Debt Free By 2020 - Step By Step Diary

DFW2020

My Situation
Gosh, where do I start? I'm 21 years old and due to a series of poor decisions I am roughly £32000 in debt. :eek: I still can't wrap my head around how it managed to get this far but I'm determined to fix it!

Here is my financial breakdown:

• Credit Card Debt: £2000
• Unsecured Loans: £24000
• Money Owed To Family: £6000

As it's such an overwhelmingly large amount I've decided to break it down into manageable steps. These are in addition to my monthly payments and minimums.

Step One - Pay back money owed to family.

Some people may disagree and say that (from a financial POV) no-interest family loans should be last on my list to pay back. However I believe that family comes first and morally I believe it's the right thing to do.

Target: £6000
Current Progress:
£20.69 / £6000

1% Challenge

I am joining the 1% challenge with a target of £1800 (1% = £18) and any money saved here will go towards this goal.

1% Challenge Progress: 0%
£0 / £1800

Sealed Pot Challenge

I have also requested to be a part of the sealed pot challenge for 2016. I want to be more prepared and not let 2016 be a repeat of 2015. I am hoping to save around £365 (£1 a day) towards Christmas presents. Any excess will be used towards my other goals.

Sealed Pot Challenge Progress:
£8.85 / £365

DFW2020

23/12/2015

Good afternoon everyone! So far today I have managed to find £5.10 in loose change and put aside another £4 after rounding down my bank account total. :j

Small steps towards a debt-free future!

Step one target updated: £9.10 / £6000

Because I have three different targets / challenge goals I'm going to periodically switch between them. My main focus being on my £6000 target and the 1% challenge.

bedhair

Good Luck on your journey. I will follow with interest

DFW2020

Thank you bedhair and welcome! It might be a bit slow to start but I hope to gain momentum swiftly during 2016! :j

DFW2020

24/12/2015
I don't have too much to report today, although I did add £3 to the pot for SPC9! :j

I'm excited for christmas tomorrow but a bit disappointed with myself for not being able to give everyone the presents they deserve. Next year will be better I'm sure! (Thank you SPC9 in advance )

I hope you all have a wonderful day tomorrow! Merry Christmas! :xmassmile

Cupcake_Girl

Good luck with your goals DFW2020. I will subscribe to your journey as I also owe around £32k and hope to have it gone by 2020!

DFW2020

Cupcake_Girl wrote: »

Good luck with your goals DFW2020. I will subscribe to your journey as I also owe around £32k and hope to have it gone by 2020!

It's lovely to have you on board Cupcake Girl! I wish you all the best on your journey also!

DFW2020

03/01/2016

Hello folks I'm sorry for not posting in a while, it has been a hectic christmas and new years day! I'm back now and ready to pursue my goals

I have managed to put aside £20.69 towards my goals! and an extra £3.00 in my sealed pot! :j I'm rather pleased since christmas is usually a major money drain where I end up in the minus!

A part of me is wondering whether I should put all my savings toward the 1% challenge rather than my £6000 goal. Decisions, decisions.

I hope you are all having a happy new year!