Oct 17 vs Oct 18 - My Debt Free War

shtecashteca Forumite
120 Posts
100 Posts Third Anniversary Combo Breaker Debt-free and Proud!
This is no way a finished project. My Debt free journey has only just begun and although I am making great progress there have been some difficulties already.
Just thought I would check in with an update as I find posting here gives me so much strength to keep going.
I use Excel to keep a spreadsheet of all my spending hence the below. I know their are apps out there that can do the categorising but I prefer to have to do it manually as it makes me accountable everyday.
October 2017
Salary 3517.39
Other 290.96

Flat 739.34
Flat Improvements 0
Restaurant 253
Supermarket 399
Travel 502.16
Entertainment 343.57
Clothes 155
Phone 92
Savings 100
Loans 804.75
Healthcare 380
Holiday 280.11
Child Maintenance 300
Other 127.82

October 2018
Salary 3056.46
Other 326.07

Flat 706.95
Flat Improvements -31.87
Restaurant 87.22
Supermarket 230.72
Travel 219.71 (unusually high as rented a car to do something with my kids)
Entertainment 79.86
Clothes 68.48
Phone 15
Savings 0
Loans 1240.07
Healthcare 85.48
Holiday 25
Child Maintenance 216.5
Other 264.98

It was back in April 2018 that I had my first aha moment. I had dug myself into a super uncomfortable hole of £122,137 (including my mortgage). I am self employed and my income can vary MASSIVELY. I was putting a huge strain on my business with my level of spending and had racked up £10,000 overdraft there too.
I had a stupid financed car (mercedes) and plenty of loans and credit cards to go with it for good measure.
First thing I did was got rid of the car, what a huge moment that was. Cost me £1,500 in losses but saved a huge monthly outgoing as at that point I was at the end of my credit line.
I then discovered Dave Ramsey! What a life changer! I have never had such a life changing experience. I point anyone that has money issues straight to his YouTube channel. Started my debt snowball and very quickly paid off a £400 loan I had on my fridge freezer of all things :j
The next thing was, Aldi, Another complete life saver. I can't go to Tesco or Sainsburys anymore :rotfl:
I never replaced my car as I have excellent public transport to work and at the weekend I rent a car if I absolutely have to.

Here was my Debt figures
October 2017
Sainsbury Loan - 14143
Ikano Loan - 11590
Natwest Overdraft - 7500
MBNA - 4540
Halifax Mortgage - 67864
V12 Retail Finance - 474
Mercedes Benz - 16500
Total - 122137

October 2018
Sainsbury Loan - 11990.7
Ikano Loan - 9367.2
Natwest Overdraft - 7300
MBNA - 5230
Halifax Mortgage - 64565.75
V12 Retail Finance - 0
Mercedes Benz - 0
Total - 98453.65

These figures don't paint the full story as like I say I paid off my companies £10,000 overdraft and now have £20,000 in my company. I am not taking more out at the moment as I am wanting to keep my reserves up there as there can be periods of £0 income.

Another thing I did, came out of my £50 a month phone contract, now on a sim only and paying £14.
As you can see my debt payments have gone up as I am currently paying off as much as I can on my MBNA Credit Card. The balance did go up in March 2018 as I went on a stupid spree.

Again, I AM NOT PERFECT rather quite a million miles away from it but I am really putting my head to this. I still have so so much work to do but, I am better than I was this time last year.

Thank you, you lovely people!!! I always feel very loved and supported here.:beer:
Debt Fully Paid Off (20/06/2019): £54,441.87
Dave Ramsey is my financial guru!
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals