Fox's Debt Free Diary

FoxFace

Another couple of payments done, new balance £6203.07p

another_casualty

You're making great progress fox face . Keep going ..

DebtFreeAliB

Hi Fox. Just been reading through your diary and I’ve been impressed by how you have done. It’s great that you have stayed so focused during this time. I have only really just started on this debt free thing. I’ve only been doing it for a couple of months. Spending has been my downfall. I never thought of myself as a shopper but I’ve been keeping a better track of my spending and it is bad. I don’t go out to the shops much but amazon has a lot to answer for haha. Our debt payoff dates are similar if I don’t include my ridiculous but lovely car. I shall check in every now and again to see your progress and cheer you along. It’s a hard slog but we will get there. 🙂

FoxFace

Well it's been a long time since I posted, but we are in the final furlong, so I'm posting for motivation.
It has been a bit up and down since I last posted, but current debt stands at £3946.65 for our final loan, and £2534.75 for our one remaining credit card. So £6481.40p remaining, which is £200 more than when I last posted, but given the rollercoaster that was last year, I'm happy with that. The loan will be repaid by June 2022, even if we don't make any additional payments, so current focus is on the Credit Card, hoping to clear it this year.

FoxFace

Oh goodness have we taken a step backwards, so I am posting for accountability. The last year has been tough, which is understandable I suppose. But husband had his hours cut in half this week, so we have decided to get a handle on everything and work to get rid of debt once and for all.

Current household debts stand at £6,830.79p. But once all the payments go out for 1st June, we should technically owe less than at my last update, so that's clearly fine   

Thankfully I have also just received a promotion, with a decent rise in salary, so the extra money is going to be used to reduce this debt asap. We have also reduced our outgoings by cutting stuff that we don't use, like Sky and Amazon Prime, as well as rejoining the grocery challenge, which I love. Husband is on board and we are going to work hard this time. We've never known a life without debt and have decided to work towards it properly this time, wish us luck!

DayDreamerandGeneralWaster

Well done Fox. Sorry you have had a hard Time financially. Well done on your promotion 👏

Honeysucklelou2

Good luck on the debt busting!

FoxFace

A few payments have now gone out, new balance is £6377.95p. Paypal Credit account is now cleared in full and ready for closure.

Siebrie

Well done! Aren't you glad you already had started digging your way out? Imagine having your original debts still hanging over you....

Are you familiar with the Dave Ramsey method? He suggests building a 1.000 emergency buffer, and then throwing everything at the debt. I don't agree with everything he is teaching (he suggests not building a pension until you have paid off your debt, for instance), but he is a great motivator.

FoxFace

Siebrie said:

Well done! Aren't you glad you already had started digging your way out? Imagine having your original debts still hanging over you....

Are you familiar with the Dave Ramsey method? He suggests building a 1.000 emergency buffer, and then throwing everything at the debt. I don't agree with everything he is teaching (he suggests not building a pension until you have paid off your debt, for instance), but he is a great motivator.

I really am! Even though we have a little way to go, we are still in a lot less debt than we had.
I haven't heard of that method, but I do have about that in savings just in case. I'll have a look into it, thanks