Goodbye debt

parsnip88

Hi there, I'm new here so be nice

We have £5763 of debt :eek:
I am currently changing careers and will earn around £1100 a month in my new job- which is all extra money as my wife's wage covers all the bills and the mortgage. Hopefully I will have this debt cleared in 5 months. (never will i get a personal loan to fund a vehicle I can afford again!)

I've been a follower of mse for years and have all my bills down as low as possible.
We have one nice car on pcp and I drive an old yaris which I will run into the ground, hopefully for the next 5 years at least.

Our mortgage is £78816 (we live in a very small house) so I expect this to go up when we get a slightly larger one for kids.We have 21 years left on our 25 year mortgage...
But when I've paid off the debt I'm going to smash this mortgage into pieces and be mortgage free in 10 years (age 40). I'm sick of being tied to a mortgage.

I not going to make myself miserable for the next 10 years, but I'm going to do my best to pay this off, step up the property ladder slightly and still travel as cheaply as possible- my wife an I don't mind living out of a backpack for a few weeks.

I'll update the mortgage and debt balances as I go along.

Wish me luck:beer:

in_need_of_direction

Best of good luck wishes coming your way. You can totally do this and posting helps keep you accountable

Choccygirl123

Good luck parsnip, sounds like you e got a solid plan. Hope you smash the debt quickly!