SouthernGuy's Debt Free Journey

SouthernGuy

Hi Jodles16,

Thanks for taking the time to read my diary. I'm glad to hear that it's helping keep you motivated.

I'm lucky to be in a position where I can clear a good chunk of the debt each month.
I've mostly found it ok but I have to admit that I'm really struggling at the moment with the temptation to buy a new car once my debt is clear. My current car has got to that age where it will start to go wrong.

It's very difficult because on one hand I'm thinking "well, I work hard and earn a good wage, I deserve a new car!" and on the other hand I'm thinking "Once I'm debt free I want to stay debt free and build savings". The trouble is that it would take a long time to save the amount for the car to buy it outright so I'm tempted with all the low cost credit which is around or to see if I could buy it on interest free credit card and pay it off quick like I'm doing now...

Arrgghhh, I know buying a car using credit is bad but I tend to look at it a lot like people look at mortgages, it's an acceptable debt to have. Am I right on this everyone as long as I pay it off as quickly as possible and don't stretch myself??? Or is it a crazy idea???

what to do, what to do...

SouthernGuy

Good Afternoon all,

Well pay day has come
I've just made my first payment off CC 1 of £100.

I went out with a few people from work last night down to the coast and spent about £30.00. It was a nice evening.

I'm still umming and erring about the car, we'll see how things go over the next little while.

I hope everyone is ok.

SouthernGuy

Ok, after pottering about in the garden and cleaning the pond pump out etc I suddenly realised I'd nearly paid off halve of my debt total as it was back in April last year.

With that in mind I decided to pay some more off today. I therefore sent another payment of £200 to CC 1 bringing the total on that card to just £500 and my total debt to £5581!

This means I'm past the half way point!!!! :j:j:j:j:j :beer: Wahoo!!!

I will be paying more off this month but I am going away on Monday camping with my wife and dog for a few nights so I intend to have a complete break away from technology etc... Most of the cost will be paid from the joint account but I might treat myself a little bit, after all it is a holiday

wannabe_credit_free

Absolutely fantastic, nearly there. I became debt and mortgage free a few weeks ago. Sometimes I forget but it is a fantastic feeling...

SouthernGuy

wannabe_credit_free wrote: »

Absolutely fantastic, nearly there. I became debt and mortgage free a few weeks ago. Sometimes I forget but it is a fantastic feeling...

That is brilliant that you are both debt and mortgage free 'Wannabe Credit Free' well done :T

I'm feeling positive about my efforts so far but I am not going to slack as the last £5581 needs to go.

Thanks for your support :beer:

Calling14

Enjoy your camping trip and live a bit, permission to treat yourself. Lol

Just reading your diary re new car, I was thinking the same. Mine will be 10yrs old then, just want something better on fuel and cheap car tax. My car tax £180. I be happy with fairly decent car not new.

Think after these debt free journeys we will emerge savvy creatures, hopefully not too dull.

SouthernGuy

Good Morning all,

I'm feeling nice and relaxed after returning from a really nice much needed break away with my wife and dog in Exmoor camping.

Weather was mainly great and we had a superb time. Spending wise I was fine. We purchased everything on the joint account. The balance is looking a little low so we've agreed to see how the rest of the month goes and if necessary we'll both top it up to last until pay day.

Whilst I was away my £60 DD to CC2 went out bringing the balance to £5021. On my return I've made a payment of £200 to CC1 bringing the balance to £300. I think I miscalculated the end of the interest free period though because on my statement for CC1 it says they estimate I'll pay £7 interest if I only make the minimum payment of £25 before the due date. Thank goodness the card will be cleared within the next month.

In other news I am weakening regarding getting a new car. There's more and more starting to go wrong with mine and I'm wanting to avoid big repair bills.
If I get a new car I'll use a loan but on enquiring online the rate I'd get is low and the provider allows overpayments meaning I could clear it early. I've seen a car that I really like so am currently considering my options (on the one hand I want to be 100% debt free apart from mortgage but on the other I would always need to take out a loan to get the new car I want). Ahh decisions, decisions...

I hope everyone is ok and still smiling

SouthernGuy

Ok, for now I'm feeling slightly more focused as I've been reading other peoples debt free diaries.

As it stands I'm going to try and hold off on the car and keep my one running.
I think after the holiday I need something positive to look forward to and think about which is why I'm currently struggling with the new car urge.

I've spoken to my wife today and instead of the new car I'm going to look at starting to get the area of the garden ready for the new 20x12 workshop I want. I need to demolish a big rotten old shed and get a concrete base 21x13ft laid in readiness. The plan for the workshop has always been in the pipeline but whereas I was waiting until early next year when I was debt free I've decided to start on it now to keep me occupied and excited. It will cost a lot less than a new car and will then allow me to get on with one of my hobbies (model railways, sad, I know!) which is currently boxed up in the spare room awaiting the workshop.

I must be more careful to not forget to treat myself within reason whilst paying this debt back. Although in previous posts I have acknowledged it I haven't been able to actually treat myself through fear of guilt. Looking back on my previous posts I can't help think that the combination of me not treating myself much at all alongside my job unhappiness was really taking its toll on me before my break.

I'm back at work on Monday but I will try and leave my work stress at work and also allow myself treats to cheer me up (within my means)...

I've just logged on and paid another £50 to CC1 (balance now £250). My wife and I have also just transferred £50.00 each into the joint account to boost the balance. I've now got £300 left in my bank account and 2 weeks until payday. Hopefully if I'm careful I'll be able to pay more off before payday but will have other expenses.

I really appreciate the support this forum has given me and hope that you all will continue to read and help me stay on track to debt freedom.

TTFN

Calling14

Expect to see your workshop on that Amazing sheds programme soon.
Know what you mean about not treating yourself, tough with just my income.

Glad to see you had a relaxing break I need one soon, now get back to debt busting lol.

SouthernGuy

Calling14 wrote: »

Expect to see your workshop on that Amazing sheds programme soon.

Haha, I don't know about amazing sheds but it will keep me happy.

I've spent the last two evenings stripping.
Of course I mean wallpaper stripping, we've decided to get started on decorating the master bedroom which was such a hideous pink colour when we moved in that we've been staying in a different bedroom. Thank goodness for steamers which are making it easier...

I've just paid another £50 off CC1 meaning I owe a total of £200 on that card.

I hope everyone is well.