NHS worker bee's diary: buzzing towards debt freedom

NHS_worker_bee

As my regular payments by direct debit go out, I am making a dent in this debt slowly but surely

NHS_worker_bee

I'm nearly £2000 less in debt than I was when I started out earlier this year and remain determined to get the CCs cleared. All the payments are set up and ticking along nicely. Also in good news this month I go up a pay increment at work and will of course be putting the extra money towards debt repayments

NHS_worker_bee

Moving on from a lovely but rather a bad (as in expensive) month last month :-s

I'm back on track: I have a new job which I really love and is also better paid and I've increased my direct debits in preparation for next month's debt blasting... :-)

NHS_worker_bee

Keeping on track - money saving steps taken so far this month:

I reached the end of my mobile phone contract so immediately switched it to a sim only deal - much cheaper

My partner has SORNed his car, between us we will save money by sharing mine

The next task is check if I can get a better deal on the electricity bill...

*Feeling productive* :-)

NHS_worker_bee

By reshuffling my existing debts, I've managed to get all of my CC debt onto 0% for the first time ever.
I've also completely cleared my most expensive debt (the HP).
No time for complacency though, as I need to clear CC4 before the 0% deal ends on 1st May 2015.
I've also still got just under 2k of my graduate loan to pay off, as that's now my highest interest debt.

I feel like my debt busting progress has started to stall over the past two months.
It might not look like I've made much of a dent in the debt but I'm really pleased that I've managed to cut the interest I'm paying and that more of my money will go onto debt rather than interest repayment.

Roll on next month when the increased direct debits (which I have budgeted for) will go out of my account and straight onto debt repayment

I'll keep updating my signature as I make progress...

Total debt March 2014: £11,194. Now £9,935.
0% CC1: [STRIKE]£2,240[/STRIKE] £2,090. 0% CC2: [STRIKE]£1,934[/STRIKE] £1,754. 0% CC3: £[STRIKE]700[/STRIKE] £500
0% CC4: £3600
12.9% Loan: [STRIKE]£3,000[/STRIKE] £1,991
14.9% HP: [STRIKE]£1,103[/STRIKE] £0

Ratison

Encouraging figures there! Well done! (From a fellow NHS worker)

NHS_worker_bee

Thank-you Ratison!

Psychologically, I do feel better about having 5 debts instead of 6 (I'm keeping it in my signature as a reminder that progress may be slow but I am heading in the right direction)

Realistically, the big difference will be no longer paying any interest on the CCs

I'm looking forward to seeing next month's statements

pickle_me

Great update, Bee Getting the debt onto 0% is a really good move - it made such a difference to me knowing that every penny we paid off actually reduced what we owed, rather than chipping away at the interest. And well done on getting shot of the HP, that must be such a weight off your mind!

NHS_worker_bee

So the totals are heading in the right direction and I'm looking forward to using the overtime money I will get on December payday to get the debt under 9k by the end of 2014

I'm also looking forward to a relaxed Christmas, with a few days off work to spend time rather than money with friends and family

NHS_worker_bee

Happy New Year ! I've learnt so much about managing my finances in 2014, and this forum has been an invaluable source of support. Thanks to everyone for your encouragement.

I'm pleased to have met my goal of getting my debt under 9k by the end of the year.

January is going to be a long month but I plan to be under 8k by February.

Roll on 2016 when I will be celebrating bringing in the new year, debt free!