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Debt Free Year

edited 10 December 2019 at 10:08PM in Debt Free Diaries
3.1K replies 229.1K views
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  • edited 30 September 2018 at 12:01PM
    NicnakNicnak Forumite
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    edited 30 September 2018 at 12:01PM
    I have jus been reviewing my diary from the beginning.

    I started this journey on the 10th September 2017.

    I have paid around 13k off my debt since then and even more importantly, and with me now paying off all the bills, I am around £600 a month better off. If I was with hubby still, I would be around £1k a month better off. I'm not going to go back and be unhappy, but I hadn't realised how bad things were and how much I was now saving.

    By Christmas this year, I will have my debt under the 10k mark for the first time in absolute years. I don't ever remember it being under that amount. it must have been when I was 17 as I had student loan when I was 18 and debt started to go from there. By the time I was 20, it was certainly over the 10k mark.

    I'm not proud of my debt and the way I have been managing money, but I am proud of how far I have come, and the lessons I have learned along the way. I can now work part time like I wanted to, and will chase this dream for January.

    Now to build up an emergency fund and overpay the mortgage by a little bit every month. I'll need to be really on this as my part time wage won't get me a new mortgage for the amount I need. My aim is to bring this down massively.

    I have a long way to go, but I know I will get there. I have to look at what I have done this year already, and the obstacles that I have also overcome. Sepsis itself was one of the biggest things, and then the split and having to take on all of the bills.

    I'm excited to see what I can achieve next year too. It might not be as much savings and debt reducing wise, but it will be even more learning.
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
  • kindofagilrkindofagilr Forumite
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    I really wish I could love your last comment rather than just liking it, you really have come so far and I am pleased that you see that, being under £10k is amazing xx
    Current Debt £35,550.72/£44,856.56 ~ 31/01/20 - 20.74% Paid Off
    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    £79,446.56/£104,409.00 (as of 31/01/20) ~ 23.90% Paid Off

    POAMAYC 2020 #87 £1194.38 ~
    POAMAYC 2019 #87 £10,615.18 ~ POAMAYC 2018 #87 £13,912.57 ~ POAMAYC 2017 #87 £10,380.18 ~ POAMAYC 2016 #87 £7454.80

    Centre Parcs 20 Savings: £0/£500 ~ Centre Parcs 20 Christmas: £0/£1300 ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • NicnakNicnak Forumite
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    I really wish I could love your last comment rather than just liking it, you really have come so far and I am pleased that you see that, being under £10k is amazing xx

    Thanks. It does feel like a real milestone. That will mean over 15k gone since September last year. Most of that was by getting rid over the car I had. I'd say about half is getting rid of the car.

    Then I guess the next milestone will be under 5k.
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    That will be great to get below £10k and that you will achieve your goal of going part time. Better for your health and for spending time with your DD. Did you manage to get the mortgage on just your salary? Presumably you did not need to buy out your ex?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • HairyHandofDartmoorHairyHandofDartmoor Forumite
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    You have done amazingly well despite a very difficult year, and I'm glad you realise how well you've done. Think what you can achieve next year.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £1,500/£5,000. EMERGENCY FUND 2 = £50/£5,000.
    CHRISTMAS SAVINGS = £144.37/£500
    PREMIUM BONDS ME = £300. PREMIUM BONDS DH = £300
  • NicnakNicnak Forumite
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    That will be great to get below £10k and that you will achieve your goal of going part time. Better for your health and for spending time with your DD. Did you manage to get the mortgage on just your salary? Presumably you did not need to buy out your ex?

    The mortgage completes on Tuesday hopefully with a buy out for him too. x
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
  • NicnakNicnak Forumite
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    You have done amazingly well despite a very difficult year, and I'm glad you realise how well you've done. Think what you can achieve next year.

    Thank you. x
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
  • DorastarDorastar Forumite
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    Another one just popping on to say I think you've done brilliantly. With everything you've been through it's amazing you have managed to pay so much off. Part time is becoming more available now so it's a good time to start looking around for it.
    Mr T £8465 Mortgage £156,829 going down slowly
    Emergency Fund £1000 Blanket squares 36/60
    Brightfuturefund (BFF) £6118
  • NicnakNicnak Forumite
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    Dorastar wrote: »
    Another one just popping on to say I think you've done brilliantly. With everything you've been through it's amazing you have managed to pay so much off. Part time is becoming more available now so it's a good time to start looking around for it.

    Are your blanket squares for crochet? x
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
  • NicnakNicnak Forumite
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    Thank you everyone for your lovely messages today. I was posting just to gee me up about how to keep going because despite everything, I have made progress.

    It's my way of motivating myself and making myself see that despite how I am feeling, all is not lost.

    Things just feel overwhelming at the minute, but I am still functioning and still managing to make Christmas stuff start to happen and pay off things.

    Just trying to keep myself going. Sunday dread is kicking in already.
    September 6th 2017 - Updated December 2019
    Credit Card £0 now: £0 Consolidation £15,000 = £5,362 Total = £25,330 :(£5,362 79% gone EMF #252 = £1300/£1000
    Pay off all your debts by Christmas #071 = 2020 = £4400.90

    Decluttering target 2361/3500 items
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