Debt Free by '23

MidsHollie

Thank you @becksta Yes, maybe I do need to build in some milestone rewards. I might have more of a think about that and plan some in for the next few milestones. 

I’m up to 11 no spend days this month now. I did a grocery shop and refuel today, and did them on the same day so as to get another NSD tomorrow! I feel very grown up. I did a proper weekly shop. There are a few things I need to get, over the next week, but not many. A couple of things I couldn’t get at the shop I went to, and a couple which I forgot to add to the list. Might need some milk midweek next week, but that will be all. Hello adulthood, only a decade or so late 😂

MidsHollie

I’m only on my 13th NSD of the month, so not done so well this week. BUT......
I just paid a chunk of £1550 off my debt. With the £300 car payment tomorrow, that means I have paid off £12957. That’s 39% of my debt gone. Whoop whoop! I set my target as 25% for the year, so I’m really pleased to have got this far. I sort of count payments this late in the month as December payments, so that’s probably me done for the year really, on the debt. Although I do think that reviewing what is in my annual spends would be good, towards the end of December, and using some of the left over from that (I’ll use some as a starter for next year) to add to Decembers pay off. I think that’s only fair as it’s money that’s been put aside for 2020, it can go towards the 2020 debt payoff. 

It’s funny, isn’t it. 33% was a third. But 39%.... I mean that is pretty much half way isn’t it! I had planned to be debt free by the end of 2023. If I average out this year and project out to the future, that takes me to middle of 2022. My highest debt payoff month this year was £1950. My lowest was £400. What a difference!! Let’s hope I get more of the £1000+ months, and less of the £400 months! 

Aspiration

Amazing progress MidsHollie

Sarahwithlove

That's amazing well done. Can you go back and look at what you did differently those two months to try and find some happy medium between the two. 

mark55man

well done - very impressive. just think how good each and every one of those debt free months will feel in 2022

you have motivated me to use a little bit of my "still in the black at payday" money (and it is still nice to be able to say this for the 6th month on the bounce) to pay a little off my CC2 - I was thinking of maybe keeping it back for xmas contingency, but I just need to be more MSE to make the most of the lockdown savings 

MidsHollie

Thanks @Aspiration and @Sarahwithlove
I mostly know why I have had wildly different debt pay offs. On the good months my income has been high, my commuting costs low, and I’ve had a lodger paying rent. On the bad months I’ve had low income, high commuting costs and no lodger! But I do plan to spend some time looking at my spending more closely. I’ve kept track of almost everything I have spent this year, so should be able to see when I have spent more and when I have spent less. 

Well done @mark55man, I’m so proud of you! It’s so tempting to save that left over money, but if you are using a zero based budget correctly you shouldn’t need to. It all adds up, doesn’t it, what with those little extras, the odd bits of cash back or refunds or survey payouts etc. Over time they can make a  real difference even though it doesn’t always seem worth it at the time. 

MidsHollie

So, Novembers round up:

Groceries			261.4
Fuel			113.64
Gifts			70.85
Eating Out			3.4
Car			0
Entertainment			26
Other			70.85
Clothing			37.95
Work Food			13.05
Other Transport			0

I have paid off a total of £12957, which is 39% of the debt. 
I have £1500 saved for annual expenses, £700 in an emergency fund. I spent quite a bit on things this month, just odds and ends really, but I think it comes from a place of feeling a bit more financially settled. It's good that I feel that way, and that I haven't impulse bought these things (too many of them anyway), but I need for this not to become a habit. I very much enjoy buying gifts for myself at Christmas time! I won't be paid so much in December, so debt pay off will be lower. I'd like to put some more from my annual spends fund towards the debt, as I don't think I need it all sitting there. A decision to be made later in the month. 

enthusiasticsaver

Sounds like you are really on top of your finances now. Your spending for last month was quite good. Good you have some savings too. I have to say I like treating myself at Christmas too. Just bought two newish books which are only available in hardback as my local independent bookshelf had them on special deals and they are local authors so I like to support them. Also may have used the M and S app too many times this month but not bought clothes all year and have lost quite a lot of weight over last few months so my whole wardrobe is baggy and shapeless. Almost £13k paid off this year is brill

Sarahwithlove

Wow 39% is a great achievement you should be proud of yourself. 

FOMO_overspender

woo for hitting 39%!!! You've made such amazing progress - especially with the savings and EF on top too!