Maisiemogs Debt Free Diary

maisiemog

We're now on a journey to be totally debt free for the first time ever in our marriage!!!

The plan is to be completely free of debt by the summer holidays. At the moment we owe £5557. I am paying £307 off a debt this evening so by the end of today we will be down to £5250. I hope that by the end of the year we can be at about £4500. I doubt it though.

I've spoken to all our creditors and arranged payment plans that are realistic and should leave us a bit extra each month. I've also decided that any money we have left in our account each month will be split equally between each debt and added to that. If we are sensible we should be able to clear everything in a year, and if we try really hard we could do it in 6months but that would be quite difficult I think!

In the new year my wages will rise considerably as I'll be working more hours, I'm self employed so no guarentee that it will last for a long time so all the extra money is going straight on to our debts!

I'm also going to withdraw a set amount out of our account each week as spending money and when thats gone it's gone! Also just switched to online shopping and that is saving us an absolute fortune. I'm only buying us what we need so I dont go to tesco for 2 things and end up spending £20! It's worth the £2 delivery charge for what it saves in the long run!

Will update this as and when I pay off anything towards our debts!

jwil

Well done on the debtbusting Maisiemog, how exciting to be debt free this time next year (and even sooner perhaps!).

Good luck with it!

beanielou

Wishing you well on your journey.
Keep posting!

maisiemog

Well our debts are slowly going down!!!! And slowly has got to be better than not at all!!!

Technically that last £307 hasn't been paid off yet but it isnt my fault they haven't cashed the cheque. The money is still in my account for them when they want to!

Paid another £60 off today. Nothing else to be paid now until 3rd Dec, good job really as we are skint!

Start my new contract on 5th Jan so really looking forward to the extra money that will bring in and even better it looks like the contract is going to be a long term one!!! It'll be my biggest paying contract as well and for the first time since having children my wages will go over the £500 mark meaning extra money on our debts!!!!

By the end of the year our debts will be down to the £5000 mark I think! Most of them will be paid off by June for definate!!! Cannot wait for that as I will no longer be worrying about it or threatening letters. But hopefully as payment plans have been agreed and we're sticking to them the threatening letters are a thing of the past!!!

Just a shame that one of the things we have had to do to clear some of the debt is get a prepayment meter for the gas and electric. Sucks BIG time! I work from home as a childminder so we use a lot of gas and electric. Will always be paranoid we'll run out of gas and electric so gonna put loads on this month and see how long it lasts. Its being fitted on 3rd Dec.

Hmmm what else is happening...not a lot. Cannot wait until April 8th when our biggest debt...council tax will be cleared. Yay!!! And then in June we should only have the credit card left. Thats on 0% interest until next October so only doing minimum repayments on that for now!

Thats it for now. Another update on 3rd Dec, or before if I pay anything off before then!