Debt Free by 24

edited 29 March 2017 at 11:31AM in Debt free diaries
118 replies 13.1K views
VelvetFreakVelvetFreak Forumite
573 Posts
500 Posts Fourth Anniversary Name Dropper
edited 29 March 2017 at 11:31AM in Debt free diaries
Hello everyone! :j I am a 23 year old gal from Australia. My birthday is in December and I'm going to be debt free by then!

Last year, my mum loaned me $8000. I won't go into too much detail, but it was to help with the downpayment on my unit. There is no interest or due date on it, but I would like to pay it back as soon as possible as I don't like the feeling of it hanging over my head.

It is my priority to get the debt paid off ASAP, but I do have some savings goals that I am working on as well, as I am single and have a mortgage and I don't like the idea of not saving anything for an extended period of time.

Eventually I would like to have a big Emergency Fund of $10,000. I am also working on having a Mini Cash Emergency Fund to keep in the house ($100) and I will find the money from this by gathering coins and stealing from the grocery budget ;)

I won't post my full budget as I feel like I've got it pretty well under control, but I will say that I get paid every 2 weeks, and I have around $270 left over, so I put $220 to the debt and $50 to the Emergency Fund.

Current starts

Family Loan $3141/$8000 = -$4859 remaining.

Emergency Fund $1272/$10,000

Mini Cash Savings = $10/$100

Perhaps I can be Mortgage Free by 30. We'll see. :cool:

I am also looking for a new job. I've already applied for one this weekend, so cross your fingers for me!!



  • Alright, let the ramblings begin.

    Let me just preface this by saying that I am totally aware that I am extremely lucky to already be where I am right now. I have always had an interest in money, and for the most part have made sensible choices. I have a good job that has served me well. I also have a great Mum who supports me in everything I do.

    But.... For the last few years of my life, I feel like I have been scratching and clawing to get ahead. First I saved up to buy a decent car, and although I did borrow for half of it, I paid it back very quickly, then I saved up to be able to move out on my own and buy furniture, appliances, etc. Then I bought my unit, and it was a crazy sprint to the finish line, and then I had to buy paint and other DIY stuff to fix it up.

    Long story short, I feel like I've 100% learned my lesson with debt, as well as spending money on fancy stuff that I don't really need, or when I'm not really financially ready to buy something, but doing it anyway. Those days are well and truly over. I can't wait to get off this hamster wheel.

    It feels weird (but great) to know that once I am debt free, I will be able to allow myself a reasonable budget for somewhat frivolous things such as clothes, makeup, hairdresser, heck even a gym membership. It's not like I forego these things completely, but I always feel guilty spending on stuff like this because I am usually stealing money from a different budget to pay for it. Also to put money away throughout the year so that Christmas does not become a complete nightmare. Just little things like that which make life so much more easier and enjoyable.

    And now I am going to ask for some tips. I am great at keeping costs down on all the big issues, such as finding the cheapest phone/internet plan, etc. But I struggle with finding cheap solutions on the little things, such as household products. I mean stuff like cutting down on paper towel usage and using washable rags instead. Any ideas?
  • Well I had a NSD today. Had a day off, but ended up staying at home with a headache. Sounds bizarre but if I go to bed too late and then sleep in til 9-ish, I will almost always end up with a headache. :mad:

    Almost had a tantrum this evening as thought I had nothing to make for dinner. Ended up talking myself down and found pork in the freezer, made some mac and cheese and veggies to go with it.

    Tomorrow is payday! :j
  • Woohoo. Payday today.

    Transferred my usual $220 to the loan, new balance is $3361/$8000 = -$4639 remaining

    Put $50.41 to my Emergency Savings = $1323/$10,000

    According to my calculations, if I keep putting my usual $220 to debt every fortnight, it will take me about 42 weeks to pay it off, which puts me in January 2018 as my payoff date. I really want to get it done by December, so better get my skates on. :eek::eek::eek:

    Off to update my signature now :money:
  • Purplemumof2Purplemumof2 Forumite
    7.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!

    Welcome to the boards, good luck on your journey.

    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    BC: £5000.00 - Lloyds: £5590.00
    Xmas Pot £535/£700 ~ EF £621/1000
    PAYDBX 2021 - #? £0 / £2,000
  • lucy-loulucy-lou Forumite
    55 Posts
    I found you! You're doing great! I am subscribed to your journey! X
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining :j

    :dance: DEBT FREE DATE 24/03/2017 :dance:
  • Welcome Purple and Lucy. Thanks for stopping by.

    Good news today. Boss asked me to work some extra hours next week and of course I agreed. Should equal around an extra $50 or so, and of course it will go straight to the loan. Nothing much else to report. Trying to organise to visit my mum and my cousin/bff over the weekend. Will need to buy petrol but other than that should be pretty frugal. Will try not to eat meals out if I can help it.
  • edited 5 March 2017 at 7:30AM
    VelvetFreakVelvetFreak Forumite
    573 Posts
    500 Posts Fourth Anniversary Name Dropper
    edited 5 March 2017 at 7:30AM
    Had a very successful MSE weekend. Only bought petrol and that was it. Had meals at home with my mum. We had fish and chips out one day but she insisted on paying for mine. Also scored a new dress that she had bought for herself but didn't fit so she gave it to me. What a great mum, love her to bits.

    Now wracking my brains as to what to make for dinner. Think it will be pasta and garlic bread. Very tempted to go out and get something but am determined not to.

    I cleaned out all my kitchen cupboards a couple of weeks ago so I finally advertised all the excess stuff on a FB group. Hasn't sold yet but hope it does soon. When I first moved out into my own place, well meaning people gave me so much mismatched kitchen paraphernalia. Over the years, I've finally upgraded it all to decent stuff, so will be glad to get rid of all the junk.

    Also advertised my old aquarium but it hasn't sold yet either. Need to find the motivation to put it on Gumtree as well. Also need to get a friend over to help me move a bookshelf from the garage into the house so I can clean it up and sell it, along with a matching coffee table and TV unit. Can't fit all that junk in this tiny unit.

    So much to do, so little motivation to do it. Am wrecked after the weekend.
  • VelvetFreakVelvetFreak Forumite
    573 Posts
    500 Posts Fourth Anniversary Name Dropper
    Happy Monday, friends!!! (it is currently 7:24am Monday morning here in Australia)

    Should be an interesting week. Applications for the job I applied for closed yesterday, so I should be hearing something this week. Found another job advertisement online that I am going to apply for tonight. Cross your fingers for me!!!

    Already got a load of washing on the go. Should vacuum before I head off to work too. For once I am actually up early. Must be all this MSE motivation :money::money:

    Gotta do grocery shopping today after work. No idea what to buy/make.

    Should also note that I am on track with personal spending/groceries/. Hopefully should make it through the fortnight with some left over :T:T:T
  • edited 5 March 2017 at 9:58PM
    lucy-loulucy-lou Forumite
    55 Posts
    edited 5 March 2017 at 9:58PM
    Fingers crossed for the job applications- are they for a second income or change to your main job?
    Well done on your MSE weekend :dance: - wish mine had been more MSE £50 later!!!:shhh: but I do have a lovely friend who brought me breakfast this morning and wine this evening as she knows how hard I am trying to reach my debt free date so I definitely need to take her out once I hit target!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining :j

    :dance: DEBT FREE DATE 24/03/2017 :dance:
  • angelpyeangelpye Forumite
    995 Posts
    Part of the Furniture Combo Breaker
    Hi VelvetFreak, just thought I would pop in and wish you a good week. Well done for staying on target with budgets and being so motivated this morning - great way to start the week!
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
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