Debt Free In 1 Year

Slayerx

I've decided enough is enough and I'm aiming to clear my debt off one year today.

I'm looking for some suggestions really to help start saving money now.

I'm currently eating at home on lunch so i'm saving there and i'm not taking my wallet to work so i can't be tempted to eat snacks from the machines at work.

I'm going to edit the post later with a proper SOA but at the moment i'm basically earning £920 a month and my outgoings add up to approx 650 leaving me with little to work with.

I'm actively looking for a better paid job at the moment but as you can all understand its easier said than done and looking at ways to reduce my outgoings as we speak.

My debt is in the region of 7k total which includes

Personal Loan
Career Development Loan
Couple of credit cards.

themagics

good luck and welcome we all get to the enough is enough stage thats when we have our light bulb moments what you got planned?

Slayerx

Well i'm about to sell an old mobile on Envirofone I know its not much but its a start, Im going to see if I can sell some bits and bats on Ebay.

I'm not sure about the credit cards two are interest free for quiet some time and two aren't I don't think consolidating it would be a smart move.

themagics

no wouldn't reccomend thats how we ended up with nearly 50k owing ebay a good move i have done that and still do when got the motivation the mobile is still a start so keep going you got good ideas

Slayerx

Well I got just over £20 for my phone which isn't too bad

I think my biggest problem is that I have so little left after my outgoings I can't really over pay anything so i'm making minimum payments which isn't so bad on my interest free debt.

bandraoi

Not to be too negative, but why not set yourself a more realistic goal?
Your current spare cash is £270 pcm, which is £3240 per year, less than half the debt you're looking to pay off and not including interest.

You're far more likely to be motivated by setting goals that are just slightly difficult and achieving those, than by setting yourself impossible goals and failing to meet them. Start with something short term and a small stretch.

themagics

mmmmmmmmm know how that feels any extra cash you make put it to the interest free to get balances down quicker, feel silly giving advice when we are in !!!! but you get a bit savvy when you post on here

Slayerx

bandraoi wrote: »

Not to be too negative, but why not set yourself a more realistic goal?
Your current spare cash is £270 pcm, which is £3240 per year, less than half the debt you're looking to pay off and not including interest.

You're far more likely to be motivated by setting goals that are just slightly difficult and achieving those, than by setting yourself impossible goals and failing to meet them. Start with something short term and a small stretch.

I see your point, although I really want to push for the whole lot.

Maybe if i aim for half my debt and anything extra is a bonus but im really feeling motivated right now and i'm even considering an extra job to help achieve my goal.