No Debt, No Beer

InsertWittyName

Thanks guys for the support

Just had to pay off the tax credits over payment from last year, so that's £254.04 less I have to put towards the debts this month :mad:

Oh well, at least I don't have to go through the pain of filling in the renewal each year anymore!

InsertWittyName

I've done the maths and it's set that I'll be debt free on my November payday (21st November).

I could essentially have been debt free slightly before then, but I want the final payment for my loan to come out via Direct Debit to avoid any early repayment charges!

InsertWittyName

August 11 balance was: -£18,875.00
September 11 balance was: -£18,560.22
October 11 balance was: -£18,375.98
November 11 balance was: -£16,570.76
December 11 balance was: -£13,353.26
January 12 balance was: -£12,110.10
February 12 balance was: -£11,262.81
March 12 balance was: -£10,601.67
April 12 balance was: -£9,542.58
May 12 balance was: -£7,927.74
June 12 balance was: -£4,974.51
July 12 balance was: -£3,967.39
August 12 balance was: -£2,927.70
September 12 balance was: - £1,494.55

October 12 balance is - £578.72!

Total of £915.83 paid off this month!

A month today I will be debt free

Squidge123

Wow you've done so well. I keep having knock backs so I'm feeling slightly deflated. I love reading you're diary though to keep me inspired!

InsertWittyName

Thanks Squidge - one week today I should be completely debt free

Squidge123

Thats exciting stuff! You've done really well. Must be such a relief!

InsertWittyName

August 11 balance was: -£18,875.00
September 11 balance was: -£18,560.22
October 11 balance was: -£18,375.98
November 11 balance was: -£16,570.76
December 11 balance was: -£13,353.26
January 12 balance was: -£12,110.10
February 12 balance was: -£11,262.81
March 12 balance was: -£10,601.67
April 12 balance was: -£9,542.58
May 12 balance was: -£7,927.74
June 12 balance was: -£4,974.51
July 12 balance was: -£3,967.39
August 12 balance was: -£2,927.70
September 12 balance was: -£1,494.55
October 12 balance was -£578.72!

November 12 balance is £0

I'm officially debt free! :T

1StepDebt

InsertWittyName wrote: »

I'm officially debt free! :T

Congratulations. What are the plans from here? Build up an emergency fund or something I assume?

InsertWittyName

Save!

Emergency fund, house deposit, general savings

marathonic

InsertWittyName wrote: »

Save!

Emergency fund, house deposit, general savings

Good plan. Looking at your original statement of affairs, I'd increase the entertainment budget and the clothing budget a little.

Then I'd open a First Direct account, use their switching service, get my £125 bonus for switching and then open up a regular savings account for myself at 8% gross. They only allow £300 per month into this so you could consider this your short term emergency savings fund and use an ISA for your house deposit savings.