Buckle down or take it easy

FinallyDebtfree2017

I would be extremely happy if you can help me.

I have been in debt for the past 12years, paying it almost off, then accumulating more, not much to show for it, the usual story...

However since December I have taken it far more seriously and cut all the unnecessary expenses, like gym etc... And made a really good dent at it.

I have now got the option to buckle down and get it paid off within a year, but basically no social life, holidays etc.. Or I could take it a bit easier and it takes a maximum of two years and I could still have my holidays, social life etc...

My mind says, imagine being debt free in a years time, my heart says you need a break, look after yourself etc etc.... I guess the answer should be in my name :eek:

What to do???

LKRDN_Morgan

Personally I would work my backside off and get it paid off in a year.
Without knowing interest rates you're paying 2 years will end up costing you more

Wimbrel

Go for the year. No holiday or treat is as good for your mental health and well-being as being debt free is.

You can still have treats but they can be free or very low cost, a walk in the park, an icecream from the van, a "new" book from a charity shop. You will very soon find that there is much more to be gained from such simple pleasures than from a holiday or meal out with that nagging thought in the back of your mind about the cost.

And the greatest joy of all is watching those balances drop as your peace of mind rises.

datlex

Part of getting debt free is not just paying off your debt. It is about overcoming the controllable reasons you get into debt too.

Social Life doesn't have to be expensive, how often do you go out? What do you do? How much do you honestly spend doing it?

I would recommend cutting back rather than cutting out.

Karonher

Could you not do a bit of both and pay it off in 18 months? You could learn to choose what you really want and not have everything.

enthusiasticsaver

I would say that if you have been in debt for 12 years then possibly you have been in this position before where you get so far towards clearing it and then get fed up and start returning to bad spending habits. As you seem to have made a decent effort to get so far and are starting to now see the end I would persist and clear it. There is no reason why you cannot have a social life providing it is done in budget but personally I would leave holidays until you are not only debt free but have saved for it too.

FinallyDebtfree2017

Thanks so much for Your answers and advice.

Actually spend more on clothes then socialising, plus nice food and holidays.

Done my figures again, I can definitely do it in a year, but no holidays, not sure whether OH would be OK w that.

Perhaps I could sell some of the extra clothes and put towards a cheap holiday?

Let's see

Thanks so much once again. Such a great support network

pennystretcher

Make yourself a wee calendar with main target dates in it. Allow yourself a small treat when you reach a target.

Once you have reached this one - hopefully in a year, you will be in all clear. Then think what other things you want to achieve... Do you have a mortgage? Do you want to take on one? And savings fund - make sure you have enough aside for the rainy day..

PoorGuyNextDoor

Get it paid, the weight lifted off your shoulders will do much more than a week in the sun will or a few nights in the pub. Never underestimate the things you can do for "free". Watching tv, read books, walk with friends, work out, cook from scratch etc etc will be glad for it this time next year, saving a bit of money by next Christmas as having no debt to pay.

FinallyDebtfree2017

Thanks so much for your feedback penny and poor guy next door, very useful.

Spoke to OH, he is fine w smaller holiday , but doesn't believe I do it, I believe it when I see it makes me want to it, even more now!!!

DD265

To be fair - if you buckle down with a view to paying it off in a year, you'll probably be able to do it quicker. I see it time and time again on here where somebody initially pays say £250 a month towards debts, but several months in that figure can be nearer £500 as they find additional ways to cut back or earn more.

AND if you can do that, then you'll still have September, October, November and December next year in which to go on holiday, therefore not missing out