10 Months Til Debt Free-Ness

http://forums.moneysavingexpert.com/showthread.html?t=10940

Not much has changed since my last post (above). I have cleared my 3 credit cards, and my loan now stands at £9,340, with also savings of £400 towards my travel fund.

(My savings are at 5%, and my loan at 2.3%, so in this case it does make sense to have savings)

My loan will be clear on the 5th of December 2005, and hopefully I should have savings of £3K to go towards my-round-the-world trip.

I am impressed with myself, I used to be terrible with money, and my debt was almost £20K at its highest, so I cannot believe that I will be completely debt free in 10 months time.

If I can do it, so can you. It just takes a lot of hard work & perseverance, but definately worth it in the end.

Come December i'll have £900 a month to spend on me (which is currently going into my loan repayment) - im gonna be rich :0)

Good luck & keep up the hard work - you can do it.

Ms_London

Comments

  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    ms_london wrote:
    http://forums.moneysavingexpert.com/showthread.html?t=10940

    Come December i'll have £900 a month to spend on me (which is currently going into my loan repayment) - im gonna be rich :0)

    Ms_London

    Congrats on being on target to meet your deadline !

    In 5 years from next Dec, £900 a month at 5% would have grown to £61,250 so yeh, you are on your way to being rich :)
  • ms_london
    ms_london Posts: 2,852
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    Wow, that sounds good doesnt it? :0) - Unfortunately though there is no spending money accounted for in there, but even with £900 if I was to spend £400 (saving some for holidays and short term goals), I would still be able to save £500 a month.

    From December I will be saving to go travelling, but after that who knows what I will do. Will have to look at investing a bit more, plus also might buy-to-let (a house that is!).

    Who knows. Never been in this position before, but £61K definately sounds good to me!!!
  • Hi
    have you reached your target ? Could you please update ?
    ONLY COPY WHAT I AM DOING IF YOU ARE 100% SURE AND YOU KNOW EXACTLY WHAT THE END RESULT MAY BE. ALWAYS CONSULT A PROFESSIONAL BEFORE FOLLOWING MY ADVICE. I AM NOT LEGALLY TRAINED . IF WHAT I AM DOING HELPS YOU IN ANY WAY CLICK THE THANKS BUTTON
  • smilealot
    smilealot Posts: 586
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    Well done ms_london... you are an inspiration to newbies like me!

    smilealot :rolleyes2
    Member #4 of the DMP Mutual Support Club - DFW Nerd #335
    Debt at March 2007: £26,728.32
    Current debt: £0
  • bikerqueen
    bikerqueen Posts: 427 Forumite
    She reached it, saved loads and spent 3 months travelling in oz and is now working over there!
  • smilealot
    smilealot Posts: 586
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    Wow!!!!!!!!!!
    Member #4 of the DMP Mutual Support Club - DFW Nerd #335
    Debt at March 2007: £26,728.32
    Current debt: £0
  • elantan
    elantan Posts: 21,018
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    she pops on often and makes us all totally jelous ...the woman done good ...
  • sammiboo
    sammiboo Posts: 1,110 Forumite
    that is some going! i cant wait till i am debt free - well i will have a mortgage then when i have cleared my debts :o
    March 2006 £15,200+ in debt April £843.64 in debt - Debt Free date Sept 2009
    Egg Credit Card - £843.64 5.7%
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