Dealing with the Debt: 1st Jan 2020 Target!

Kawaii_Corgi

So, this is the beginning of my official Debt Free Diary

Having posted a question on the main DFW forum and getting some fab responses, one of the suggestions I received in terms of keeping me motivated was the start a diary of my progress; so here I am, for the highs and lows

My story (edited down a bit!) is as follows..

I had my 'lightbulb' moment the week after our wedding, October 8th. For the past year before that I'd been having anxiety, stress and generally embarrassing panics about the state of my money, but it really hit home after the wedding how much debt I had, and I'm now dedicating myself to paying it all back!

I've pretty much been in debt since Uni back in 2010. Since finishing my degree I've grown up a lot, gotten into a good career and am beginning to earn on OK wage but spent even more on credit in between I'd love to be able to move from our tiny studio flat into a flat with actual bedrooms plus be able to afford to live more and because of me we can't at the moment so that needs to change!

I've gotten myself a subscription to YNAB, and so far I'm keeping track of every penny, am scheduled to pay off what I can comfortably and looking at a debt free date of August 2020 for the £20k+ I owe, according to the snowball calculator I used.

I would absolutely love to shave an additional 8 months off of that goal and make it a nice solid 3 years to be debt free I'm hoping this diary will keep me on track to do so!

:):):):):):):):)

Kawaii_Corgi

So, my debts are they currently stand are (rounded up for neatness purposes)..

HSBC Credit: £5,400
BarclayCard: £5,000
AQUA: £3,750 - my top priority at a whopping 49.9%
Capital One: £740
PayPal: £700
Simply Be: £2,650
Very: £4,250
Ikano: £110
Argos: £580

TOTAL: 23,180

I'm currently overpaying on my AQUA card and doing minimum on everything else, recommended by the snowball calculator as it's the highest percentage. Any additional money will also be thrown at this debt first!

I do also have an overdraft that I'm in, but out of everything else its my last priority and can be paid down in just a couple months after Jan 2020!

loveis

Well done for getting started.
We're all here either in or having been in the same boat, and in just a short space of time I've already felt calmer and easier about being honest why I'm in the situation I'm in.

There will be hurdles highs and lows but we're all in it together. Good luck!

Kawaii_Corgi

Thanks loveis! I really hope it will be a help, can't wait to get out of this debt

Bobarella

Good luck with it all lovely.

Kawaii_Corgi

So, my first debt free diary day didn't go amazingly!

Started my car yesterday morning to discover I was on the last 'bar' of petrol. Had hopes it would last till Friday, as I have next week off and will not need to get more petrol until after the first, but it became apparent that wasn't the case after sitting in traffic for an hour and a bit on what is normally a 15 minute journey thanks to all the floods happening in North Somerset.

Ended up borrowing £30 off sister when I picked her up from work, for petrol and essential shopping, that I'll repay on the 28th when I get paid. Hate hate hate borrowing money but I've promised myself and husband that we won't use our credit cards. They are hidden away in the flat.

Also frustrated that I've got a ridiculous Wonga 3 month loan to pay off that took out in a panic before the wedding. Wish I'd had my LBM before I did that! £240 per month for three months, for a loan of £600 when that's all cleared I can seriously get into paying down mode on my AQUA card.

On the plus side, it's now been 5 weeks since I last used credit cards for anything :A

Kawaii_Corgi

Thank you Bobarella!

Mrs_Hainsworth

Good luck, you'll get there and you've made a good start.

Kawaii_Corgi

Thanks Mrs Hainsworth! Subbing to your diary

Kawaii_Corgi

Another not-so-good day, and definitely not a NSD! :mad:

Came home to find out we'd run out of electric and with 5 days to go 'til payday, even the emergency wasn't going to last. So, £30 on the HSBC credit card to ensure we get through to next month. Credit card free days are now 0

V disappointed I had to get out the cards again, so soon after we said we wouldn't touch them, but trying not to let it get me too down. One slip does not have to lead to others, and we knew November and December were going to be very difficult. The new year will make it all easier, with less to pay out on additional bits so I can pay down my debts properly according to my plan

On the plus side, I remembered to cancel a domain name subscription so that's £10 saved for the month. Also husband made me spinach pasta with chicken for dinner and there's enough left over for lunch tomorrow.

Huskyrunner

good luck with your journey

get that aqua card down or if you can a 0percent they need too wear a stripey black and white jumper them guys