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Positive Balance: Focused on Budgeting
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I will definitely have at least one more month of getting paid really well, which I will use to pay down more debt and then I will have to see what happens after that.I hope I am being wise while the money is good and not wasting it as this is the best chance I have had to get rid of my remaining debt in a long while.Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33002 -
Glad you are using this situation to improve your finances. Like you say a rare opportunity to slash some bills practically overnight.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/252 -
savingholmes said:Glad you are using this situation to improve your finances. Like you say a rare opportunity to slash some bills practically overnight.That is helping, but it is more the vast opportunities for overtime which presented themselves - although they seem to have mostly dried up now.)I get my payslip from my super duper month of overtime this week so I can't wait for that!
Alas, after that it will be back to bring fairly pedestrian!Extra note: I've been a bit spender than I should have been. Nothing major, buy annoying still the same.Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33002 -
I got paid £50.00 from my last bank account switch so I have just paid it off my debt.Remaining debt: £1778.75/£4869.01 (£3090.26 to go)
Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33002 -
Good progress. Well done on the overtime.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/252 -
Thanks, @savingholmes.
Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33002 -
So...I got my payslip today. I had hoped - in my wildest dreams - that I might have earned £1k on overtime this past month, but I have unexpectedly exceeded myself...... to the point where if I steal a bit out of my emergency fund, I will be able to clear the entire debt this month.I'm shocked. In a good way, but still shocked. Given my past six months wages I was initially only earning a few hundred pounds extra each month and I was dispairing that I would struggle to clear the debt by the end of the year. I really, really hoped to be able to clear the debt by my birthday in November, but was aware that this would be a pretty big ask and now I find myself in a position where I can pay it all off this month?!
*Faints*Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33003 -
Wow well done on doing all that overtime. I think I would be tempted to pay it all off even if you need to dip into emergency savings.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£110003 -
Heck yes! I absolutely will!I can't believe I can get rid of it this month! *Faints again*Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33003 -
Sorry - the above post hasn't formatted as intended. Probably as I'm posting on my phone.
Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33002
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