2018 I WILL be debt free!

Debtnomoreplease

Hi, I'm new to this site so please bare with me. I've been reading stories online for months about how people have got out of debt and I've found the truly inspirational to say the least! It's certainly kept me going through my bad days. Sadly, I only found this site a month or so ago, so can't share my whole getting debt free experience (a lot paid off now) but I want to log my 2018 get free mission!
So basically towards my late 20's I had abit of a light bulb moment-I thought I'd rally up my credit cards, overdrafts, loans etc and my gosh it was one heck of a shock!!! And I'm sad to say, I've nothing to show for all that money wasted-about £11,000 in fact!! But a fabulous few holidays I had! Now, I have paid down that debt-as much as it nearly killed me, but I've still got a bit to go.
Here goes:
CC1-£600 left to pay.
CC2-£900 left to pay.
Parent loan-£265
Overdraft limit is £2,500- which im desperately trying to get rid of so currently in at £1000, as my wage doesn't cover my overdraft ( I know, I know-how silly!!) However, for 5+ years I've always gone right upto my overdraft limit (sometimes over) so the fact I've stamped it down over the past couple of months is amazing-but that was due to a wake up from the bank when they shot up there daily overdraft fee to being charged daily-ugh! Anyway, gave me the kick i needed!!
So including my full overdraft (£2,500) I'm at about £4,265. I'm absolutely want this gone 100% this year, with an emergency fund saved. Anyway, after reading through some amazing diaries on here, I've decided to keep track of my own spending-for some reason something I've never done. So here is day 1-Not spent anything today-weather been awful so not left the house! I will continue to log money spent, debts paid down etc and will look forward to reading more diaries over the next few days.
Luckily for me the CC (at the moment) are 0% so I've got to get on this 100% over the next few months.
My plan: to clear CC2-I've been paying £500 a month off, so Jan-£500, Feb-£400 then clear!!! That will free up £500 a month!!
Next, get as much money in account as possible to pay overdraft off, as this is the only thing I'm being charged for (about £60 a month at the moment) which I can cope with for two more months, as I just desperately need to see CC2 clear-it's been my toughest one of all and I can finally see the finish line!
Once £2500 clear and no overdraft (or very small one) I will tackle CC1- I always pay £50 or slightly more a month off, the minimum is usually £14 (or around that) so I pay more than double off. If I continue to do this for 4 months, that will pay another £200, making CC1-£400. Then in May I can pay that all off in one (I'm used to paying £700 out of my wage every month on debt, so this will be nothing!) I have spent the past two years paying this debt down, and my gosh it's been hard-the silly chocies made years ago, and I'm still paying them off-if only I could speak to my younger self-never ever again!! The amount I've had to miss out on over the past years is sad, but I know it's all my own fault and I've learnt that hard way and I know I absolutely 100% will never get in this mess again! I'm really hoping by May/June I will totally debt free.
My biggest issue at the moment is desperately trying to keep as much money in my account as possible. (Which is why keeping a diary is a good idea-I think.) Wish me luck
By Christmas 2018, I would also like a healthy emergency fund off £1,500-2,000 with a seperate Christmas fund.
I've also decided to start a Christmas fund this year, £30-£40 a month, as for years I've paid Christmas on the CC (but not 2017, I did save and not a loan or credit card was used-1st time in years, so I was rather proud!)
As I've probably rambled too much, I'll stop now and check in with my daily spends time tomorrow.

redofromstart

Hi, just dropping in to say good luck with your new diary.

Debtnomoreplease

Hi, thank you for commenting :-)

Penny2myName

Good luck on the diary and getting the OD sorted, it is hard when the OD is more than you income. I have just brought my OD down to £50, I wanted to make sure I could easily pay it by doing an extra shift if needed.

enthusiasticsaver

If your CC2 is 0% and you are being charged for your overdraft would it not be better to tackle the overdraft first?

Debtnomoreplease

Hi, thanks for your comment.
I can totally see where you're coming from and I have thought about this, but with that CC having been my hardest and biggest battle of all-I can see the light at the end of the tunnel and I'm the kind who like to rock things off, I just desperately want to see one gone. It will be gone by the end of Feb, then I can throw the rest at the overdraft. :-)

Debtnomoreplease

Thank you. It's an overdraft which has built up over the years-an extra couple of hundred added each other month etc and before I knew it, it was over my wage-completely over! But what's done is done. So only thing to do now is pay it off and never get on the mess again. Thank tou for replying, much appreciated

WannabeFree

Good luck

zippygeorgeandben

You'll get to Xmas and won't be wanting to spend all the money and you'll throw it at the emergency fund instead.
WON'T YOU!?

Debtnomoreplease

2/2/18- Todays plan, I've got a jar of coins which I'm going to change today-should mount up to about £15 ish. I've got my nieces birthday gift to buy, so I'm going to use that money then I don't need to touch my account. Sadly, it won't be a NSD, but at least they money ain't coming out of my account. I'm going to write a list of things I need for the next couple of month-birthday gifts etc, so I can get organised.

fatrab

Best of luck with your plan, I've just made one too!


Keep your eye on the prize and I'm sure you'll be fine!


Cheers!