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10 Months Til Debt Free-Ness
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ms_london
Posts: 2,852 Forumite
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
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
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Comments
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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
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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!!!0 -
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 BUTTON0 -
Well done ms_london... you are an inspiration to newbies like me!
smilealot :rolleyes2Member #4 of the DMP Mutual Support Club - DFW Nerd #335
Debt at March 2007: £26,728.32
Current debt: £00 -
She reached it, saved loads and spent 3 months travelling in oz and is now working over there!0
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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: £00 -
she pops on often and makes us all totally jelous ...the woman done good ...0
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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
March 2006 £15,200+ in debt April £843.64 in debt - Debt Free date Sept 2009
Egg Credit Card - £843.64 5.7%0
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