Debt free before August 2023

Poppy1984

I've decided once I'm debt free my next goal will be to buy a larger house with a garden. Being on lockdown has shown me we have really outgrown this house and how much I'd love some outdoor space! I am saving alongside paying down my debt, I have some savings locked away in a help to save account which the government pays money into so by the time I can withdraw the money I will also be debt free and there will be approx £3,600 so I'm thinking that alongside any other money I can save plus and equity in my current mortgage could go towards a deposit for a bigger house. Also I won't be paying £455 a month to my debt anymore so even if my mortgage were to increase by say £250 a month for a bigger house I'd still be £200 a month better off than I am now so I think it's doable. If my partner decided to do this with me then that cost would be halved and I wouldn't be paying much more a month than I am now plus not having the £455 a month going out on debt. 

I'm so excited I never thought I'd be able
to afford a bigger house or a garden but I think I actually will 😄😄 it's definitely have me a boost and some
 New motivation to work towards!! 

Poppy

FootyFanDan

Hey Poppy, 

Well done on the huge payment you have already made so far, you have certainly come a long way in this journey so far! Its such a good thing as well that you have been given extra motivation to get DF by dreaming of a bigger house/garden space..dream big. Keep going you will have this achieved in no time

savingholmes

You are making fab progress. Exciting. I think lockdown has shown me that my garden is bigger than I think now we've pruned stuff back and taken out trees that were too large for the space. I still would like a bigger garden but at least I am trying things out on a small scale now. Every little helps.

Poppy1984

FootyFanDan said:

Hey Poppy, 

Well done on the huge payment you have already made so far, you have certainly come a long way in this journey so far! Its such a good thing as well that you have been given extra motivation to get DF by dreaming of a bigger house/garden space..dream big. Keep going you will have this achieved in no time

Hi Dan hope you're keeping safe and well  🌈 
thank you I'm really happy with how much I've paid back so far and getting really excited to be in the £15,000's as that's been my goal for a while and it's getting closer 😁 

Poppy

Poppy1984

savingholmes said:

You are making fab progress. Exciting. I think lockdown has shown me that my garden is bigger than I think now we've pruned stuff back and taken out trees that were too large for the space. I still would like a bigger garden but at least I am trying things out on a small scale now. Every little helps.

Hi Savingholmes hope you're keeping safe and well 🌈 
yes I know what you mean I have a small outdoor space where I have planted some herbs and I'm enjoying tending to them but the ultimate goal would be to have a garden. 

Poppy

Poppy1984

Hi 👋 
I've been doing some thinking and I think I should make some overpayments to my loan, I said earlier I wasn't sure whether to or whether to keep the money to one side incase it was needed due to the current situation however I think it will give my motivation a boost to see the figures reduce on my loan. 

I have some money left over this month due to the restrictions I've not spent much other than on food so I'm going to put any money left in my current account before next pay day (15th) into overpaying my loan and also I mentioned a while  ago I had been saving money for a close family members big birthday weekend getaway, well that was meant to be this year but sadly it won't go ahead now so we have all agreed to go next year if we are allowed to travel by then. So my conundrum is do I keep the money I have saved sitting in a low interest savings account until next year some time (possibly May) or do I use a chunk of that money saved to over pay my loan and continuing saving until we book another weekend getaway next year. If we decide to go may time then the full balance would need paid by March time so would still give me a few months to save that money back up. 

I'm leaning towards doing that but nervous about having to save the money again when the money is there and it took me so long to save it first time round. 

I set myself 2 goals at the beginning of this year to do with my debt, 1 was to get to £15,000 which I'm nearly at and the 2nd was to get it to £10,000 by the end of 2020 I think if I stay on track I will manage that and that really excites me!!!!! 😁🤪😁😄😃 I feel like once my loan is £10,000 it won't feel such a burden don't get me wrong I know £10,000 is still a lot of money but it feels far less scary and a million miles away from my original debt of over £30,000. 

I cannot wait to be debt free!!!!!! What a slog but oh so worth it. I never ever thought I'd even get close to becoming debt free when I was drowning in debt and struggling to make payments I thought that was just going to be my life forever. If you're reading this and you haven't had your light bulb moment yet or you have but you feel like it's impossible I can tell you if I can do it anyone can! The one thing that had helped me the most is sticking to a budget yes it's boring yes it's dull but my god does it work. I think it's Dave Ramsey who says something like it's the simplest thing to do but also the hardest and that's true but once you've stuck to a budget a while it starts to become second nature. 

And if anyone's got to the bottom of these ramblings thank you for reading I appreciate all the support on this forum. 

Poppy  

SuperFrank88

Poppy1984 said:

Hi 👋 
I've been doing some thinking and I think I should make some overpayments to my loan, I said earlier I wasn't sure whether to or whether to keep the money to one side incase it was needed due to the current situation however I think it will give my motivation a boost to see the figures reduce on my loan. 

I have some money left over this month due to the restrictions I've not spent much other than on food so I'm going to put any money left in my current account before next pay day (15th) into overpaying my loan and also I mentioned a while  ago I had been saving money for a close family members big birthday weekend getaway, well that was meant to be this year but sadly it won't go ahead now so we have all agreed to go next year if we are allowed to travel by then. So my conundrum is do I keep the money I have saved sitting in a low interest savings account until next year some time (possibly May) or do I use a chunk of that money saved to over pay my loan and continuing saving until we book another weekend getaway next year. If we decide to go may time then the full balance would need paid by March time so would still give me a few months to save that money back up. 

