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Moozer's Motivation - Debt Free in 24 months (or less)
Moozer
Posts: 21 Forumite
Hello,
Having spent a bit of time lurking and reading other threads I have decided to start my own to help motivate me as I try to be a (relatively
) responsible adult.
I started this morning with £21818.30 of debt :eek: - a rather scary amount, but it could be so much worse. Luckily (??) my credit has been quite poor for some time and I haven't got any savings, so I couldn't take on a mortgage, otherwise I feel that things would be far worse than they are now. (It's funny how a credit crunch can make you reevaluate things - previously I was jealous of my friends who had managed to get onto the 'property ladder', now I feel sorry for them as payments increase) I don't have much to show for the debt except my little car.
I have decided to try to clear my debts in 2 years (or less if I can manage it)which will be challenging but doable. I officially start today - and have paid £353.08 (my loan and car payment - £550.82 - went out yesterday but I don't want to backdate this - it's all about moving forward).
One of my biggest areas of waste was food. I've bought a breadmaker and a slow cooker, to cut down on buying bread which ends up in the bin and avoid buying takeaways when I am too tired to cook after work. I have also planned out meals for the rest of the month and have done a big shop to cut down on trips to the supermarket. To help cut down on spending, and my waistline;) , I am going to take soup to work for lunch - I already have some tomato and veg soup in the freezer so I feel that I have a bit of a head start on getting organised.
My loan company said it might be possible to restructure my loan, reducing the monthly payments but extending the term. I'm not sure whether this is a good idea or not - it will let me pay more money to other debts (an possibly clear them sooner) but I don't really want the debt to go on for longer (although I could increase payments once some of the other debts are cleared).
Complicated stuff!
Well, there it is, I have made a start - only 24 months to go!!!
Having spent a bit of time lurking and reading other threads I have decided to start my own to help motivate me as I try to be a (relatively
) responsible adult. I started this morning with £21818.30 of debt :eek: - a rather scary amount, but it could be so much worse. Luckily (??) my credit has been quite poor for some time and I haven't got any savings, so I couldn't take on a mortgage, otherwise I feel that things would be far worse than they are now. (It's funny how a credit crunch can make you reevaluate things - previously I was jealous of my friends who had managed to get onto the 'property ladder', now I feel sorry for them as payments increase) I don't have much to show for the debt except my little car.
I have decided to try to clear my debts in 2 years (or less if I can manage it)which will be challenging but doable. I officially start today - and have paid £353.08 (my loan and car payment - £550.82 - went out yesterday but I don't want to backdate this - it's all about moving forward).
One of my biggest areas of waste was food. I've bought a breadmaker and a slow cooker, to cut down on buying bread which ends up in the bin and avoid buying takeaways when I am too tired to cook after work. I have also planned out meals for the rest of the month and have done a big shop to cut down on trips to the supermarket. To help cut down on spending, and my waistline;) , I am going to take soup to work for lunch - I already have some tomato and veg soup in the freezer so I feel that I have a bit of a head start on getting organised.
My loan company said it might be possible to restructure my loan, reducing the monthly payments but extending the term. I'm not sure whether this is a good idea or not - it will let me pay more money to other debts (an possibly clear them sooner) but I don't really want the debt to go on for longer (although I could increase payments once some of the other debts are cleared).
Complicated stuff!Well, there it is, I have made a start - only 24 months to go!!!
Aim: To clear debt in 2 years then start saving!
Debt at start (31/10/08): £21818.30 :eek:
Payments to date: £353.08 :j
Debt left to pay: £21465.22/£21818.30 :rolleyes:
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Comments
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Look forward to reading about your journey.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0
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