Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
    • 711Posts
    • 3,752Thanks
    DebtFreeDuo
    This Duo's debt free journey
    • #1
    • 20th Sep 17, 8:43 PM
    This Duo's debt free journey 20th Sep 17 at 8:43 PM
    I had a previous thread but having problems locating it so thought I would start a fresh one. Brief intro, the duo is me and my little one, just over a year ago my debt was at a figure of around £12k, as of today it stands at £6124.40. This is made up of 2 loans (one car) and one credit card which is 0% until April 2019.

    My aim is to save up over the next 6/8 months so that I can overpay 6 months worth on the loan with the shortest term, this will clear the loan completely as the last payment is December 18. Then I will tackle the second loan which is due to end April 19, I aim to clear this by around December 18 and then clear the 0% card last but well in time for the 0% ending.

    I can't do much until January, I'm currently studying and therefore get my income 3 times per year which I use to overpay, I have just cleared £1500 which is all I can manage until my next payment. This includes a monthly saving to my Help to Buy ISA. I have around £4k in my ISA but I am reluctant to use this to clear my debts as I will earn more back on this then I will save in interest with the governments 25% bonus.

    I have gone over all of my monthly bills and I am certain that I cannot make any further savings than I have made recently. I am currently listing as much on ebay as I can to give me a little extra money for treats that I haven't included in my budget up to December.

    Will update my signature shortly but as it stands my debt free date is April 2019, I aim to bring this forward to Dec 2018 at the very latest.
Page 27
    • enthusiasticsaver
    • By enthusiasticsaver 5th Jan 18, 7:46 PM
    • 5,146 Posts
    • 9,788 Thanks
    enthusiasticsaver
    Well done DFD.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DebtFreeDuo
    • By DebtFreeDuo 5th Jan 18, 8:01 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    Thank you enthusiastic. Fingers crossed I can now stick to this budget!
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 5th Jan 18, 10:10 PM
    • 2,849 Posts
    • 16,521 Thanks
    HairyHandofDartmoor
    Money arrived today, have now officially cleared my most expensive debt! £2050 gone, never to be seen again! Brings my debt down to around £5300. Now to truly test myself, my budgets are set and they are realistic so I need to live within these. I tend to rebel against budgets so I know this will be the hardest part for me. I still have a good chunk of money left from Christmas/my birthday so if I feel the need to splurge a little on myself then I can use this money. I can do this.
    Originally posted by DebtFreeDuo
    Fantastic news, you must feel great
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
    • DebtFreeDuo
    • By DebtFreeDuo 6th Jan 18, 4:49 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    So I think I have decided to use the money I have from Christmas to treat DS and I to a short break, it will give us both something to look forward to and will give us some lovely quality time together.

    Rough cost of holiday
    £140 (caravan site so entertainment included)
    £70 for fuel to get there as I am looking at one far away
    £100 Spends

    So approximately £310 for a nice break for us. The £140 will be covered from my remaining Christmas money and as the break won't be until around June/July time it gives me plenty of time to save the other £170.

    I feel that the whole Christmas period has just been awful for DS, we haven't managed to do anything nice due to illnesses and this break will be a nice reward for me after my second round of exams.
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 6th Jan 18, 6:02 PM
    • 2,849 Posts
    • 16,521 Thanks
    HairyHandofDartmoor
    That sounds like a really nice idea and will give you both something yo look forward to .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
    • Nicnak
    • By Nicnak 7th Jan 18, 8:53 AM
    • 699 Posts
    • 3,841 Thanks
    Nicnak
    That would be lovely. A beautiful nice break for the two of you to make memories. x
    September 6th 2017 - Updated 3rd January 2018
    Credit Card £0 now: £1796 Tesco Loan £7500 = £773 Consolidation £15,000 = £14,725 Total = £25,330 £17,294 EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • DebtFreeDuo
    • By DebtFreeDuo 8th Jan 18, 3:10 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    It will be a lovely break for us, just collecting some particular codes from a paper that I will never talk about. I've worked out that it will cost around the £140 mark for the dates and site I want although it would be lovely if it came in below this.

    Today has been quite productive, submitted a piece of work and I will start another piece later on after spending a little quality time with DS, hopefully I will get a good chunk of it finished as it is due on Friday and I also have 2 exams to revise for this week, plus another 3 next week.

    I have so much going on at the moment, lots to do and think about. I have around £100 to last me for the remainder of the month (food and day to day costs), everything else has been covered.
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • Nicnak
    • By Nicnak 11th Jan 18, 7:26 PM
    • 699 Posts
    • 3,841 Thanks
    Nicnak
    hopefully you can get it in under the £140 mark that you want to. Then you can use some of that for the spending money when you are there.

    Good luck for the exams. Hope they go well for you.

