Time to ditch the debt!

jmf76

Thanks Shopaholic, If I can do it, anyone can so keep with it on your own journey - everyone on this board is so supportive, they've been a total inspiration to me! xxx

jmf76

Been mega busy lately, but I currently have a stinking cold so am off work. On the plus side I've been able to catch up on a bit of paperwork, seeing as I physically can't do much due to lack of energy. Saying that after 20mins of reading, my brain hurts (nothing new there as my hubby would say lol)

Debt
Debt Interest Rate Current Balance
M&S 3.9% life of balance [STRIKE]£495.00[/STRIKE] £220.96
Student Loan -0.4% [STRIKE]£422.80[/STRIKE] £338.25

Savings £271.86 (been dipping in and putting back for Xmas presents )

Overall debt total [STRIKE]£638.43[/STRIKE] £287.35 :j :j:j:j
Since last post - Debt reduced by: £351.08 :beer:

Debt at worst: £18,039.83
Total debt paid off: £17,752.48 !!! :beer:

Next Target: M&S gone and enough savings to cover Student Loan = DEBT-FREE!!!
Next Month's challenge: DEBT-FREEDOM!!! Come on... nearly there...

clearmydebts

jmf76 wrote: »

Been mega busy lately, but I currently have a stinking cold so am off work. On the plus side I've been able to catch up on a bit of paperwork, seeing as I physically can't do much due to lack of energy. Saying that after 20mins of reading, my brain hurts (nothing new there as my hubby would say lol)

Debt
Debt Interest Rate Current Balance
M&S 3.9% life of balance [STRIKE]£495.00[/STRIKE] £220.96
Student Loan -0.4% [STRIKE]£422.80[/STRIKE] £338.25

Savings £271.86 (been dipping in and putting back for Xmas presents )

Overall debt total [STRIKE]£638.43[/STRIKE] £287.35 :j :j:j:j
Since last post - Debt reduced by: £351.08 :beer:

Debt at worst: £18,039.83
Total debt paid off: £17,752.48 !!! :beer:

Next Target: M&S gone and enough savings to cover Student Loan = DEBT-FREE!!!
Next Month's challenge: DEBT-FREEDOM!!! Come on... nearly there...

You are so close! You must be so excited about becoming debt-free!

jmf76

Thanks clearmydebts - I'm very excited! It's like getting an extra Xmas present!

Shopaholic_26

You're so close! Fantastic work!

clearmydebts

jmf76 wrote: »

Thanks clearmydebts - I'm very excited! It's like getting an extra Xmas present!

I bet it is!

jmf76

Just made my final payment to M&S...

Debt
Debt Interest Rate Current Balance
M&S 3.9% life of balance [STRIKE]£220.96[/STRIKE] £0 :j:j:j

Student Loan -0.4% [STRIKE]£338.25[/STRIKE] £253.70
Savings £253.70

Previous debt total £287.35

Current debt total £0 :j:j:j:j

Total debt paid off: £18,039.83 !!! :beer:

Next Target: None!!
Next Month's challenge: None!! Well actually might start on MFW...

Just want to say a BIG thank-you to everyone that has helped me on my journey to getting to DF. I can't believe I'm finally here! Shall try and write more later as right now I'm a little emotional...:o

clearmydebts

:j:j:j:j:j:beer::beer::beer:

Fab news. Well done to you!

Get yourself on the mortgage free roll of honour!

Shopaholic_26

Many congratulations jmf!!

You have done so well and you deserve to be debt free!

jmf76

:beer: :grouphug: HAPPY NEW YEAR/DECADE EVERYONE!!! :grouphug: :beer:

Well I'm starting 2010 debt-free and becoming a MFW, so am currently working on an updated SoA. I thought I'd post part of it on here so I could compare to how I started in my early DFW days. It's surprising...

a) how much more I'm spending, although I suspect that's mainly due to the new SoA being a lot more detailed and me being a lot more honest :A,
b) how a bit of budgeting has drasticly reduced some of my specific outgoings (internet springs to mind) but also,
c) how some spends have crept up again (mobile phone :eek:)

All goes to prove you need to keep reviewing your budget at regular intervals!

jmf76 wrote: »

Thanks for the tips. Right here's my SOA:

Income
After tax etc Total ~£2100

Monthly Outgoings
Home - £1066
Mortgage £493
Elec £40
Water £15
Council Tax £125 (altho should be ~£95 as of Apr)
2 mobile phones £60
Telephone £11 rental & ~£3 calls
Internet £18
Groceries £250
Leasehold & management fee £51

Insurance - £26
Critical Illness £16
Home Contents £10

Savings - £25
10 year bond £25 I'll lose some of the money if I cancel this so am reluctant to do so.

Transport - £135
Partner's bus fare £22
Car diesel £40
Car Tax £10
Insurance £38
Breakdown £3
Service & MOT £22

Other - £165
Gym £35
£30 Weekly spending - £130

Spending Total £1417

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1797
Partners monthly income after tax....... 750
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2547
Monthly Expense Details
Mortgage................................ 531
Secured/HP loan repayments.............. 0 :A
Management charge (leasehold property).. 68
Council tax............................. 122
Electricity............................. 70
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 55.25
Internet Services....................... 6
Groceries etc. ......................... 350
Clothing................................ 200
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 27
Car maintenance (including MOT)......... 29
Other travel............................ 50
Medical (prescriptions, dentist etc).... 10
Contents insurance...................... 8
Presents (birthday, christmas etc)...... 100
Haircuts................................ 40
Entertainment........................... 400
Holiday................................. 50
Emergency fund.......................... 100
Total monthly expenses.................. 2429.25

Sorry... had to leave this bit in as I still can't quite believe it...
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........- :T

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.