Debt free in 40 months

edited 27 July 2015 at 10:48PM in Debt Free Diaries
2 replies 475 views
Applecider_2Applecider_2 Forumite
549 Posts
edited 27 July 2015 at 10:48PM in Debt Free Diaries
Ok I've come to the point where I feel I need to set myself a challenge because I pay a good chunk off then I spend it all again!

So I have set myself a goal of paying off £18,000 in 40 months. I'm aiming for £500 a month. Some months it might only be £350 but going to stick to these rules
Nothing goes on credit
Put spare change and extra funds against debit
Only buy things we need
£500 a month on debt (£350 minimum)

It doesn't leave me with much but enough if I am strict with spending.

Here we go.

Things I've done this week
Sold old alloys I had £70
Worked extra £100

Things I am going to do
Find things to sell around the house. Set out a weekly budget for food
Plan food better
Total debt £17,135 total paid off £525


  • HappyMJHappyMJ Forumite
    21.1K Posts
    If you're doing this to improve your credit then I'd keep using a credit card as much as possible...but as soon as you use it record it in your mini diary and that evening when you get home transfer an equivalent amount from your current account to a credit card or loan of your choice. You won't get further into debt if you do it the same day. What I'd really do is round the figure up to the next £10 multiple so you pay more off than what you spent. Doing that properly can pay off a high interest debt quicker and replace it with a low interest debt....hopefully if you're eligible a 0% on purchases credit card or even just a normal low rate card.
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Thanks :)) they are all on 0% apart from an overdraft that's £1 a day and that's the one I am trying to get rid of first!!

    Had £25 left from paying all the bills so putting that in my Jar
    Total debt £17,135 total paid off £525
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