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Different debt, same determination...
R2B
Posts: 34 Forumite
This is my second debt free diary...
The first was set up in 2012, I'd already paid off one credit card but we owed a lot on other credit cards, overdraft and were struggling not to overspend each month despite reasonable earnings. I was determined to become debt free and within a month my OH had had his lightbulb moment too. In little over 2 years we'd cleared our credit cards, overdraft, paid for our wedding, honeymoon and saved a deposit for a house! Our mindset had changed and were enjoying moneysaving. :j
So why the second diary... Last year we bought a house which has required much more work than we thought which has been mainly been funded by our credit cards :eek: we had a baby so our income has decreased, we have a loan for the car we bought and of course a rather large mortgage!
I'm hoping this diary will help me focus on clearing the credit cards and loan, then get some savings together so we can migrate to the MFW board!
The things I have learnt so far to help me in this journey...
You need to live for today and tomorrow, not just one or the other.
Sometimes it's not about making more money but being smart about living the life you want with the money you have.
The reward you get for having a debt must be worth more than the cost of debt.
The first was set up in 2012, I'd already paid off one credit card but we owed a lot on other credit cards, overdraft and were struggling not to overspend each month despite reasonable earnings. I was determined to become debt free and within a month my OH had had his lightbulb moment too. In little over 2 years we'd cleared our credit cards, overdraft, paid for our wedding, honeymoon and saved a deposit for a house! Our mindset had changed and were enjoying moneysaving. :j
So why the second diary... Last year we bought a house which has required much more work than we thought which has been mainly been funded by our credit cards :eek: we had a baby so our income has decreased, we have a loan for the car we bought and of course a rather large mortgage!
I'm hoping this diary will help me focus on clearing the credit cards and loan, then get some savings together so we can migrate to the MFW board!
The things I have learnt so far to help me in this journey...
You need to live for today and tomorrow, not just one or the other. Sometimes it's not about making more money but being smart about living the life you want with the money you have. The reward you get for having a debt must be worth more than the cost of debt.
2020 Extra income £348.14
The £1000 Emergency Fund Challenge #68 £544/£1000 54.4%
Loan DFD Paid off 2019 June '21 - Credit card DFD May '22 - Mortgage DFD April '42 46
The £1000 Emergency Fund Challenge #68 £544/£1000 54.4%
Loan DFD Paid off 2019 June '21 - Credit card DFD May '22 - Mortgage DFD April '42 46
0
Comments
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Hi R2B
Wow, sounds like you achieved loads in those first 2 years of debt-busting, am looking forward to reading your successes this time around.
*susbscribed*
MeandO
xMortgage @ 03/2019: £125,000, Now: £50,378.61
Mortgage OP’s: £22,109.28
SHTF pot: 209.42/10000
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