The new miss money saver!

*Vikki*

Hi MSE members, I wanted to share my joy, as of today I am 100% debt free! Yes I made it! I am so pleased.:D:D

Little bit about me, I started my current employment at 16, earning far to much money to handle for my age. Which was £700 a month, I saved, learnt to drive and thats when the debt started. I purchased a car on hp for 7k. Sold a year later for a newer car, loosing 3.5k. Bought a new car, gaining 13k debt. Spent an extra 10k on modifying the car to which I love and adore and still own. Lesson learnt though, i'd never spend that much again!!:rolleyes: 4 years later which was June last year it was paid off.

I then purchased expensive items like a £900 laptop, £1300 camera, £300 ipod etc etc. Never again! This time I would save for my items rather than lumping myself with the debt (even though all on 0% deals)

So I had several credit cards all the time. Highest I have ever owed was probably about 14 thousand, which I thinks way to much for someone living at home and 23yrs old!! I think my lbm happened in January of this year, it was a gradual process leading up to that moment.


So to now well I plan to save £500 a month or more and update this thread as to how I go. My soa will now look like this:

£980 monthly wage
-£180 rent
-£14.69 phone
-£17 weight watchers member fee
-£400 long term savings
-£100 short term emergency savings
=£268.31 for my pack lunch food £50, cars fuel £50 and other stuff.

It would be lovely if I can save a bit more out of what I have left but I don't want to put to much pressure on myself.

Cashwitch

Well done, that's great! :beer:We hope to be in your position in September, I know what a slog it is as we've had debt, paid it off, got more debt, paid it off...and the cycle continued...but not any more! We're heading for debt-free living in the next 2 months and then plan to save! Let's hope your story inspires others and shows that it can be done!

edinburgher

*Vikki* - that's fantastic! Glad to see another successful graduate from DFW university, it's these cheering tales that keep me plugging away towards the glorious day when I'll not owe anybody anything (apart from the Student Loans Company, cos they don't count )

*Vikki*

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Oh how lovely it is to see this!:j My current account in credit after my food/ car fuel shop for whole month and all other bits paid for including to Birthdays this month! Just need to work on the savings now, get some in there!!

Had to defend off twice though my older sister who wanted to borrow some money to go on holiday with:rolleyes: For me to put in on my credit car to she pys me back. It was hard to say no, but I don't want to be in debt again after just getting out of it!!

edinburgher

Had to defend off twice though my older sister who wanted to borrow some money to go on holiday with

Yup - sometimes tough love is for the best. It's really easy to get used to only paying for items or experiences that you actually have the money in hand to use. I think more people should try it, it's very empowering

*Vikki*

It is, I never realised, it sounds really stupid but it gives me a warm glow of happyness in side.

skintbuthappy81

Well done vik :j just try and stop modifying that car now!!

*Vikki*

hehe yes I have stopped now, all done! Thank god!

*Vikki*

Finding now though, that I am not buying anything, but feel like I want to treat myself to something but don't know if i need it or if its want?

edinburgher

*Vikki* wrote: »

Finding now though, that I am not buying anything, but feel like I want to treat myself to something but don't know if i need it or if its want?

Well you say 'treat', so chances are it's a want. So what? If you don't have any debts you can afford some treats.

skintbuthappy81

hmmmmm she does deserve a 'few' treats but if I remember rightly from Viks last diary she stated that she wanted to start saving, so get them extra pennies saved up in the bank.