DFW - End is in sight?

smsfrancis

Current debts:

• Dad [STRIKE]£12,000[/STRIKE], £10,200, £200 pcm, Dec '18
• Santander CC [STRIKE]£4,507.52[/STRIKE], £3,510.89, £250 pcm, Nov '15

Future Estimated Expenses:

• Wedding :eek: £4000-£5000:eek: Aug '16

Future Estimated Income:

• Employee Sharesave £6000 + profit from sale of shares, Apr '17

Been trying to run some numbers today and it's nice to write them down here in the forum for transparity and accountability!

Essentially, as it stands today, I have debts (excluding mortgage and student loan) totalling £13,711. Add to this somewhere in the range of £4k-£5k for my half of the wedding cost payable over the next year or two as the wedding will be summer 2016.

Now the "light" for this tunnel:

I am lucky enough to be part of a sharesave scheme at work. This matures in April 2017 and will give to me a guaranteed £6000 (what I've saved) plus the profit on the sale of the shares at that point in time. Depending on the share price in April '17, that could mean a profit of between £5k and £9k on top! :j

So this is what I've been trying to work out, as at April 2017 in 2.5 years time, where will I be?

+£11k selling shares
-£5k wedding debt probably on a c/card
-£4k remainder of debt to Dad
-£0 remainder of current c/card debt
===============
:A+£2k and debt free* :A


Add to this that I won't be paying £250 pcm for the "current c/card debt" line and I could actually have some healthy savings by that point.

This is very exciting news. You may be wondering "well !!!!!! are you doing here then?". Good question. But I still have some goals between now and then and I still have to actually stick to this plan by not adding to my debts.

I have a long history of debt since going to university and have constantly had about £10k-£15k of this "casual" debt hanging over me.

I have also never had major savings. Anything that I did save was quickly gone and pointless anyway given the debts sat behind it!

So I'm very excited to have formulated and put down in the tombs of the internet this post for posterity !!

My goals for the next 2.5 years:

• create a wedding budget and stick to it to avoid eating away at my overall profit come April 2017
• continue to grow my second income (bookkeeper in my spare time) to try and pay off the current c/card as fast as possible, and then a faster payment rate on the other debts
• try and enter as many competitions as possible via MSE on the off chance that I get lucky! :cool:
• try and sell as much rubbish from my garage as I can to liquidise some assets
• try and get to a place where I can sell my car or at least not have to run/maintain it
• DO NOT ADD TO THE CURRENT DEBT!!! No splurges, toys, gadgets, new subscriptions, fads, etc etc etc (these are demons of old...)

And finally, to be an active member of MSE to support others as they support me. :T

I turn 34 in April 2017. To be debt free*, married and partially own a house by then? Well, I didn't expect that. It's been a journey of 10-12 years so far, never thought I'd see the end in sight!!!


*excluding mortgage and student loan haha

smsfrancis

You may wonder how I am on the property ladder given the above. Thought I'd clarify... my girlfriend had built up the savings by living at home. She was living at home when we met, and always had done, so had a nice amount. Enough for the lowest deposit of most mainstream mortgages.

Whilst this was very helpful to me, it was also extremely embarrasing that I had to rely on this to get off the rental game. Which I liken to walking up a down escalator with "house deposit" at the top just out of reach!!

Anyway, it's yet another reason that I'm very excited to have a firm plan in place.

I guess the only thing that could muck this up is another global recession. Then I'd only get £6k from what I'd directly put into the saving scheme over the past 5 years. I wouldn't be debt free but would only owe my dad... hmm

October_Starter

Hi Smsfrancis :wave:

Sounds like you have a plan and are working towards a goal. Keep posting in your diary and remember your diary is for you and no one else. I am writing mine daily at the moment as I want to look back when things are hard and see how far I've come.

Look forward to more of your posts.

October xx