Debt free before August 2023

juliejim

You're doing brilliantly Poppy.
Jue

Poppy1984

DancingInTheRain said:

Hi Poppy, just caught up on your last few posts and wanted to add my congratulations on being so close to the 15's. 
The focus you've applied to debt busting is really admirable.
Good news that you hope to be sub 10k by the end of the year too, that was my stretch target last year and DH and I were do excited to achieve it, such a great feeling, you've got this! 
I also would have used the postponed birthday trip money on overpaying the loan, I've done a similar thing recently with refunded holidays that were cancelled due to the virus.
You're disciplined enough to save up for it again so definitely worth it.
Take care x

Hi 
Thank you so much I am so thrilled to be in the £15's and excited to be nearly in the £14's. Thank you so much I really want to get my total debt to £10,000 well done to you for getting to £10,000 that must feel amazing! 
Poppy  

Poppy1984

WhySeaEm said:

That's brilliant. Well done you! I've bookmarked your diary  

Thank you so much, thank you for your support also, good luck with your journey also.

Poppy  

Poppy1984

savingholmes said:

HI Poppy you are making stunning progress.  I feel so much better to be below £20K. The next big milestone for me will be £15K. 

Thanks so much Savingholmes well dont on getting your total below 20k thats amazing you will get to 15k before you know it  

Poppy

Poppy1984

Hi everyone 
I'm considering making another over payment to my loan.Just because it was such a boost and seeing that total coming down gave me a new motivation to really budget so i can over pay as much as I can.  
My conundrum is that i used half of my holiday saved money to over pay and can continue to save the £60 a month I have been and budgeted for until next year to have the same amount. However now I'm thinking should I use the other half to over pay and up my £60 a month to £100 a month. 

I feel like it would be good to make another overpayment but I'm nervous of completley emptying the holiday savings and also thinking I know I can manage on £60 a month savings for that as I have been for a while but would £100 a month be pushing it. 

Really can't decide keep tooing and frowing over the whole thing. Also I think because the holiday is so up in the air like we don't even know if its going to be a possibility to book next year with the situation as it is and if it is possible will prices have sky rocketed which i think is making me lean towards making another overpayment. 

Help! 

Poppy

Poppy1984

I did it aghhhhhh  no going back now! Made another overpayment using the rest of my holiday savings and changed my monthly savings from £60 to £100 a month to replace the savings in time for hopefully going next year! 

Will maybe feel a bit tight but it's done now. 

I will update my totals when it comes off the loan as it usually takes a few days. I've knocked another month off my debt free date which is exciting. Hoping to make another overpayment on the 14th of June before I get paid then that will be it for overpayments for a while i think. 

It does mean I should be well on my way to that £10,000 goal by the end of the year. 

Nervous but excited at the same time hope it was the right decision to make 

poppy

WhySeaEm

well done! it must have felt scary but I think you made the right choice.

FootyFanDan

Well done whilst it seems scary right now, once you settle into the additional payment it will become normal. I wish i could summon some of your bravery though in making some decisions. The progress you continue to make is truly inspirational, good for you Poppy x

Poppy1984

Thank you Why Sea Em and Dan thats so lovely of you, and I really appreciate the support. I am a little nervous about the higher monthly saving for the holiday next year but I'm sure I can do it okay. I'm saving money on petrol and gym membership whilst in lock down so thats all going towards overpayments. Ive got an application in for a new mortgage so hopefully wen that goes through that will save me £20 a month also. Seems to be taking an age though and its not 100% guarenteed I will get it.
My loan has now updated the latest overpayment so I have updated my totals and my new DFD as the overpayment knocked another month off. I have 34 months remaining on my loan but with overpayments I'm aiming for 24 months, we will see! Still feels a long way off but a light is starting to appear at the end of the tunnel. 
I switched bank a few months ago so I'm waiting for my reward bonus to come through when that comes through I will make another overpayment. 

Poppy

Poppy1984

Hi 
Hope everyone is staying well and safe, I cannot believe it is June it feels like it should still be March with all that's been going on feel like I have blinked and missed this year. I'm still waiting on my bonus payment from switching banks should be here by the end of this week. I'm still unsure whether to pay the full lot £175 off my loan or pay part off and use a bit for a treat. I'm leaning more towards just paying the whole lot off my loan to be honest. As I can see the numbers dropping at the min its really spurring me on to pay as much off as possible.
However I'm a little torn at the moment because I also want to do some work on my house, nothing major just some tidying up and refreshing it. As I'm hoping to move in the next couple of years I'm thinking if I can do repairs and refresh it it will be easier when it comes to a time where I want to sell it. I do have a house maintenance fund that I put a little into each month but there is only £40 in that at the moment and I wont be able to do much in the house with that.  
Will probably leave the house for a while and keep ploughing any spare cash into my loan while I can. Working from home I'm saving on petrol however I am spending more on gas & electric and food so its swings and roundabouts. 
Poppy