Debt Free by '23

MidsHollie

Thanks @mark55man. Yep, it feels pretty damn in the middle of it right now!
I really to try hard to reduce spends. I decided that 2020 would be the year of no holidays, so that I could pay down debt so really COVID aligned well with that. I could reduce spends further eg less eating out, work food and random "other" spends, but I do recognise I am doing pretty well. I'm not really an online shopper and I don't love shopping trips, so my spends are generally on activities and food.
I agree with you - hard work now, to reap the rewards in the future of no debt. I bet you are looking forward to being mortgage free! I love that my rounding up payments, if paid over the 30 year term, will reduce it by 8 months a small amount each month adds up to almost a year off the mortgage

mark55man

let me tell you, that year may seem a long away but when you are still paying and you could have been free you would be kicking yourself for not giving yourself the option - when we moved 21 years ago they just remortgaged to 25 and I didn't notice  

MidsHollie

I think more regular reconciling of the budget is having a positive effect. So far in October I’ve spend £223, not including a large, budgeted for, one off purchase. 

The last 4 days have been NSDs: partly planned, partly laziness! No work food bought yet this week, but may have lunch there on Friday. Had a lovely meal out at the weekend and had to fill up the tank so that was a bit pricy. 

Still keen to pay off some debt, but can wait til the end of the month I think. No rush as no benefit to paying off earlier. 

This debt journey feels like a massive slog right now, but I’m wondering if life feels like the slog and debt is just along for the ride?! 

MidsHollie

Third weekly check in of the month, and I’ve spent £303. Grocery spends are low, but I think that is partly because my work food and eating out categories are high! 

I’ll need another tank of fuel this weekend, and potentially another next weekend so that will be quite spendy. But after that my fuel costs will be dropping A fair bit. And my area may well end up heading in to a more restrictive tier for COVID which will limit all but travel to work.
No plans for the weekend, so nothing to spend on there. Will do a little batch cooking and put some meals in the freezer. 
Really need to look at a couple of direct debits that have crept up, and should give meter readings for my fuel. Has anyone had the water meter people check the meters over COVID? I’m hoping they come and check mine as I’m sure my bill will reduce when they do! 

Debt free travels seem to be slow time right now! But, on a positive note, at the end of the month when my direct debits come out, I will have paid off £10000! I’m already celebrating, and will continue to celebrate!!! 

astrocytic_kitten

I’ve just read your diary from the start, you’re doing so well and making storming progress- 10k paid off in less than a year! Definitely keep celebrating, these milestones are so important!

MidsHollie

Thanks @astrocytic_kitten, but don’t congratulate me too much, I’m only just at £9907.53 so far, but that number does mean big things..... 30% DONE!!!! Come first of the month I’ll pay off more to make sure I get over the £10000 mark, but will have to wait until then. 

My original aim for the year was 25%, giving me a debt feee date of sometime in late 2023. With income and expenses going up and down like a yoyo this year, it certainly is an achievement to have got this far. I have just this moment decided for a little stretch goal of 37.5% by the end of the year. I was going to say 35, then 36, but decided to stick it at a 37.5 for some reason. It is a stretch goal, and will require much frugality, but my 2020 has been all about frugality! Can’t have the mini-splash out I was going to have with my new, higher pay next month though now I’ve set that goal! 

I need to do my spending summary for October week 4, but that’s due tomorrow, and right now I can’t be bothered! 

Going to celebrate my 30% with a meal-prepped tea 

mark55man

you're rocking this - enjoy your tea

astrocytic_kitten

30% is AMAZING! Well done!

MidsHollie

Thanks both! 

Spending summary done. I thought it was quite a speedy month, but not as bad as I first thought. I have spent unnecessarily this week, but slightly offset by a week without much of a grocery spend. It looks like my spending will be lower than last month. 

I got some work expenses back in cash this week too, and apparently I’m due £25 cash back from an energy switch, so £45 in my pocket that I wasn’t completely expecting. I’ll try and put it all towards the debt, as I think I’ll have another cheap weekend this weekend. 

rugbymadfamily

Hi @MidsHollie great effort on reaching the 30% goal! Sounds like you are making some great efforts and reining it in. Am with you on the more exciting and extravagant meals, we were at a point where lunches and dinners all had to be super exciting which not only cost a fortune but also take longer to make! We've now moved to having the same lunch all week (prep'd on Sunday and make something which stays fresh for the week) and 2 dinners a week are very simple (jacket potato, eggs on toast etc) and it really has helped with the budget and time!