Stop the regret. Here is to the future

middleclassbutpoor

Been a while since I have updated. As previously stated I have continued to make overpayments to our debts and whilst I had to switch where these were going the desire is still there to get rid of these debts.

I keep looking at holidays but must resist. As the saying goes, 'The definition of insanity is to keep doing the same thing and expect different results'. Therefore no holidays being booked. It's short term distraction to what I know we need to do for the longer term.

I have just done a quick check on how the debt reduction is going and since I made my first post on this in June we have managed to get our £46k debts down to £34,864 so thats around £11,000 in 6 months.

Just to remind me of why I am doing this...

£2100 a month not going out of our bank account.

Nice family holiday

Mortgage free journey

I hope for those that are still reading this, you all have a great xmas and enjoy the festive period.

middleclassbutpoor

I am really rubbish at updating this but I will be hitting a milestone in the next 10 days of completely paying off 1 credit card and that will take my debts down to £30,817 when this happens. Can't wait until this gets into the 20's which is still an awful lot of money but it's heading in the right direction from the £48k we sat in June 2017 - That is approx £17k in 9 months repaid - it makes me feel ill knowing that this money could be used for much better things.

I have managed to reduce the amount of childcare costs and have a annual payrise confirmed which kicks in from April payday so just going to add this onto my overpayment amount to speed up the debt free journey.

enthusiasticsaver

£17k repaid in 9 months is awesome. When it gets to £24k in approx 6 months you will be halfway there. Just think of how much spare money you will have once the debt is cleared.

onedaysomeday

Well done on everything so far

middleclassbutpoor

Well it's just over 1 year since I started this journey and today I have been looking back at the journey.

£48K was my starting point
£26,600 is my current position.

Repaid £21,400 in 12 months. Frankly now that I have just typed this, I am feeling slightly more positive than I was 10 mins ago. This is because of the last 3 months, things haven't progressed as I planned.

Looking at the current plan of action, we are hoping to have repaid the 48k by March next year. Seems such a long way away but given it doesn't seem that long ago since I started this then Im sure this will be here before we know it.

Thoughts are moving towards what we do next... Pay off the mortgage... Pay more into pensions... Ensure we have a few breaks each year... buy a better home... look to increase savings etc..

Got plenty of time to make a decision and who knows what could happen in the next 9 months.

Just going to take it a month at a time and remind myself that it will be nice to have these decisions to make when the time comes.

Hope everyone is enjoying the summer. Until next time.