The Debt Free Roll Of Honour

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I never posted at the time due to unfortunately my debt free day coinciding with my long term relationship breaking up

However you can see the details below in my signature! Yay.

My pearls of wisdom is as soon as you see what has happened do something, anything about it . Even if that something doesnt reduce your debt just stops you from going into more. Then, just go for it. Become almost singularly minded about reducing your debt follow all the advice here and don't be afraid to ask questions. It can be hard to tell people about your debt but do so because you will be amazed at how many people are in the same boat and the fact you are doing something about it shows others and yourself your strength. I told people when i got about halfway theough clearing it and it really helped me keep going. Finally if you mess up one month learn from it, forgive yourself and keep going.

Good luck all, it is a great feeling when you finally get there! :beer:

mrs_motivated

Well I did it and I cant say it was easy BUT ITS DONE!

On Independance Day too:rotfl: I became debt free.

Its wierd I initially felt elated - but now feel a little shell shocked.... did anyone else feel like that on becoming debt free?

Pearl of wisdom - dont give up each tiny step is one step nearer and dont beat yourself up for the odd set back WE ARE ONLY HUMAN.... oh and keep coming to this forum whatever happens!

beanielou

Wow mrs motivated £24k in 14 months is amazing

fozmcfc

Well I guess it is finally my turn to say I'm debt free.

My lightbulb moment was December 2008, I was determined to start to become debt free from January 2009

My debts at my highest were roughly £18k. Thankfully I always had a steady job and my salary has always ranged between £1500 - £2200 during my debt free period.

I was a very bad gambler which is where at least half of my debt was from, the other half just spending money like water on electronics/holidays/nights out.

I owed money on 2 credit cards and had 3 loans and bits and pieces here and there.

January 2009, was the first month where I was totally gamble free and after seeing just how much I had left, it really gave me the boost to continue.

By Mid 2009, I could see, by continuing to cut out gambling and by now, not spending money on anything but essentials, I could see light at the end of the tunnel.

Basically this has continued until this day, with each month getting easier as each debt was paid off. I had more money, but I stuck to my strict budget.

I have as such been debt free now for about 18 months or so, when my savings outweighed my debt.

Which brings me onto my pearl of wisdom and that is DO IT YOUR WAY!. Yes take advice and the support of members on here in particular, but if you find something works for you, then do it that way, at least to begin with.

In my case I found it easier to

A: Get rid of the smallest debt first (which wasn't the one charging the most interest), it didn't matter, I had one less debt to worry about.

B: Put money into a savings account. Why save when you have debt, well I wanted a few months rainy day money, which I couldn't have if I put all my spare money into my debt. Yes I guess I paid back more, but seeing the savings go up, gave me even more incentive.

C: Even when my savings outweighed my debt, I continued to pay the last debt each month, even though I could have saved some interest by paying it off early. It served as a reminder of my bad days.

So that's my story anyway, thanks for reading, well done to everyone who is debt free now. If you're still on your journey, don't worry with hard work, determination and most importantly the support of people around here, you can do it.

RedLass

Lightbulb moment: April 2011

Debt at highest: Around £11,000 in Autumn of 2010

Debt-Free Date: July 2012

Pearl of wisdom: Write a budget - and be very honest. Setting a limit on the monthly food spend made a big difference to us. If you have a little spare after all your bills, allow yourself a small but strict sum for treats. We found it easier to get through by having a little to play with, but stick to it. Then, with anything that is left, snowball. Even if you don't stick to it rigidly, fill one in. Seeing the predicted debt free date based on the payments we were making was a serious shock - had no idea it would take so many years! That prompted us to take action.

Keep coming back to these boards, there are great people here, with great advice. We have learned so much, and most of it will be useful as we go forward in life, not just on the journey we have had getting debt free. So thank you, to all of you guys out there who offer help and support and tips. You've helped us make it

Hovel_lady

RedLass wrote: »

Lightbulb moment: April 2011

Debt at highest: Around £11,000 in Autumn of 2010

Debt-Free Date: July 2012

Pearl of wisdom: Write a budget - and be very honest. Setting a limit on the monthly food spend made a big difference to us. If you have a little spare after all your bills, allow yourself a small but strict sum for treats. We found it easier to get through by having a little to play with, but stick to it. Then, with anything that is left, snowball. Even if you don't stick to it rigidly, fill one in. Seeing the predicted debt free date based on the payments we were making was a serious shock - had no idea it would take so many years! That prompted us to take action.

