Debt Free by '23

MidsHollie

Thank you @rugbymadfamily I'll definitely be having a few beans on toast meals this week!
I've totaled up my spending for October, and it seems to be on a par with September. Could have done better, but have done alright. My income should have quite a jump in November, so that is a positive. It means I should be able to really up my debt payments, and probably double them or more. I'll have to stay pretty frugal if I'm going to meet my target of 37.5% of my debt paid off before the end of the year. 

MidsHollie

Well, I’ve surprised myself. I got some pay from my old job, and had paid too much tax. I knew I was paying too much tax but thought it would have to wait for the end of the financial year to see it, but instead it came back in my pay. 

I’ve been borrowing from my annual spends account a little bit, so I topped that up and then paid £1100 off the debt. That’s taken me way over the £10000 paid off, to now a total of £11007. 33%
After a few months of income being tight and only paying £400 off the debt it was such a great feeling to pay off this big chunk. I should be able to get close to that end of year goal. 

mark55man

always nice when HMRC gives you a xmas bonus - 

MidsHollie

It’s great isn’t it Mark! Maybe in 2023 if it happens again I can put it towards Christmas treats rather than debt 

mark55man

for now 99 parts debt 1 part treat probably works best - in 2023 well that's party time

alt80

@MidsHollie 1/3 of the way - well done.

I !!!!!! hate HMRC just legalised theft imo.

MidsHollie

Yep, 1/3 of the way, which I'm pretty pleased with. Hopefully can do a little more next year. To be fair, I was surprised I got the tax back in my pay, I thought it would wait til the end of the year. And it doesn't help that I'm on my third job of the financial year so far, and that the pay has overlapped each time. Can't really blame HMRC!
I certainly haven't deprived myself this year, but I have been pretty frugal. I have bought some things that I have really appreciated this year, and been very thoughtful about the things I have bought. Maybe 5% treats!
So far this month I have spent around £200. £125 on groceries, a tank of fuel, £10 on work food and a couple of other things. I don't think I'll be spending much the rest of this month so should have some left over from the budget. I need to make a start on Christmas shopping but I've stashed away money for this over the year, so can spend without worrying too much.

MidsHollie

Forgot to mention the 8 NSD's I've already had this month. It is definitely a mindset thing for me, reducing how often I go somewhere to spend. It is all about planning ahead. If I plan ahead and prep this week, I shouldn't need to buy anything til Friday I don't think. But that is a pretty big ask!

MidsHollie

I can't quite believe that I have had 10 No Spend Days this month. I really should start some Christmas shopping though, but will mostly do this online I think. 
I've been doing some calculations. I reckon i can pay off £1800 between now and the end of the year. If I can find an extra £129 I'll be at £19999 of debt, a huge mile stone. I might take some unspent funds from my annual spends to add to this. Thinking about it, I might even take more than that. I have put away £75 per month for a travel / holiday fund, and haven't spent a penny from this. I've also saved £240 for clothing and only spent £55. Maybe I will keep aside enough for my car service, MOT and insurance and the put the rest towards the debt......Decisions decisions!

becksta

Hey @MidsHollie.  Have just read your diary from the beginning and think you have done amazingly.  The amount of debt you have reduced already this year is fantastic and you should be very very pleased about that.  I would say that you shouldn't beat yourself up if you do go a little over budget from time to time.  Its a marathon not a sprint and I believe you should reward/treat yourself every now and again to celebrate the milestones you achieve.  It doesn't have to be very spendy but it is good to recognise and reward yourself for a job well done.  Anyway, huge congratulations on achieving your 10k milestone and good luck with reaching your target of 19999 before New Year