Make or Break 2020

thecompetitionaddict

I'm in a lucky position where I have a great job, however, things aren't looking as great as they once were. The owner has been making cut backs over the last year, so I want 2020 to be a year I reduce debt to Nil and Increase savings to £25,000.

I'm not a homeowner and am currently living at home. 2020 will make or break me. Time to stop wasting money and put it to better use.

Starting Position as of January 2020.

Debt
American Express Card (currently transfering to a 0% Lloyds card): £7,430.08
Natwest Credit Card: £286.21
Very BNPL (due March 2020): £474.92
Natwest Loan: £4180.12

Savings
Natwest 1 year ISA: £6,000
Rainy Day Fund: £2,000

The reason I keep some savings behind me, instead of reducing debt is because:

1. The chance of being unemployed in the next year is high
2. I'm aggressively paying off debt in the next 12 months to reduce it.
3. The interest on credit is low, providing I can put american express on 0%

If anyone has any tips on improving all this, I'd love to hear. Will use this thread to update things as I go along.

Best Wishes