£46k in debt.....at 24.

Pepperoni

Just wondered how things were going for you?

YoungBusinessman

Hi guys, sorry Iv not updated as just been busy working as much as I can since the turn of the year, should see the rewards for it on Friday when it's payday and everyone at work gets one weeks pay but I get two!! My bank balance is looking low but everything in January is covered by what's left in there. Aim at this time of year is just make sure all bills are covered and I break even, any small savings are a boost.

Falling behind with housework due to overtime at work so away to catch up with it all this afternoon before it gets too much. Should do a little at a time as opposed to like today I'm now having to do a lot at once. My pressure washer broke which is hardly ideal. The old sponge and hose isn't enough for cleaning my van with the amount of dubs it gets on it. Will have a search about see if I can find one for a reasonable price. Iv got £200 cash from xmas here as presents I'm tempted to use for it.

Work is picking up, just fingers crossed the weather doesn't get too bad, we had horrible winds on Friday and yesterday which more or less stopped us working. A £4,000 big tent used for sheltering materials was damaged so I think itl cost a few hundred to sort that aswel but it's nessesary this time of year as need to keep materials defrosted and dry!

More or less just getting by this month and probably next, March tends to be when production starts picking up so April be first big paying month of 2015. Iv signed upto a few challenges this year, hopefully keep regularly updating this thread and stick to the goals Iv set myself. The debt as it stands is at £44,000 I believe, I get a statement through quarterly so probably be April before I see that?

Feel like I'm getting somewhere, finally. Was overwhelmed at the start. Regarding hmrc Iv posted off a recorded delivery letter will post an update once I hear back. Cheers for following, the posts, support and PMs mean more than use will ever know. Here's to 2015 being the start of a much better financial future.

tootallulah

Hi if you are down to £44000 then you have paid off 5%, well done. I hope you continue to get the work and the weather stays reasonable. 95% to go, you could get a long way by the end of the year if you keep this up.

YoungBusinessman

Never worked it out as a percentage, it's actually 5.6%!! Sounds a lot more than saying it's down £2,500 from 46,500 to £44,000!! So I think il run a percentage total along side amount paid off in my signature on these forums!! Thanks for that, a lot more motivating seeing it like that!!

Will have to set a % total aim for 2015. Obviously if payments stay the same over the next 2-3 years then the percentages are only going to get bigger as time goes along. Feel so motivated just loving living frugal just now. Done so much in the house today just got to clear the hallway and wipe down the bathroom Hoover both and I can get the super on. Thanks again!!

leveller2911

Hi YB,
I remember your posts on the mortgage section when you were looking for a mortgage. I've read your thread and sorry to hear your in the mire but fair play to you for digging your way out. How did the debt arrive YB?.

You always seemed to have plenty of work , as I remember it and worked all the hours God sent and do you still sub contract ?.

I wish you luck and will follow your updates...

Regards Leveller..........

tootallulah

I think percentages are very motivating 1% at a time is not so overwhelming. 100 x £465 doesn't look undoable to me, and one month in you might get to 6%- onwards and upwards.

gothrockchic1

Well Done YB on the debt repayment! :j

As for the Steam Cleaner, see if you can one for free on Freecycle or Gumtree.

YoungBusinessman

Percentages seem to be the way forward. At 5.6% now, who knows where il be come the end of 2015. My minds set on this challenge, need to knock it down as much as I can as its a silly amount of interest just now. It's a pressure washer I'm needing to replace not a steam cleaner! Iv been checking gumtree it seems to me there's a reason there for sale.

YoungBusinessman

Well 8 days since the last post, things havnt been going to plan. Burst tyre at 30mph yesterday, had to pay a call out to come and change it due to no spare and the location of where i stopped. Want to forget about it now, it came out the emergency fund that had only hit the grand heights of £300. Not been getting any work done since last Wednesday, simply due to the site agent not allowing it with terrible weather conditions. Tomorrows meant to be an improvement, heres hoping as not sure how much longer i can cope with no income....

Its really hitting home now how i need to get this emergency fund/cash reserves behind me. Usually get paid fortnightly but next Friday i might have to miss a pay which would leave me almost penniless come the day before the following pay(which lands on Friday the 13th!!!!)

So getting a pressure washer has been put right down the list, finding any way to make additional income now takes priority. I know i have my GF there to fall back on but i really do not want to do that. Income needs to be maximised this year so id be aswel start trying to do that now. Already looking forward to July where i get 3 weeks holiday pay(and i plan to work the lot and save it) this situation is not something i wish too experience again.

tootallulah

EBay just sell everything you don't need, you will have loads of stuff we all do. And if you can't work because of the weather just do EBay as your work, you get a lot done in 8 hours a day.