Debt free and buy my own house in 23 months!

Footiemad_2

Good luck for the 29 days that are left rictus

rictus123

Well only 27 days left now.....not a problem

rictus123

A third of the way through no spend challenge, so far my expenses are as followed

£100 digs
£240.30 phone
£10 overdraft charge

total at £350.30

Still to come
£330.62 on loan
£45 phone

Im going to try and use the £74 credit on my credit card(bank asked me to pay too much, clever people) to cover fuel so really it wont have cost me anything....but im normally spending £120+ so il have to really cut down....should come close to managing.

Total spend will be £725.92....and £570.92 of that will be on loans and car....great!!! :mad:


Anyway forecast budget shows even with mot and holiday next month i should still clear smallest loan 1st September...targets are as followed

£871.59 2nd September
£2,263.82 by 25th November
£3,457.86 by 23rd December

Can see me bringing the second one forward a bit but not the last....


Then i will be totally debt free by xmas and have a bit in my bank to pay for next years holiday in January and save spending money in Jan. The other 10 months, Feb - Nov will be saving like mad for house deposit, aim is £20k for the year...if i manage that then next Dec will use whole of my surplus to treat myself......a bit of a dreamer but hey aim high and i cant NOT manage to save!!


Well and truely got the mse bug and looks like could be able to afford moving out before im 22! :T

Footiemad_2

Good going so far rictus123. Well done, I am sure you will do it

turbo.jet

This is a great read! Oh to be 20 again

You're very fortunate you can do all this overtime and your attitude to do extra work when you need it is really good. Well done.

What are the balances today?

rictus123

There was a slight hicup in the fact i took on a bigger loan.....now i have a great car but about £10,200 owed on loans....and £4,000 owed for car.

Confident i can sell car for at least £3,500 very soon though...Then il just pay the difference so i get rid asap!! That will save me £240.30 a month. I am away to clear the £2,100ish loan i have listed in OP...that will save £130 a month. Also getting rid of the £3,000 ish loan at the end of this month so i will save £152 from that. So clearing these 3 by the end of the month will savem me £522.30 a month!! £6,267.60 a year saved by getting rid of that debt. That just leaves £4,500 i have on a loan that i took out the middle of August to buy work tools...means i make much more from homers as do not need to hire stuff, i have my own now. So homers should go up now because of this.

I will only have a £4,500 loan left to pay at the end of this month but im going to try and push as much as i can and pay it off by the end of the year....with my earnings slowing right down over winter due to being on price work and cannot do anything below freezing well....its ambitious!!! But im going for it!!!

turbo.jet

You bought a new car? What happened?! Did you just give in to temptation? Next time you are tempted picture that house you want in 2 years mate!

What sort of car is it?

rictus123

Subaru Impreza wrx....older though. So 4 wheel drive and love it so will be keeping for long term....van is sold and just need rid of car now. Would have needed a new but older car anyway to sell this car and clear the finance. So it does really make sense to buy it. Once other car is gone thats me sorted for at least another couple of years, i do love this motor!!!

I picture that house/look online at houses every now and then, great motivation to stay on track. Will be paying off £5,300 of debt + Car at £4k by the end of this month, leaving me with a £4,500 loan to go and thats me totally free. This will take monthly payments down from £775 a month to £253 at the end of this month.....so hopefully be dept free in no time....then onto the saving for deposit!!


Im headed in the right direction.....honest! Iv set up budgets and im sticking to them fine so away to tighten it up a bit and see if i can get rid of £9,300 by the end of this month so i have just £4,500 left....

Then i need a new budget as il have £2,000 min surplus every month.....:D

turbo.jet

Nice! A personal favourite of mine! I very very nearly bought one back in Aus but my best mate talked me out of it (given my current Nissan was only about 18 months old at the time!)

rictus123

Quite thirsty so not very mse!! Now a personal favourite of mine also!! Looking at spare alloys to get winter tyres on...im sure its for the long run, even if its not, i will probably get the same car again next time round.

Congrats on recently becoming debt free...massive weight off your shoulders!!