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My debt free diary by end of 2021

edited 30 November -1 at 1:00AM in Debt Free Diaries
57 replies 3.4K views
Rgib89Rgib89 Forumite
86 Posts
10 Posts Name Dropper First Anniversary
edited 30 November -1 at 1:00AM in Debt Free Diaries
Welcome to my diary.
After reading loads of peoples diarys I thought I would give it a go for motivation for myself.
So here it goes, my current debt stands at £14,450 on a loan (Was £15,500 in december) im paying every penny spare over to my loan and hoping to be debt free by the end of 2021.
I do have £1000 in emergency fund. I no people will tell me to pay that off the loan, but I would prefer to keep that there for emergencies and emergency only.

So my plan...
Go through dd and get payments down if I can
Sell unwanted items through the home
Save money on food Bill's

Thank you for reading
And here's to being debt free :j
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Replies

  • FootyFanDanFootyFanDan Forumite
    1K Posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭
    Hey,

    Good Luck on your journey to debt freedom

    I think its a smart idea to keep the emergency fund there :)
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Just put 3 items on a selling site and counted my penny jar and have £32.97 in there. Not much but every little does help, will put that in the bank tomorrow and get it transferred over off the loan.
  • Dolly_RockerDolly_Rocker Forumite
    5.2K Posts
    Ninth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
    ✭✭✭✭
    Welcome and good luck!

    When is was paying off my debt I had some savings that I kept for a good while but when it got to the same amount as my debt I used to to pay it off, for me that felt like the best thing to do at that time.

    I'm still trying to build up my emergency fund again but I don't regret using it cos the feeling of being debt free earlier than I had planned was so worth it!

    This is your plan, your journey so only you know what is best.

    We'll cheer you on no matter what!

    Dxxx
    MFW - £0/£66,498.57
    EF - £0/£8,000
    1% MF Challenge - £0/£665
    Mum IOU - £0/£3,000
    Survey Cash Out - £0/£600
    Goal Weight - 73lbs/95lbs - 22lbs to Lose
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Thank you dolly rocker.
    Today had to pick few bits after work, bread milk etc costing £20. Hoping for a NSD tomorrow and to take a packed lunch to work. I really need to stop the shopping after finishing work.
    I did round my account off and transferred towards debt. So another £11.91 payed.
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Morning,

    A family member payed back £100 they owed and looked at budget and saved £20 on petrol this month so payed the £120 off debt. It's amazing how paying off bits when I can gets so addictive. Hope I can keep up like this to get this weight lifted.

    Hope everyone has a good day.
  • BankMoth888BankMoth888 Forumite
    14 Posts
    MoneySaving Newbie
    Hi Rgib89,

    It looks like you're already off to a flying start! You and I are looking to be debt-free at around the same time, so I shall follow your journey with interest. Best of luck to you :)
  • savingholmessavingholmes Forumite
    14.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Welcome - you're off to a good start. An emergency fund is essential to stop you from slipping back into debt along the way
    During 2021: Target 1) Clear CC debt £15212 £[email protected] 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Thank you bankmoth88.. we will have to keep pushing eachother to get through this.

    So weekend was an expensive one. Me and husband had an engagement meal to go to, over £120 spent, with bus, food and drinks. Wish I had stayed home as all I keep thinking is it could of gone off the debt. Back to saving focus this morning. Rounded another £10.69 off loan, keeps it going down.
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Just a quick update..

    So the 3 items I have put for sale havent gone yet, loads of interest but either no shows or no answers back, so I'm hoping to get these gone soon as and put some more things up for sale.

    Got a chicken cooking and going to start going through kitchen cupboards to list meals with what I have here. I need to get better with food waste as I throw so much away. This is definitely something I need to work on.

    The downfall is no more has been paid of loan. I have 2 weeks until payday and want to make sure I have enough money to last, once I get paid any money left over will be transferred over and hopefully I will have a few sales in the mean time that can go straight off the loan.

    Have a lovely afternoon
  • Rgib89Rgib89 Forumite
    86 Posts
    10 Posts Name Dropper First Anniversary
    Morning diary,

    So yesterday felt good with a NSD. Hoping I can manage another one today. Back to work today at 4 days off, spending money at work is a massive downfall of mine. So will be making packed lunch today.

    I finally managed to get to the bank to put loose change in, stupid the bank only takes full bags now and only 5 at a time, so only put £27 in.
    Checked over food budget for this week and was done by £10, so £37 has been transferred over to the loan.

    Looking forward to the 19th Feb (a month start starting this diary) to see how far I have come.
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