Small Steps Out Of Massive Debt!

ada-or-ardor · 1 June 2017 at 8:04PM

Where are you off to? :-) (sorry I have missed this, I'm sure youve mentioned it!)

GeorgianaCavendish · 2 June 2017 at 10:32AM

ada-or-ardor wrote: »

Where are you off to? :-) (sorry I have missed this, I'm sure youve mentioned it!)

I'm off to Marrakech, I can't wait!

JoJoC · 2 June 2017 at 11:13AM

Oh wow - what i wouldn't give for some sunshine! You must be looking forward to your holiday? Enjoy it when it comes!

GeorgianaCavendish · 2 June 2017 at 1:56PM

JoJoC wrote: »

Oh wow - what i wouldn't give for some sunshine! You must be looking forward to your holiday? Enjoy it when it comes!

I can't wait! We booked at the beginning of the year and got an amazing deal, its bed & breakfast only but food shouldn't be too costly out there

GeorgianaCavendish · 5 June 2017 at 9:37AM

I did some thinking over the weekend about debt-busting. I recognise that I'm at the stage when it is much easier to get bored/fed-up of scrimping for what feels like little reward and while it feels like I've paid off so much already yet I know I've got £26,927.81 to go.

So to keep myself motivated, I've written my original 1% amount (£359.23) on a few post-it notes and have stuck these on my dressing table mirror, on my monitor at work, one in my wallet. Focusing on the debt total seems scary and at times unmanageable and demotivating, but concentrating on repaying that 1% over and over again feels much more achievable.

It feels harder to go off the rails with spending when I think about the 1% figure, maybe because spending £20 on a takeaway or £50 on unnecessary clothes is such a large proportion of £359.23 vs £26,927.81.

GeorgianaCavendish · 5 June 2017 at 11:25AM

Switched my broadband to a cheaper package (no difference in service), a saving of £5 a month. It's not much but it's nice to see one bill go down!

GeorgianaCavendish · 6 June 2017 at 3:21PM

Just logged in to my Student Loan Repayment account which has now been updated to 31st March 2017 (they only update the balance once a year) and the new balance is ...... £10,765.93

The big reduction this year was helped in part by the extra repayment when I got my bonus (even though I was ticked off at this at the time) but I'm feeling very optimistic that I will have this paid off in the next three years with the standard contributions taken via PAYE.

ada-or-ardor · 6 June 2017 at 5:56PM

Well done on your student loan!!! So close to sub 10k!!

And I love your idea of the post it notes and dotting them around here and there, that will be very motivational! And of course every time you can rip one up, you've actually paid off more than 1% since it's from your original, not your current. Just imagine paying off that final one!!! :-)

If I don't pop in again have a wonderful time in Marrakech! The weather is gorgeous there.

Ada x

mummytogirls · 6 June 2017 at 6:03PM

Yay to the student loan GC, annoying that it only gets updated once a year though!! xx

Treadingonplaymobil · 7 June 2017 at 5:24AM

Well done on the student loan (I remember the pain of having it taken from bonuses!), and great idea on the post its. I can't do that as my DC would think I'd lost the plot (and they obviously don't know about the ginormous debt), but I might try to think of a way of breaking it down a little - it's such a huge number to consider in one go.