Debt free by the end of 2020 (optimistic)

Functions

I am setting this thread up purely to track my own progress and for some self-accountability as I am slowly falling back into old habits and spending more than I earn, I have reduced my debts by a few thousand this year and I don't want to go back. Instead I want to move forward, learn to manage my money and eventually start saving.

Long story short: Lost several thousand pounds through online gambling over the past few years and had to use credit cards etc. for necessities, don't have anything to show for it. Now signed up to a scheme where I can't access any of my gambling accounts for 5 years (or sign up for new ones).

My current debts are:
Loan £4500
Student finance grant overpayment £670
Online catalog £350
OUSBA loan £1060
Credit cards £200

Total £6780

Target: £0 by the end of December 2020.

November 2019 targets to save money:

• Give up e-cigarette
• Limit takeaway to once per week
• Work out a food budget
• Cancel subscriptions that I do not use

Chrystal

Wishing you good luck on your debt free journey.

happydays89

Hi,I would keep a spending diary,write down all the little and big spends.Its amazing when you look at it at the end of the week,and you start to think WOW.......I didn’t realise how much I spent on stuff I didn’t really need.
You might see the takeaway as a treat,but how much will it cost a week? Month? Year?....that could go towards your debt,have a few easy meals like pizza in the freezer,Aldi pizzas are 79p.
Good luck....you can do this.

Functions

Thank you for your replies.

I have spent today working out a reasonable budget for the month which takes into account food, travel to work and luxuries such as phone contract, subscriptions etc. and every penny I spend is going on a spreadsheet to track it all. Surprised at some of the subscription services I am still signed up for but not using, so already making some savings.

Any money left over on the budget will go into a savings account just to have a little on the side for emergencies (not luxuries!).

Chrystal

Sounds like you've made a great start.