Our Journey to a Debt Free 2016

PinkPoppies

Lovely weekend mostly spent enjoying the sunshine and bbqing with friends.

This week is going to be a very frugal week, especially food wise. Determined to make do with what we have in the house, and rustle up some creative meals with the contents of our freezer and cupboards rather than doing a big shop.

School breaks up in a fortnight so I need to get my thinking cap on re lots of cheap or free ways to amuse the children once they are home for the summer too.

PinkPoppies

Feeling fed up with it all today.

Went round to a friends house for coffee yesterday and came home with house envy. Her house was beautiful, immaculate and so nicely decorated. There is so much work that needs doing on our house, and everything here looks so tired and dated, but we just haven't the money to do it until this debt is shifted.

We will be debt free at some point next year and I know that the time will fly by, but at the moment it feels as though it is such a long way away.

When I first started this journey I used to look at people with less than £20k of debt and feel quite envious, so why is it now that we are down to £16.5k it seems such an enormous amount of money still?

Anyway, I'm going to stop moaning and get down to some work. Only 6 more days left of the school term so I need to get as much as possible done before the school holidays!

debtfreeoneday

I feel the same sometimes, the cat has wrecked the wallpaper in our lounge, the fireplace has different paint on in from where we replaced it and the carpet is in two halves, but we have cleared a massive debt with some left to go and I see little point in spending any money in there until we do it properly. Keep your chin up, you have done fab.

Having cleared what we have, I'm down about what we have left.. £6k, that's all, but it feels like the biggest mountain in the world, worse than the original £58k did.. I have no idea why..

Keep going lovely x

PinkPoppies

Thank you debtfreeoneday, your post really made me smile!

Isn't it funny how perceptions alter... I was all gung-ho and positive when we owed £38k and now, like you say, a much smaller amount feels so hard?!

Perhaps because being debt free is closer to being within grasp, I don't know?? I kind of feel as though our level of debt now is approaching a 'more socially acceptable amount' (whatever that is), and wonder if that has an effect subconsciously?

There aren't really words to describe how amazingly you have done. Just incredible!!! I take my hat off to you! When do you think you will be debt free? Excited for you!

Minesamojito

Wow! Have just read through your diary and am finding it really motivational. The amount you have managed to pay off your debt in a year is phenomenal. We are starting with a similar amount as you did, and although we won't be able to reduce the debt as quickly, it is really great to see somebody else has managed to make progress into what feels like an impossible mountain to climb. I have subscribed and will be following with interest.

PinkPoppies

Hi Minesamojito!

It has really made me smile to think that my diary might have motivated someone else

We have mostly cut things to the bone here, but we are very lucky that my husband earns a very good salary, and we are able to get by with just one car between us. It also helps that we live in a very modest house!

It does feel like a scary and impossible mountain at the start, it really does. It is incredible how fast little payments here and there add up though, and how quickly the months and payments pass.

I can hand on heart say that we have been no less happy as a family over the last year, despite spending very little. I have (mostly) enjoyed the challenge, and we have had a great year creating lots of wonderful memories regardless.

I wish you the very best of luck! You can do it!

Can't recommend starting your own diary enough- it is a great way to stay focused and look back on your progress. I would definitely subscribe and cheer you on! xx

Minesamojito

Thanks for the encouragement. Starting a diary is something I keep thinking about but haven't taken the plunge yet. Definitely need all the help I can get to stay on the straight and narrow though and it certainly appears to help the people who do. Mmmm, will have to start thinking of a title.

PinkPoppies

For me, the diary is good not just for the kind support from other posters, but also to look back on. Sometimes when you are chip chipping away you don't really see just how far you are getting, so it's nice to scroll back through my diary and see actually, yes, we are getting somewhere!

Managed to clear the last of the CC today! Whoop! It's been an unusually good month for me in terms of work income, which has helped! Banked another cheque last week which should clear shortly too.

Next mission is to clear £1k of our £2k overdraft, which isn't included in my debt total. Not going to add it to my overall figures as it will confuse things. We don't pay charges on the first £1k so that can stay as it is for now. So, while our progress will look a bit slower, we will still be plugging away! Will remove my CC target from my signature and replace it with an overdraft one.

I think I will probably save the £1k in a separate account and then send it over to the overdraft account once I have it as otherwise I'll get in a muddle and not know exactly where we stand through the month. Expensive way of doing it really, but it might work out more costly if we end up accidentally spending while we build it up.

After the overdraft is sorted it will be the rogue CC's turn to be the focus, and then we can finally start to work on our offset savings. Our monthly loan payment will carry on coming out as usual.

It's the first day of the school holidays today. Decided that once I have finished my cup of coffee I am going to launch into a major house tidy, deep clean, and de-clutter!!! We have so much STUFF. Baskets and boxes full of god knows what. The children have a tonne of outgrown clothes that need sorting though, and I could do with going through mine too. Once everything is spick and span I want to do a bit of painting in the house- we have a big tin of white gloss sitting in the garage that would brighten up our skirts, rails, and doors.

Better jump to it!

DebtFree2012

Great news on the CC - well done

crunch_time

Lovely to have a plan and well done on the credit card.


Crunch xx