£46k in debt.....at 24.

girlatplay

YoungBusinessman wrote: »

Girl at play, absolutely correct, total oversight! SO net worth is infact -£12k not -£7k!!! So thats the target for 2015, never miss a payment and build up the emergency fund to get a positive net worth by the end of 2015. Itl soon fly round like this Xmas has, i just need to keep motivated.

Yeah...eh...sorry about that but I thought it was better to point it out now rather than you realising you are £5k short later.

That's a brilliant goal to have and you are very lucky to have the means to achieve it

YoungBusinessman

girlatplay wrote: »

Yeah...eh...sorry about that but I thought it was better to point it out now rather than you realising you are £5k short later.

That's a brilliant goal to have and you are very lucky to have the means to achieve it

Exactly, so thanks for that!! Just proves i do need to track everything on a thread with an oversight like that !!

Well the plan being to step things up in 2015, the means will be there to achieve my goals all i need is some guidance and to keep a sensible head on (like today for example, all i can see on FB is folk spending £££'s and ££££'s on ipads, tvs etc when there is more than likely much wiser places to be putting their money than in the likes of currys pocket!!!!!)

YoungBusinessman

Hi folks, plodding along, not getting much work done to be honest. Payday Friday and then again 2 weeks on Friday which will have 2 weeks holiday pay in with it.....hopefully work a few days over my 2 weeks off just to boost the January income as never know when the snow/frost will arrive!! Chilly today anyway, definitely feels like Xmas is just around the corner.

Feel so tired today, early night on the cards anyway. Watched a programme on tv last night "Cant pay, we'll take it away" So many people out there in trouble, some much worse than me aswel. Knuckling down the debt wont be worrying me in a years time. The £1700 payment on £46k at 18% i work out that to take £12,000 off the balance owed next year so down to £34k owed, anyone confirm this for me? So £12k down off balance and save the same in an emergency fund, thats my 2015 goals.

Il be over on the savings board taking part in the "save £12k in 2015" thread, obviously itl be much harder for me with the debt payment alongside but i reckon il give it a good go.

bugslet

YoungBusinessman wrote: »

.

Il be over on the savings board taking part in the "save £12k in 2015" thread, obviously itl be much harder for me with the debt payment alongside but i reckon il give it a good go.

That's a great attitude, hope it works out for you.

enthusiasticsaver

Good luck with your debt free journey. Look forward to seeing you on savings challenge boards when you are up for it! Great to see such dedication and you will soon be on top of it all.

gothrockchic1

Good to know you're ok. See you on the Save 12k in 2015 board. I recommend the NSD Challenge as well as saving not spending is addictive!

YoungBusinessman

Yeah Gothrockchic was going to wait till 2015 to start that challenge aswel. The main ones i need to set up, as opposed to a NSD challenge is how much i can spend in a month. Thats the key for me, its more how much you spend than how much you take in. Il try work out a sensible yet stict budget that will allow me to build the emergency fund over 2015, i just really want to complete that save £12k in a year challenge!!

No work getting done today due to weather conditions so home with a cup of tea and some sandwhiches infront of the box, would have been a NSD but bought a newspaper and filled my van of fuel so £80.40 spent. Just need another 10 days work this year and il be fine, fingers crossed il get that.

Playing around with budgets is actually exciting for me now, i know im in a mess but in a years time il be in a much healthier position and building for the future. This could teach me a valuable lesson and allow me to go on and build the property and commercial buisnesses i want to, allowing me a passive income to take early semi-retirement. Living in the rat race pay day to pay day is just not for me until state pension age(if there even is one by the time i get there!!)

Thanks for the comments and messages iv been getting, means alot.

Pepperoni

Are you using YNAB?

Now that is exciting :rotfl:

YoungBusinessman

Pepperoni i had to google that to see what you meant.....and iv just downloaded it!!!! Hope its good, boost that its free!! I love scribbling in a notepad to be honest, see the effect tiny twinkering has, 1 night out a month compared to my old ways of at least 1 night every weekend!! What an expense that has been over the last 5 years!!

Pepperoni

YoungBusinessman wrote: »

Pepperoni i had to google that to see what you meant.....and iv just downloaded it!!!! Hope its good, boost that its free!! I love scribbling in a notepad to be honest, see the effect tiny twinkering has, 1 night out a month compared to my old ways of at least 1 night every weekend!! What an expense that has been over the last 5 years!!

Ah apologies! But glad you have downloaded. Its probably just a 30 day free trial you have? But its so worth paying for afterwards. Lots of MSE users have it and rave about it - including moi!

If you do a search on MSE forum you will probably find more details about how to use it properly - or watch the tutorials on the YNAB website.

Every penny has to have a purpose, basically!