I'm leaning towards doing that but nervous about having to save the money again when the money is there and it took me so long to save it first time round. 

I set myself 2 goals at the beginning of this year to do with my debt, 1 was to get to £15,000 which I'm nearly at and the 2nd was to get it to £10,000 by the end of 2020 I think if I stay on track I will manage that and that really excites me!!!!! 😁🤪😁😄😃 I feel like once my loan is £10,000 it won't feel such a burden don't get me wrong I know £10,000 is still a lot of money but it feels far less scary and a million miles away from my original debt of over £30,000. 

I cannot wait to be debt free!!!!!! What a slog but oh so worth it. I never ever thought I'd even get close to becoming debt free when I was drowning in debt and struggling to make payments I thought that was just going to be my life forever. If you're reading this and you haven't had your light bulb moment yet or you have but you feel like it's impossible I can tell you if I can do it anyone can! The one thing that had helped me the most is sticking to a budget yes it's boring yes it's dull but my god does it work. I think it's Dave Ramsey who says something like it's the simplest thing to do but also the hardest and that's true but once you've stuck to a budget a while it starts to become second nature. 

And if anyone's got to the bottom of these ramblings thank you for reading I appreciate all the support on this forum. 

Poppy  

Hi Poppy,
Just wanted to swing by and tell you how awesome you are doing! No doubt you will get to that 10k milestone by the end of 2020.
Hope you are well and life is being kind to you.
Frank

WhySeaEm

Poppy1984 said:

I cannot wait to be debt free!!!!!! What a slog but oh so worth it. I never ever thought I'd even get close to becoming debt free when I was drowning in debt and struggling to make payments I thought that was just going to be my life forever. If you're reading this and you haven't had your light bulb moment yet or you have but you feel like it's impossible I can tell you if I can do it anyone can! The one thing that had helped me the most is sticking to a budget yes it's boring yes it's dull but my god does it work. I think it's Dave Ramsey who says something like it's the simplest thing to do but also the hardest and that's true but once you've stuck to a budget a while it starts to become second nature. 

Wow I'm so impressed by you paying off half your debt, that's really inspiring! I had mine last night and was awake til 2am reading this forum and thinking, thinking, thinking. 

savingholmes

It's a great target to have Poppy. I know on paper I would be wiser to put my money into an EF - but it tends to get fritter spent there - just keeping it real - where if I pay it off debt I don't respend it. You have to find the right method to motivate you.

Poppy1984

SuperFrank88 said:

Poppy1984 said:

Hi 👋 
I've been doing some thinking and I think I should make some overpayments to my loan, I said earlier I wasn't sure whether to or whether to keep the money to one side incase it was needed due to the current situation however I think it will give my motivation a boost to see the figures reduce on my loan. 

I have some money left over this month due to the restrictions I've not spent much other than on food so I'm going to put any money left in my current account before next pay day (15th) into overpaying my loan and also I mentioned a while  ago I had been saving money for a close family members big birthday weekend getaway, well that was meant to be this year but sadly it won't go ahead now so we have all agreed to go next year if we are allowed to travel by then. So my conundrum is do I keep the money I have saved sitting in a low interest savings account until next year some time (possibly May) or do I use a chunk of that money saved to over pay my loan and continuing saving until we book another weekend getaway next year. If we decide to go may time then the full balance would need paid by March time so would still give me a few months to save that money back up. 

I'm leaning towards doing that but nervous about having to save the money again when the money is there and it took me so long to save it first time round. 

I set myself 2 goals at the beginning of this year to do with my debt, 1 was to get to £15,000 which I'm nearly at and the 2nd was to get it to £10,000 by the end of 2020 I think if I stay on track I will manage that and that really excites me!!!!! 😁🤪😁😄😃 I feel like once my loan is £10,000 it won't feel such a burden don't get me wrong I know £10,000 is still a lot of money but it feels far less scary and a million miles away from my original debt of over £30,000. 

I cannot wait to be debt free!!!!!! What a slog but oh so worth it. I never ever thought I'd even get close to becoming debt free when I was drowning in debt and struggling to make payments I thought that was just going to be my life forever. If you're reading this and you haven't had your light bulb moment yet or you have but you feel like it's impossible I can tell you if I can do it anyone can! The one thing that had helped me the most is sticking to a budget yes it's boring yes it's dull but my god does it work. I think it's Dave Ramsey who says something like it's the simplest thing to do but also the hardest and that's true but once you've stuck to a budget a while it starts to become second nature. 

And if anyone's got to the bottom of these ramblings thank you for reading I appreciate all the support on this forum. 

Poppy  

Hi Poppy,
Just wanted to swing by and tell you how awesome you are doing! No doubt you will get to that 10k milestone by the end of 2020.
Hope you are well and life is being kind to you.
Frank

Hi Frank 
Thank you, I am super excited to get into the next thousand bracket which would take me into the £15,000 which is my next goal, then I should be well on my way to getting towards £10,000 by the end of this year. 

Poppy