Keep coming back to these boards, there are great people here, with great advice. We have learned so much, and most of it will be useful as we go forward in life, not just on the journey we have had getting debt free. So thank you, to all of you guys out there who offer help and support and tips. You've helped us make it

Congratulations :T

Enjoy the rest of your debt free life

Canucksfan

Hi Everyone
This is the moment I have been waiting for, so allow me a moment to savour it....Ahhh it feels sooo gooood!!!

a. The date of your lightbulb moment
It was in that slow period just after Christmas 2011 had finished and before the start of the New Year. I was wallowing in self-pity and struggling to get DH on board, as we had run up some serious bills setting up our new life in Canada. I was browsing through the MSE site (thanks Martin!) and something about the title of the Diary 'Pay ALL your debts by Xmas 2012' run by the incomparable Jemma mf0u1098 really grabbed me by the throat. I have never taken part in another challenge on the site, but the support-and large doses of good humour- offered by this forum was exactly what the doc ordered.
b. Debts at their highest
Just look at my signature...I still find it difficult to admit to running up such high bills. Because we were new to the country, we had not established a credit history and were unable to get a Line of Credit (an overdraft), so were paying off our cc debt with a hefty interest rate.
c. Debt-Free Date
Three days ago! Haven't bought anything crazy expensive since then, but I may take the children away on a mini-road trip up to the Rockies and stay in a motel overnight somewhere - now that is what I call living the high life!
d. Your one pearl of wisdom.
Only one? Oooh tricky. OK, I stood up to be counted in our marriage. For too long it had been easier to let things slide where the debt was concerned...anything for the quiet life at home. Sooo I asked DH to take charge of the mortgage payments and I took charge of the cc bills. Once a month we had a 'money meeting' (with a Chinese takeaway thrown in to make it more palatable); it was good to see that debt subside before our eyes, little by little. Now we budget a lot. I did a lot of overtime shifts - probably more than was good for my health at the time. I was v boring and said 'No' to big spends until we had annihilated the debt. I knew if I started spending I wouldn't be able to stop 'treating' myself and running up the bills again. Oh and find a DFW buddy - mine was Kerfuffle (another Brit carving out a new life here) and she was a great source of support to many of us!
e. Link to a diary?
No diary, but my progress is charted within 'Pay all yr debts'. I started off as a poor, sad, dejected, not-so-little waif, to gradually come out of my cocoon as an assertive, gobby, PREGNANT woman! Now I have fixed my beady eye on the mortgage! Good luck to Mr and Mrs Lewis with their baby...and to everyone else, keep up the good fight against the debts xxx

DebtFree2012

Congratualtions

Kerfuffle

Canucksfan wrote: »

Hi Everyone
This is the moment I have been waiting for, so allow me a moment to savour it....Ahhh it feels sooo gooood!!!

a. The date of your lightbulb moment
It was in that slow period just after Christmas 2011 had finished and before the start of the New Year. I was wallowing in self-pity and struggling to get DH on board, as we had run up some serious bills setting up our new life in Canada. I was browsing through the MSE site (thanks Martin!) and something about the title of the Diary 'Pay ALL your debts by Xmas 2012' run by the incomparable Jemma mf0u1098 really grabbed me by the throat. I have never taken part in another challenge on the site, but the support-and large doses of good humour- offered by this forum was exactly what the doc ordered.
b. Debts at their highest
Just look at my signature...I still find it difficult to admit to running up such high bills. Because we were new to the country, we had not established a credit history and were unable to get a Line of Credit (an overdraft), so were paying off our cc debt with a hefty interest rate.
c. Debt-Free Date
Three days ago! Haven't bought anything crazy expensive since then, but I may take the children away on a mini-road trip up to the Rockies and stay in a motel overnight somewhere - now that is what I call living the high life!
d. Your one pearl of wisdom.
Only one? Oooh tricky. OK, I stood up to be counted in our marriage. For too long it had been easier to let things slide where the debt was concerned...anything for the quiet life at home. Sooo I asked DH to take charge of the mortgage payments and I took charge of the cc bills. Once a month we had a 'money meeting' (with a Chinese takeaway thrown in to make it more palatable); it was good to see that debt subside before our eyes, little by little. Now we budget a lot. I did a lot of overtime shifts - probably more than was good for my health at the time. I was v boring and said 'No' to big spends until we had annihilated the debt. I knew if I started spending I wouldn't be able to stop 'treating' myself and running up the bills again. Oh and find a DFW buddy - mine was Kerfuffle (another Brit carving out a new life here) and she was a great source of support to many of us!
e. Link to a diary?
No diary, but my progress is charted within 'Pay all yr debts'. I started off as a poor, sad, dejected, not-so-little waif, to gradually come out of my cocoon as an assertive, gobby, PREGNANT woman! Now I have fixed my beady eye on the mortgage! Good luck to Mr and Mrs Lewis with their baby...and to everyone else, keep up the good fight against the debts xxx

:hello:

OMGoodness, I get a mention?!! I'm all welled up and it's only 5.35am MountainTime :eek:

Really, all the thanks go to people like yourself who achieve debtfreeness, share your stories with us and give us the motivation to carry on so that one day others (me) can follow suit.

Well done Canucksfan, here's hoping I follow you over to the MFW board in about 8 months. :T

Here comes the Happy Clappy dance :dance::T:dance::T:dance::T





(One question: Pedigree Chum and ice cream for the kids?!!!!:eek:)

Canucksfan

Well the kids complain if I feed them Kit-E-Kat. Feeding them
Dogfood is v MSE of me, no? Besides they have lovely cold noses now! Have a good day everyone x