FourthTimeLucky's 4th attempt to become debt free

enthusiasticsaver

Sounds like you are doing really well. Saving up for things rather than putting them on credit is the way to go.

fourthtimelucky

Thanks enthusiasticsaver, I am really pleased with the new regime and how it is working out.

I am going away twice in the summer and instead of a lack of planning and budgetting I will have the money I need to pay for accommodation and spends as a result of eight months advance saving for it. If only '21 year old me' knew all this!!

fourthtimelucky

Time for the monthly check in. Nothing exciting to report at the moment. A few days in to the month and all of the regular payments have gone out. The contractual loan payment of £269.02 and £150.00 from the Barclaycard.

The loan balance stands at £8,339.62 with 31 monthly payments remaining. The credit card balance is £1,758.62.

My motivation is waning a little. I have had to make some tough choices that involve missing out on things I would normally have got involved with (utilsiing credit of course). I know it is the right thing and the best thing but it is still hard to miss out. I am sure a number of my friends are struggling to afford things and making bad decisions but I am still left with FOMO.

Roll on my Debt Free Date when I can do these things guilt free and with forward planning.

fourthtimelucky

A little later than planned but thought I would drop in for my monthly update. Being honest, one of the reasons for the delay is that I am losing my debt repayment mojo. I've been going ten months and feel like the end is still an awful long way away. Without going in to too many reasons, I am paying off debt that was jointly accrued yet left to me following a relationship breakdown. The other person is now thriving and living well whilst I meander on slowly toward debt freedom. It isn't fair but it is what it is and I know I need to crack on.

Anyway, the regular payments have been made this month and the good news is the magic number is down to four figures. From a starting point of £13,853.38 the current debt level is £9729.22. It is still a big old number but seeing it go to thousands from tens of thousands is nice.

I need to focus and get my mojo back which I am aiming to do in the coming weeks. I am having to make hard decisions in relation to not doing things with friends this summer and focus on sorting this out. I know it will be short term pain but I know how good it will be once the debt is cleared.

Onward and upwards...

fourthtimelucky

Pay day has been and gone so time to bring the diary up to date.

After not making an overpayment last month I have paid an extra £75.00 off my credit card bill (on top of the regular £100.00). The contractual loan payment has been made as well.

Current balances are (starting figures in brackets):
Unsecured loan - £7,801.58 (£12,913.02)
Barclaycard - £1,483.62 £(3,353.62)

In other news I have had my car insurance renewal through. The good news is it beats all the quotes I have had when I have been looking. The policy is dropping from £453.50 a year to £345.06 a year.

glass_half_full

Hi fourthtimelucky,
Just browsing diaries and came across yours. That's an impressive result in less than 12 months, its great how you have stayed focused.

fourthtimelucky

Thank you glass_half_full, nice to see someone is reading :rotfl:

It is still a long way to go but I think more importantly than clearing the debt I haven't accrued any more and have changed my ways. There has been sacrifice but the thought of not paying out roughly a quarter of my salary each month is keeping me going.

JoJoC

Hi, just thought I'd stop by to say hello and wish you luck! Looks like you've made some great progress so far!

glass_half_full

fourthtimelucky wrote: »

Thank you glass_half_full, nice to see someone is reading :rotfl:

It is still a long way to go but I think more importantly than clearing the debt I haven't accrued any more and have changed my ways. There has been sacrifice but the thought of not paying out roughly a quarter of my salary each month is keeping me going.

I can relate to that!

fourthtimelucky

Thanks JoJoC, always good to hear positive words. Was just catching up with your post and the news on child care seems positive. That money saved will make a big difference!