I'm a long time lurker but first time poster. I was reading the 1% challenge and it's inspired me. So here's the background...
Moved out of home aged 21 but stupidly thought I could keep spending as if I still lived at home. I wanted to maintain my lifestyle and social life! I ended up spending thousands on credit card and loans for cars, clothes, nights out, even my rent when I felt like it. I don't think I truly understood at that time how stupid it was to withdraw cash from a credit card to pay your rent, but we live and learn!
I was able to get a mortgage aged 25 due to some inheritance and then it really hit me that I needed to change.
I consolidated my debts into one loan, got a second job, and absolutely worked myself into the ground for 2 years to clear the best part of 10k in useless debt (with nothing to show for said debt either).
Then in March I was almost debt free when I was offered my dream job. The only catch was it was a 60 mile daily commute and my car was nowhere near economical enough. I worked out that I'd be better off borrowing than trying to save while paying out loads for fuel. So I reluctantly took the plunge, borrowing from parents and a 0% credit card.
I then decided my home really needed decorating as it was shabby and had nothing of my own personality in it, and I dont know what happened but I ended up putting another 2k on credit card. So, back there again, and I decided to consolidate as my 0% was due to end so now I've just got a loan, which will cost me all in £8624 inckuding interest over 5 years. But I worked so hard to be debt free and came so close that I want to do it quicker, and was inspired by the 1% challenge another poster has used.
I've decided to amend it a little and just save 1% whenever I can and pay it off while selling unwanted goods and taking on a little additional part time work. I can't work as much as I'd like due to studying, so progress may be slower than it was last time, but I'm desperate to be debt free again properly this time!
Yesterday was pay day so I set aside my first 1% (rounded it up to £87) and got it paid this morning! I'm £20 on my way to my second 1%. I've listed some things on Amazon to sell (I won't use eBay due to fraud), will put any work expenses towards my debt, any additional wages and money not spent from my petrol/food allowance. I'm not crafty at all so am mainly going to have to rely on selling stuff and working more to do this, but here's hoping I can do it forever this time!!
I hope you can join me on this journey :T