Losing sight of the goal

MoneyWaster2007

Hi, can someone please remind me of the main reasons I should be making overpayments on my personal loan because I seem to be losing motivation and focus...

...I mean I know it will clear my debt quicker and therefore cut out a lot of interest, but living frugally in order to do this means I have to cut back on other things...

thanks, joe

Shoe_Gal

I'm probably not the best person to advise as I have just changed my focus back to making minimum payments - and having a life But I don't actually thin that's the best way for me - if I'm too frugal l do it for a while then get fed up and have a mad spending binge - ending up back at square one

Jenna

Well... the best reason in the world is something that's personal to you. For example, for me, I want to pay off debts because I want to feel free of the weight of them / want to save for buying my own house not just renting / want to be able to treat myself without thinking ''I should put this towards my debt'' etc etc.

So - why do you want to make overpayments?

MoneyWaster2007

I guess it's because the longer I'm in debt, the more money I am throwing into a black hole (ie. interest). And I would like to know that I am in control of my finances. Also, I would like to be in a position where I don't need to worry about spending money on something. There's also a quote from a book I have which I like: 'Debt to me represents two big issues:

1. It is a drag on your ability to save and work towards other financial objectives.

2. It is mentally draining and poses a danger not only to your finances but also to your relationships, attitude and general well-being.'

My debt is now relatively small in comparison to some of the people that use this site and if I used all of my surplus income on overpayments, I could have the lot cleared in 12 weeks flat. But that would be 12 weeks with no pleasure; no nights out, just work and nothing else. Or if you look at it in another way, those 12 weeks would be hard, but would mean that my debt worries would then be over once and for all. Meaning a larger surplus income, leading to a greater ability to save and have a more comfortable and happy life. I just hate living frugally, but at the same time I kick myself when I spend money on non-essentials because I know that this is just setting back my debt free date further.

Ideally I would like my debt free date to coincide with Christmas and make it a great start to the New Year, but as I said earlier, to do that I would have to dramatically change my lifestyle and that's hard. What would you guys do???

Shoe_Gal

Think if l could do it in 12 weeks l would be tempted to go for it :j My debt free date is counted in years rather than months, never mind weeks like yours could be :eek:

January20

12 weeks is nothing! You could start 2010 with a clean slate! That sounds so fantastic! Go for it!

Money_maker

Do it - you may even enjoy the frugal life!

Buffythedebtslayer

12 weeks. Oh my Goodness! I would so do it !!

Yes I know it will be difficult and irritating but then you will the REST OF YOUR LIFE to be debt free. and spend YOUR money on what you like.

I am going to have a skint 6 months from Jan to pay off my loan not exactly looking forward to it however I will look forward to buying a new boiler and hopefully getting my eyes lasered (although looking forward to is probably not the right term *shudders*) and maybe going to America at Christmas.

Give yourself something to aim for, a reward xxxx

Shoe_Gal

Buffythedebtslayer wrote: »

Give yourself something to aim for, a reward xxxx

Good advice Buffy :A

:eek: to having eyes lasered though! I hate anything to do with eyes, it freaks me out - fortunately (so far) I have really good eyesight

MoneyWaster2007

Thanks for the advice and motivation all :T
This weekend I have literally not spent a penny and it hasn't been as boring as I thought it might be. Ok, so I haven't had a night out on the town as is usually the case on a Saturday night. But to wake up hangover free is ace!!! Plus, all that money is still in my pocket woo hoo!!! Going to a car boot with my parents this morning (just for a look; no spending).

So...12 weeks, I guess it's just a case of taking the bull by the horns, it may be tought at times and slightly boring at others, but when the debt is fully repaid, that will more than make up for these 12 weeks of hard work. Plus it will make a fantastic start to 2010!! Cant wait...

Lemon_Tree

if i was down to 12 weeks, i'd do everything in my powers to clear it by 11 weeks.
12 weeks of frugal living is nothing compared to a life of no debt worries and doing what i really want to do with my money.