We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
We will do this...
Options
Road2....
Posts: 1 Newbie
Hi
Long time lurker, finally decided to take the plunge and join up.
I have put details of the debts me and my wife have in my signature. This excludes our mortgage as the plan is that once I gain my Debt Free goal, I will tackle the mortgage next.
Having looked at snowballing etc, we have decided to start off with, we are going to pay smaller balances off first to get some "early wins" under the belt.
Part of the debt is a £6700 loan that has 33 repayments left on it which I think would be a nice timescale to try and get everything else tied up for then.
I am not in financial hardship and in theory should have over £1000 spare each month but due to previous lack of discipline I rarely have seen this - always something to spend it on. We plan for this to change.
Im looking forwards to the next 3 years and the journey towards financial freedom. The motivator is that if I can stick to this, the money I will have become used to not seeing will mean I will be mortgage free by the time I am 43 (currently 33).
In the meantime there are a few things to consider - first one is my wife going on maternity leave at the end of July, which will see a big drop in income later in the year by the time her full pay and holiday pay run out etc.
2nd will be hopefully a promotion at work by the end of the year. This could see a £10k + pay increase. Nothing is guaranteed but I am aiming to make myself the person who steps into a maternity cover position within my current team which is more senior. They are already started putting development plans in place for me so looks like if I show I am capable, nothing stopping me.
First things first though - going to try and reduce my debts by 7k by end of year.
I am determined to do this and I will try and update this diary regularly but wanted to get something down to share as I think it's a great community on here and wanted to be a part of it.
Anyway, thanks for reading
Long time lurker, finally decided to take the plunge and join up.
I have put details of the debts me and my wife have in my signature. This excludes our mortgage as the plan is that once I gain my Debt Free goal, I will tackle the mortgage next.
Having looked at snowballing etc, we have decided to start off with, we are going to pay smaller balances off first to get some "early wins" under the belt.
Part of the debt is a £6700 loan that has 33 repayments left on it which I think would be a nice timescale to try and get everything else tied up for then.
I am not in financial hardship and in theory should have over £1000 spare each month but due to previous lack of discipline I rarely have seen this - always something to spend it on. We plan for this to change.
Im looking forwards to the next 3 years and the journey towards financial freedom. The motivator is that if I can stick to this, the money I will have become used to not seeing will mean I will be mortgage free by the time I am 43 (currently 33).
In the meantime there are a few things to consider - first one is my wife going on maternity leave at the end of July, which will see a big drop in income later in the year by the time her full pay and holiday pay run out etc.
2nd will be hopefully a promotion at work by the end of the year. This could see a £10k + pay increase. Nothing is guaranteed but I am aiming to make myself the person who steps into a maternity cover position within my current team which is more senior. They are already started putting development plans in place for me so looks like if I show I am capable, nothing stopping me.
First things first though - going to try and reduce my debts by 7k by end of year.
I am determined to do this and I will try and update this diary regularly but wanted to get something down to share as I think it's a great community on here and wanted to be a part of it.
Anyway, thanks for reading
0
Comments
-
Hi, good luck in your debt free journey, I was the same and paid a couple of smaller debts off first as it motivated me to move on the bigger ones. I'm snowballing though. Look forward to following your journey
DEBT FREE BY CHRISTMAS 2015 - #018£204.38 / £11,360.14 1.8%
SEALED POT CHALLENGE - #330 -
Wishing you well on your journey.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Good luck with the debt-busting.Debt-Free day 30th September 20140
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards