no more credit cards and gambling!

rangelife

Barclaycard is now down to £700, I have spent a lot less than my budget in recent weeks because I figured it was worth it to get another a card paid off and move onto my last one which I have until March 2020 to pay off interest free.

I am still paid weekly so two weeks payments cover mortgage and bills with a bit left over and the other two weeks wages during the month are all mine. I can get the MBNA card down do £5000 by January and plan to spread the rest over the 15 months until the end of the interest free period whilst saving £200 per month in my emergency fund.

rangelife

Last update for while, Barclaycard has now been paid off.

Just my MBNA card left to clear.

rangelife

Still doing well and my only card MBNA is down to £3400.

enthusiasticsaver

Well done. You made a plan and stuck to it and it has paid dividends. You will have lots of spare money once MBNA paid off. Are you going to take the whole year to repay as interest free until March 2020 or just get rid as soon as possible?

rangelife

I plan to try and pay it off in the next 6 months if possible.

Shashwoo

Well done on your journey to being debt free

rangelife

I now have £600 left to pay and I have about £1000 in savings, I will clear this next month hopefully.

Now I need to decide what I plan to do with my spare cash every month in future.

enthusiasticsaver

What a fantastic result. Well done on turning this around and being disciplined enough to get rid of the debt whilst also saving and presumably not gambling.

As you say you will have a lot of spare money so you might want to have some sort of plan or strategy in place to stop you falling back into bad habits like gambling.

Saving or investing for the future by overpaying the mortgage or putting more into your pension or investing just to accumulate wealth?

Save for replacement car, home improvements or holidays?

More money for socialising and personal expenditure?

You could do any or all of the above.

rangelife

I had a small slip up with gambling but I realised what was going to happen and stopped, I am also about to start therapy.

I have a lodger at the moment so I have decided to pay that rent directly into a savings account and I think overpaying the mortgage is something I will consider.

laurarutter89

Hi Rangelife,

I didn't want to read and run, congratulations on everything you have achieved so far!