts · 6 June 2013 at 12:32PM

Napoleon66 wrote: »

Light Bulb Moment: January 2008
Debts at Highest: approx. £25,608
Debt Free Day 28 May, 2013

Pearl of Wisdom: Use cash only, cut credit cards, budget, meal plan, check bank balance often (I do this daily), read MSE as it keeps you aware and focused on your own financial situation and goals.

Personally, the last 5yrs has been a huge learning curve, I will continue with the habits I’ve learnt, I know I will never be in debt again. I'm in the Black for the first time since, i can't remember when! To be honest, it hasn’t hit-home yet that I’m debt-free, maybe next payday when my salary is still in my a/c a week later and its all mine.

Good luck to everyone who’s DFD is still on the horizon, you’ll get there, don't give up becuase it will be worth it.

Very inspirational post. Thanks for that

The Debt Free Roll Of Honour

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