Debt free before August 2023

Poppy1984

Hi @savingholmes 👋 
Thank you that's very kind of you to day. I'm sorry to hear you've had a little set back but I'm sure you'll get back to it in no time. 

I have to admit I'm feeling a tad demotivated after a couple of spendy months, we had a few nights away (very much needed but spent a bit more than we should have) and my DS needed a few bits and bobs for returning to school. I don't think I'll be able to make much of an over payment this month if at all so that's a bit demotivating but hey ho it is what it is. I am still able to pay my monthly contractual payment and I still have my EF and all my saving pots so things aren't as bad as it seems just because I can't make a big overpayment one month. 

I feel as though I've been lax with my shopping budget a bit too, my partner is spending a lot more time at my house and it feels u fair that he has to stick to my ridged shopping budget when he isn't in debt like me but if he gets some shopping in he'll get the "nicer more expensive" stuff and I end up going 1/2s then eating into my shopping budget. 

Don't get me wrong sometimes he'll treat us and I won't go 1/2s but I tend to feel guilty that my budget is so tight and I don't get a lot of treat stuff. Also I cook a lot from scratch and happy to eat whatever but my ds is a super fussy eater so I tend to pay more for food for him because he's so fussy but then my partner will eat it or see and and be like I thought you couldn't afford stuff like that and he gets annoyed that my ds is so fussy. He's my ds to a previously relationship and my partner has no children. I know I spoil my ds but he isn't spoilt he's lovely and well mannered and touch wood doesn't give me any bother so I'm quite lenient on him whereas my partner gets annoyed and tries to say I should be doing x y and z. The thing is fostering my relationship with My ds is more important to me than the things my partner fusses about. I'm well aware my ds will be leaving home in the not so distant future and Im really wanting him to stay in touch!!! 

Anyway I digress! So yea no real debt busting news at all, just plodding in. I hope I'm still on track to get it into the £10,000's by end of this year but I'll know more after the 16th where I'm at. 

My freezer is on the blink at the moment so I'm wondering if I might need to replace that soon (why is there always something) I've got £320 in my EF at the moment so I could buy one now but I think I'll try and make do until I really have to buy one and in the meantime save for one rather than using the EF. If it gets to the point where it completely breaks then I'll have no choice but to use the EF but if I start putting a bit aside each month now I could maybe get away with it. Only had the bloody thing 7 years you'd think they'd last longer than that!! 

I have a couple of social get togethers (all socially distanced of course) next month so that's going to be a little bit spendy again. 

Poppy

Poppy1984

I can't decide whether to switch current accounts again. Lyods are offering a £100 switch bonus which would be great to pay off my loan, but it's quite a
hassle changing banks and getting a new card and getting used to a new online bank set up. Also I think changing so frequently is hammering my credit rating. Not sure what to do for the best really. 

I need to have a cheap month next month the last 2 months I've not been able to over pay much. 

I feel like I'm getting so close yet still so far away to debt freedom. My aim is to start looking at houses something a bit bigger than I have at the moment with a garden in the next 12 months or so. 

Poppy  

Sarahwithlove

I did a recent switch for same reason but diff bank and it dropped 11 points which isn't much really. Only downside was due to post delays my switch had finalised before I received the new card and pin. Thank god for credit card. If you don't plan to be getting a mortgage for 12 months then I wouldnt worry about credit score as it will drop off again by then. The bank you are looking to switch to actually has one of simpler online banking systems I have found. 

Poppy1984

Thanks @Sarahwithlove
i could be tempted, yea I think mines took a hammering because I've switched bank and few times and recently switched mortgage providers. 

Poppy

Sarahwithlove

It will readjust itself as the searches come off it. Mines been same due to bank change, utility company and phone contract all within last 6 weeks. But I know it will right itself again. 

Poppy1984

Hello 👋 
it's that time of the month where I need to come on and update my totals! 

So my new debt amount is £11,728 hopefully I'm still on route to get it into the £10,000 by the end of the year, I think I am. 

My saving pots are mounting up nicely, I usually start my Xmas shopping in October so my Xmas saving pot is about full ready to use from mid next month. 

My car pot is mounting up nicely for my service /mot which is due in November, there should be enough in there to cover any work that might need done 🤞 then it'll keep building up for my yearly insurance in March and my yearly Tax in May. 

My holiday pot is about 1/2 way for the break that was rearranged for next year (if that even goes ahead) 

There's £300 in my EF too. 

So I'm feeling in a pretty secure position at the moment. I just need to keep plugging away at the loan making overpayments when and where I can. 

I can't believe I have paid off £18,594 to date. It's taken me 2 years and 7 months to pay that off, so I'm really hoping I can pay the remaining off in 1 year and 3 months which would allow me to be debt free by the end of 2021 🤞😁

Poppy

joshiesaunt

I think you are doing brilliantly.  With the freezer, if it does go on the blink, check freecycle or Ebay/Fbook as they often have cheap working freezers which will tide you over until you have the money saved.

savingholmes

Hi Poppy. You are still on track. Well done. Consistency makes a huge difference.

Poppy1984

Well I thought I would pop on and update, it's been a tough couple of months with one thing and another had some big house and car bills to pay 😕 so my EF and savings pots have been emptied but on a positive I've paid for the repairs without using credit. Still paying down the loan but not managed any overpayments and am unlikely to for a while now until I've topped me EF and pots back up. 

My new total is £10,812 so I have managed the goal of getting into the £10,00's but I won't reach my goal of having it down to £10,000 by the end of the year which I was hoping for. Still getting there!! Im going to really put my all into it and overpay as much as I can in 2021 i still have it in my mind to be debt free by the end of 2021 but since I've not reached this goal that's probably a bit out of my reach now. Still even if it's not paid off until the beginning of 2022 it's still not far off the end is in sight! 

If I didn't make any overpayments at all it would take me another 25 months to pay off and I really want it paid off sooner than that. 

Poppy

Sarahwithlove

I know it's frustrating not being able to pay off as much as you would like. I had similiar problem recently with boiler issues and car costs. But important thing is you made your regular payments and didn't have to get any more credit.