Quarter of the way through my debt challenge....

lil'H

Hi all,

Well I came on here knowing I was in a small amount of debt but with no knowledge of how much I was spending or how much I actually had to spend. After doing my budget I discovered that I was overspending every week, often to the tune of £100. Wow ligtbulb moment hit then! So on the 23rd of June, I calculated my new budget, to the penny and challenged myself to clear my debts within a year. So now, I'm a quarter of the way through and well, I'm doing great :j The first month was hell, I hated the idea of limiting my spends, but now I'm the opposite, I went into a clothes shop the other day, and everything looked disgusting, the clothes all seemed to have £ signs all over them and I was in no way tempted. I've faught down all my regular bills, and cut all luxeries, and well here are the figures as they stand:

23rd June - Now
Overdraft 0% £995 £745.85
Credit Card 0% £1300 £1020
Credit Card 14.9 % £944.37 CLEAR
Gas and Electric Debts £150.87 CLEAR

ISA Savings (keeping as debts are at 0%, will use to pay off if needed later)
£1139.37 £1146.81

Total Debt minus savings = £2250.87 £619.04



Yipee!!!!

I am currently paying £184 a month off my debts, so should make it in record time, therefore my challenge will be to now pay them off without touching my savings. I have £150 owing from my business start up funds, and as my budget does not take into account wages I have allocated some of my wages from november to cover christmas.

The reason I'm posting is not to brag, but just beause every week I didn't think I was doing very well, i was checking balances every day and coudln't see how much they were really dropping. Three months in I can't believe how well it's going. So i'm hoping this may spur some others on who feel they aren't getting anywhere. Also it's my way of showing just how much this board has helped, there is no way I would have been in less debt if I hadn't found you guys, I have no doubt my debt would now be much much bigger.

For the record, I take home £928.98 a month after rent, and council tax, and am a single parent with one child, a business, part time job, studying a masters, one hamster and fish tank!!!



Hope you're all doing well,
Lil'H

Dolly_Smith

that's brilliant - I'm really pleased for you. Think what it will be like when it's all paid off and you'll actually have some money that's your own and not some b*****'s finance company's

southernscouser

Brag away lil'H all you like! You deserve to! :T

Jaymz

Well done!

Its so true about this place changing your spending habits, I have become so tight now and hate spending money on things I don't really need!

yung

well done and keep it up

jenagain

Well done!

I'm pretty new here and don't have a lot of debt - but it still seemed impossible to clear. It's great to know it can be done, and so much in so little time!

Jen

ShakerSonicBen

hi, guys hope you all can welcom me to the board.

stories like this really help people like me to get motivated and get out of debt

well done

oops_a_daisy

awww well done lilh, you sound so positive and motivated ( hope some of it rubs off onto me ) well done on your achievements :T

moozie_2

Well done sweetie! Keep it up :T :T :T

Mrs_Sparkle

Well done you! Keep it up- you'll be debt free in no time...

Ali-OK

That's brilliant - well done! :T

You've just re-inspired me as I was beginning to flag - thank you!