    Will the £100 be enough to last you? Hopefully it will as it's awful when you under budget and you end up worse off or having to use money from elsewhere. x
    September 6th 2017 - Updated 3rd January 2018
    Credit Card £0 now: £1796 Tesco Loan £7500 = £773 Consolidation £15,000 = £14,725 Total = £25,330 £17,294 EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • DebtFreeDuo
    • By DebtFreeDuo 12th Jan 18, 2:54 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    Exams are in full swing and I barely have any time to do anything. My budgeting hasn't been the best over the last few days but I have absolutely no time to even look at my budgets at the moment. Another exam in the morning and then I am going to take the rest of tomorrow off to spend some time with DS. Next week will be absolutely awful, I will have even less time but then things should calm down. I will try and get some time tomorrow to have a look at how much damage has been done and work everything out so that I don't have to take anything from elsewhere.

    Received an email to say that I have been unsuccessful in my current account application, I'm not entirely sure why. I had to call them a couple of days ago to clarify some information, I am guessing that they don't like that my income is not from a stable job and they also know that I wouldn't have used the account as my main account as I made it obvious on the application. It's just strange because I already have a credit card with them which I might now just cancel. I'm more annoyed that it will now show on my credit file as a rejection just as I was beginning to make my credit file look as strong as I possibly can. It shouldn't be a huge problem as I still have a few years to go before I look at applying for mortgages.

    Anyway, I hope everyone is well, I should check in again soon although it could be another week before I get a chance to.
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • ladymay
    • By ladymay 12th Jan 18, 6:41 PM
    • 784 Posts
    • 3,534 Thanks
    ladymay
    Break leg with the exams! Concentrate on those and DS and sort out the finances when you have the time and mental space x
    Debt 14/04/12: £15736.77
    Debt 09/12/14 ZERO POUNDS
    Debt 15/10/17: £1714.40
    Debt 14/01/18: ZERO
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 12th Jan 18, 7:09 PM
    • 2,849 Posts
    • 16,521 Thanks
    HairyHandofDartmoor
    Good luck with the exams and don't worry about anything else at the moment.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
    • WannabeFree
    • By WannabeFree 12th Jan 18, 7:40 PM
    • 395 Posts
    • 5,601 Thanks
    WannabeFree
    Good luck x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Nicnak
    • By Nicnak 13th Jan 18, 7:43 AM
    • 699 Posts
    • 3,841 Thanks
    Nicnak
    Good luck with your exam today x
    September 6th 2017 - Updated 3rd January 2018
    Credit Card £0 now: £1796 Tesco Loan £7500 = £773 Consolidation £15,000 = £14,725 Total = £25,330 £17,294 EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • DebtFreeDuo
    • By DebtFreeDuo 15th Jan 18, 1:51 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    Thank you all. Really struggling at the moment with my time on all fronts and poor DS is feeling it I think. Less than one week to go and I can go back to focusing on him and I can go over my finances and see what damage has been done. I should probably just move in to uni the amount that I have been there. On the plus side, because I have been going in so early I have managed to find on street parking so have saved myself around £15 in parking. I will get the bike back out once my exams are over too!
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • theroamingnomad
    • By theroamingnomad 15th Jan 18, 2:08 PM
    • 74 Posts
    • 82 Thanks
    theroamingnomad
    Just wanted to say that you're doing really well
    Debt-free by August 1st, 2018 - hopefully!
    £4945.54/£5124 - as of 18/01/18
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 15th Jan 18, 8:39 PM
    • 2,849 Posts
    • 16,521 Thanks
    HairyHandofDartmoor
    It can't be easy for you at the moment, but you're doing well to keep on top of it all. Hope the exams are going well.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
    • EssexHebridean
    • By EssexHebridean 16th Jan 18, 1:12 PM
    • 8,307 Posts
    • 44,234 Thanks
    EssexHebridean
    Oh well done you for managing to keep things ticking along with all the exam stress. Not many more days now until it all calms down - but a big well done for finding the street parking and saving money there!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£758.45 (19/12/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • DebtFreeDuo
    • By DebtFreeDuo 16th Jan 18, 2:01 PM
    • 711 Posts
    • 3,752 Thanks
    DebtFreeDuo
    Just taking a quick break away from everything, I know for certain I will have one resit which I am completely fine with. The exam itself wasn't too bad and I think given a little more time I would do really well so I'm not too worried about having to resit. Trying my best to prevent any other fails but the one I am going to find the hardest is coming up next.

    Hope everyone is well, I will check in with others diaries over the weekend when everything calms down.
    Debt free by Christmas 2018 #004: 2195.88/7445.69
    £2018 in 2018 #25: 0/£2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 16th Jan 18, 9:21 PM
    • 2,849 Posts
    • 16,521 Thanks
    HairyHandofDartmoor
    Good luck DFD.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

190Posts Today

1,747Users online

Martin's Twitter
  • RT @clq: @MartinSLewis You hit that one right out of the park. It might be the Tweet of the Century. I don't think anyone can do any Batter?

  • You've run-out of puns. That's a bit of a googly, maybe I can help break your duck, though it is s sticky wicket, t? https://t.co/nJT51NpXfO

  • RT @richlaing: @MartinSLewis Obviously spot poll but interested in the fact that 9% would opt out of donation. Interested to hear reasons w?

  • Follow Martin