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10K Debt Buster
WatFanker
Posts: 7 Forumite
Ok, so with Christmas approaching and a new year imminent, I thought that this would be as good a time as any to begin a debt busting conquest. I have 10k of debt in total. I want to rid myself of this before the bells chime on December 31st, 2015.
This will require £833 / month in payments averaged over a 12 month period. I recently gained a promotion at work, which begins on January 5th, so that will help immensely. I've worked out that in a typical month I can get by on £600. Some months will require more, such as car insurance etc, but generally I will restrict myself to £600 / month. Income will be set at £1500 / month, so that should see a monthly saving of £900, which will deviate some months where extra payments are necessary.
This won't be easy. This year I have over indulged and spent way beyond my means, so pulling my expenses back to a respectable level will prove challenging.
Anyway, time to enjoy Christmas. This challenge will begin on the 1st January!
This will require £833 / month in payments averaged over a 12 month period. I recently gained a promotion at work, which begins on January 5th, so that will help immensely. I've worked out that in a typical month I can get by on £600. Some months will require more, such as car insurance etc, but generally I will restrict myself to £600 / month. Income will be set at £1500 / month, so that should see a monthly saving of £900, which will deviate some months where extra payments are necessary.
This won't be easy. This year I have over indulged and spent way beyond my means, so pulling my expenses back to a respectable level will prove challenging.
Anyway, time to enjoy Christmas. This challenge will begin on the 1st January!
Initial Debt Barclaycard - £4,000
Total Paid - £0
Remaining Balance - £4,000
Total Paid - £0
Remaining Balance - £4,000
0
Comments
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Hope all goes well for you.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0 -
Goodluck
Sounds like you have a good plan in placeTotal debt to pay: £14,071.41/ Remaining debt: £12,884.12: Amount Paid: £1,187.29
Survey xmas 2018 savings: £10 / £1500
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