How was 2015 for you?

northerner999 · 20 December 2015 at 5:33PM

Thought it might be good to look back on the year and see how positive (or not?) people are. Most posts on here tend to be people desperately looking for help, but I think the majority of people who use this forum actually have good news stories to tell.

2015 has been good for me, though my "debt-free" moment has been put back to 2016. This is not a setback, though, but because I made a deliberate decision at the start of this year to pay a lump sum off my mortgage to get a better deal - I knew this meant extending c-card debt, but the figures stack up and save a lot of interest in the bigger picture (I understand why many on here don't consider a mortgage a debt to worry about, but I've been viewing it as one bigger picture now I know what is what with my finances). I also got stung with around £3K of "emergency" spending over the summer on my house - things which previously would have added to my debt.

So while my debt is still dragging on, I've never felt more in control of my finances. Next year SHOULD be the year I leave c-card debt behind me. I keep a monthly tally of my finances and my combined debt (c-card+mortgage) has gone down £9,709.62 since December 2014. With my Christmas bonus from work due at the end of this week already assigned to a credit card, I should top £10K for the year.

While I have never posted a SOA on here or asked directly for help, this forum has been brilliant for picking up ideas. The change in attitude to spending as a result means I live a far more fulfilling life now than when I was profligately buying everything on credit cards and not thinking about how I would pay it off. I haven't created this thread to brag, but to hopefully show people who are not as far as I am down the journey how things work out IF you are willing to put you heart into it.

Merry Christmas all!

If you haven’t already, join the forum to reply!

[purplesignup][/purplesignup]

ShakeItOff · 20 December 2015 at 6:21PM

I am definitely leaving 2015 being more in control of my finances than I ever have been thanks to this forum!

While my debt, in the words of my bank manager, isn't "bad debt", it has been more than I have wanted to carry. I am really pleased to say that I will be debt free by January 2017, with the majority of the debt gone in early autumn 2016. I could pay the Jan 2017 one off earlier, but it would cost me more than the interest to do so, so I figured I would just build a buffer and eventually I wouldn't have to actively fund that payment.

I have learnt a lot about debt here, and like you, while I haven't posted an SOA myself, I have taken away a lot of tips from looking at other peoples'.

Thanks DFW-ers!

YoungBusinessman · 20 December 2015 at 7:56PM

2015 was the year I got into debt ( non mortgage!!) to the tune of nearly 50k. 2016 is the year I'm getting out of it. Very in control of my finances now, iv learnt a lesson in all this.

Nargleblast · 20 December 2015 at 10:03PM

This year, after six long years, OH and I completed our IVA. I am still keeping a close eye on finances, but we are certainly in a better place financially. I am also building up some savings and a small emergency fund. In the New Year we will be looking to switch mortgages for a better deal.

To all those still struggling - sort out a debt repayment strategy and persevere. You will get through it eventually.

Sharon87 · 20 December 2015 at 10:39PM

This year my debt has increased by 1.5k. Not surprising since I've had 2 holidays - I did save for 2 years for my big holiday but I overspent by a few hundred. I also have worked less than I hoped to this year, which has also contributed to it.

I have a plan next year to pay off 3k. I have also started to build up a emergency fund for when I'm not working as I work short term contracts. So far I have £300 in it and hope to get it to £1300 - which is 1 months expenses whilst still budgeting for things like clothes.

I have had a pay increase by moving up the career ladder since the beginning of the year and now my daily rate shouldn't be below a certain rate, so that will help me pay off my credit cards! I have also acknowledged my downsides and have tried to curb buying on impulse and so far I've done well.

My aims next year:
pay off at least 3k of debt
Save another 1k for emergency fund
Save 1k for my holiday planned in 2018 (yes it's far off and I have debt, but I originally planned to have this holiday 6 years ago! and by that time my debt should be either gone/minimal)

vlad · 20 December 2015 at 10:49PM

2015 could have been worse, I suspect that 2016 WILL be worse

yuiop220 · 20 December 2015 at 10:58PM

Keep up the great work guys!

Deep_In_Debt · 20 December 2015 at 11:53PM

2015 has been quite interesting for me.

Left my well paid job in April 2014 as I paid off my mortgage so wanted quality of life over money. Took a huge risk and huge drop in salary but this year has been good in terms of my health and quality of life. I've been temping since April last year and I was in a long term, well paid temp contract until April this year so managed to save a bit during the year. Since April this year, work has been a bit hit and miss but I have managed to survive on my savings during the times of no work.

Fortunately, I've not run up any debt and hope to keep it that way. Have very little in the way of savings now so definitely need more permanent work for 2016.

AspiringButAnxious · 21 December 2015 at 12:17AM

2015 was the year I...
• Hit the peak of my debt — and stopped adding to it.
• Tackled my impulsive spending and cut back on non-essentials.
• Used the toiletries I had been stockpiling for years, buying only facewash and a crystal deodorant.
• Started saving for the first time in several years. I will hit my EF target of £300 by the end of the year

• Realised I had too many possessions which were not making me happy and underwent a lot of decluttering. Result: I can move around my bedroom without hitting furniture or piles of books.
• Published my first ebook. And my second and third. They don't provide much income, but it's a start!
• Bought most of my Xmas presents (and several birthday presents) with vouchers earnt from surveys.
• Didn't buy a single pair of shoes!

sourcrates · 21 December 2015 at 12:28AM

Nargleblast wrote: »

This year, after six long years, OH and I completed our IVA. I am still keeping a close eye on finances, but we are certainly in a better place financially. I am also building up some savings and a small emergency fund. In the New Year we will be looking to switch mortgages for a better deal.

To all those still struggling - sort out a debt repayment strategy and persevere. You will get through it eventually.

Nargle,

Don't be tempted to take out new credit now your IVA has completed, keep saving, you can tend to go a bit wild after completion so you must be strong !!

Congratulations, mine lasted six years, well done !!

Bobarella · 21 December 2015 at 8:48AM

This has been a difficult year for me. It began with my business premises still closed due to a flooding issue and I didn't know whether I'd be able to reistablish it. It is coming to a close with us having welcomed our 2nd child.
In between I did manage to kick the business back into touch. And ended up fighting a long and difficult battle against the insurer who tried their best to rip me off in my time of need. Ombudsman ruled in our favour which enabled me to pay down a lot of the business debt accrued due to closure.

I have worked really hard to clear as much personal debt as I can this year and am annoyed I still have any. But it is all historic and I haven't added any in 2015. If I can stretch to £225 per month then I will be done by next Christmas.
This site and particularly the Small Things thread and more recently the Ninja Saving Turtles debt free challenge thread have been my happy places. Full of comfort and support in tough times.
I am also a keen member of team PAD these days (hello Sunshine, Erme, Dizzy, & Kirsty poos etc)

My advice to anyone is just keep going. Every penny paid off isn't costing you in interest.

Good luck and let's do this!

Bob

How was 2015 for you?

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