Debt free and buy my own house in 23 months!

rictus123

Well money getting shifted on Saturday...into bank account then il be paying off the 2k loan with it. Will save 130 a month. Also getting rid of car on finance, that will save 240 a month. Then aiming to pay off 3k loan by middle November...will save another 152 a month leaving me with a 4,800 loan at 253 a month then that's me debt free and saving for a deposit. Need expenses very low next year, I'm going for saving 20k.

turbo.jet

That's my savings goal too (20K). Unfortunately I don't have your 20 year old energy, or skill in whatever it is you do that makes you such a nice wage

So by mid November you should have an extra £522 to throw at the loan right? So it should be gone in 9 months? Have I worked out your debt free date correctly?

rictus123

Well I am pushing to try and somehow get debt free by the end of the year. All I will have left to pay come mid November will be a 253 a month loan with 4800ish balance. Might pay off 1500 end November, 1500 dec, pay for America in January and pay remainder in febuary. Will give me 10 months to save a deposit....looking at march very latest debt free date...5 months max. Might get gf pay my share america for me to get debt free on Jan and then pay her back in Feb. Can't believe how well I manage even with 775 a month payments. I have tax and some work tools to pay for end of this month aswel but il try my best.

turbo.jet

rictus123 wrote: »

Can't believe how well I manage even with 775 a month payments.

Its because you earn a very healthy wage! (and live within your means now) Long may it continue!

rictus123

Yep long may it continue....got a budget sorted out for rest of this year...now for the hard part - sticking to it. Debt free by Feb at the latest will be such a weight off my shoulders. Keep thinking about debt just now, visualizing a debt free future in 6 months. So when I want to buy something I can. But because of my new found mse ways l won't be buying much I don't need, just a small irregular treat. My budget shows once debt free I will have 2,200 surplus a month...so absolute no reason why I won't have 15k this time next year. So might wait till October 2013 and have at least 30k saved before I buy somewhere. Hopefully nothing goes wrong with car in that time.

rictus123

Well making much progress!!!! Money will be in by Wednesday from van sale - about £750. Sold car today, money is in bank - £3,400. Wages in on Friday will be about £1250. Total of £5,400. Along with £1300 in there already. Will be just shy of £6,700. Paying off car will be £4,000 ish + £2,000 loan. Will leave me with £700 and no expenses until after next pay. Also saving me £240.30 from car + £130.47 from loan = £370.77 a month saved from debt repayments. Total debt down £6,000 to £7,900 as of next week. Also may have another spot of overtime lined up, could be another £1000 in before xmas.

payments now down to £405.39....hopefully i can knock it right down to £0 by the end of the year!!!