10 days until I am debt free.....

southernscouser

Yeah I think you should write a book. Of course I get 50% of all profits as manager and finder of the idea!

roversbabe

Hi Ms London,

Congratulations - thats brilliant. I bet you can't wait til next Thursday.

Its been a real inspiration reading your posts and your story, plus other MSErs have helped me face my own debt and I'm on the way to debt free.

Fantastic news! :j

rb x

Alleycat

Wow!! Huge well done and congratulations. A virtual bottle of champagne and the finest belgian choccies heading your way!

It really is an inspiration to read of people on this site clearing their debts. I am so glad I found you all. We have cut back massively on our spending, are organising our debts and hope to follow in your shoes in the next few years, yipee!!! This is all thanks to the wonderful and ever helpful people who post here....plus Martin of course!

Alley
xxx

pink_fairy_7

Well done you are an inspiration. I hope I'm at this point next year.

:T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T

pink fairy x

Queenie

:j :dance: ms_london :dance: :j

:T Fund-TASTIC news!!! :T
(and very motivational)

Oooh, just think ... all the money you've been putting aside to pay off your debt can now be used to save for *you* and ...
... all interest will be *yours* too!! Woohoo!!! :j :j :j





What will you save up for? What's your next goal/target?

ms_london

Queenie wrote:

What will you save up for? What's your next goal/target?

Most people are probably bored of hearing about this, but I am going to save to go travelling!! :0) I think I might go as early as July 2006, but im not happy without the amount I could save by then & feel as if I should be going with more.



I really appreciate all of your kind words & support, I wouldnt have been able to pay my debt off without the support of these boards, they definately help & keep you on the straight & narrow - even if you need a good whinge with people who understand!!



My head is spinning with how much I can save to go travelling & how much extra I can make on ebay, getting a p/t job etc etc. I wish it would stop!!! I think I could do with a break, without having to be so obsessed over £££££. But then the sooner I save, the sooner I can go...........

Again, thank you so much guys :0) xx

Tondella

Ms_london

without wanting to ask too personal a question would you feel comfortable saying what proportion of your monthly income after tax you managed to save towards putting on your debt. I currently pay a fifth of my income after tax and I'm looking into getting a second job in sainsburys over christmas. Your story is so inspirational, I just wanted some sort of target to aim for when trying to find new ways to maximise my repayments, however the absolute amount of money you mentioned as being your monthly repayments feels like pie in the sky for my current situation. If you were willing to give an indication of the proportion of your wage you managed to save then I could translate that into my circumstances and use that as the target.

I guess this question is open to anyone who would be willing to give this information publicly.

Ali_UK

You should be so so proud of yourself :T , it's a fantastic achievement and to echo the sentiments of others here you are an inspiration to the rest of us wannabees! I've just finally had a look at the grim truth and hopefully in october 09 I'll be 2 stone lighter (I'm sure cutting back will be great for my waistline too!) and debt free!

I'll look out for you in the magazine...don't think I'll buy it tho..will just stand in Smiths and read it in true moneysaver style!!

ms_london

Tondella wrote:

Ms_london

without wanting to ask too personal a question would you feel comfortable saying what proportion of your monthly income after tax you managed to save towards putting on your debt. I currently pay a fifth of my income after tax and I'm looking into getting a second job in sainsburys over christmas. Your story is so inspirational, I just wanted some sort of target to aim for when trying to find new ways to maximise my repayments, however the absolute amount of money you mentioned as being your monthly repayments feels like pie in the sky for my current situation. If you were willing to give an indication of the proportion of your wage you managed to save then I could translate that into my circumstances and use that as the target.

I guess this question is open to anyone who would be willing to give this information publicly.

Hi Tondella

Dont worry about asking, if we cant talk about money here, where can we talk about it :0)

I was earning £20,000 (monthly income of just under £1,300), and paying back £900 a month........ ive only been paying back this much a month since January, and i also had a 2nd job, which was bringing in £250-£350 a month depending on how many hours I worked...

What is the exact %?? (someone clever out there, my brain has left me today!!!).

To be honest, it depends on your circumstances. Im single, no dependants, live in London where the wage is higher, and my other outgoings only consist of rent & bills, gym and phonebill (I paid for my annual travelcard in advance last year with my bonus, which runs out in Jan, so from Jan I will have to start paying that each month). And I have quite cheap rent, plus I decided that I wanted to be debt free by the end of this year, and I have put my mind to it and managed it. I didnt want to fail myself. Since I found a new better paid job, I have been able to afford to give up my second job, so have some kind of a life now - but my life has pretty much been on hold for the past few years, so im not pretending it hasnt been easy.

I knew that I only had to "struggle" for 12 months (which has turned into 11), so I saw it as short term, and again I have my goal of travelling to aim for, which spurred me on when I felt I wanted to give up (especially when I had to go from one job to another, when all I wanted to do was go home & cry!!)..... I also had a holiday in September to look forward to, which I also managed to save for beforehand.

Its about balance, its no fun being on a very tight budget if you know you're not going to be debt free, say for another 5 years, so you need to strike a balance between servicing your debts & having a life. It depends on your lifestyle, what you want to do (i.e travel, save for a deposit on a house), and also your current situation.

My loan isnt due to run out until December 2009 (when I'll be 29, im now 25), although the minimum repayment is only £179.88 a month, I didnt want that hanging over me until I was 29. Plus if i wanted to go travelling I would have to have worried about paying that debt whilst I was away, and also knowing I would have it waiting for me once I got back. I wanted to go travelling, having no ties, knowing that I dont have to rush back for a stupid loan to be paid, and whilst I was away all the money I had was mine....

Oooops, sorry to have rambled on :0)

It can be done though and the time WILL fly, but it does take a few sacrifices here & there, and some determination, but its worth it in the end.

Roll on next Thursday!!!!!!!

xx

illmonkey

congratulations ms_london, i wish i was at the same point as you.

You put an amazing ammount into your loan every month, i wish i could do the same.

I earn £22k a year, only outgoings (apart from loan) are phone (£50) and train (£90) a month. that means im left with £1200 to spend each month, but it just goes, i manage to pay off abour £400 off 1 loan and £200 of an other but the rest vanishes!

Anyway, Well done and i hope to be posting the same topic as you soon !