Starting on the Debt-Free Journey

horseeatsallmymoney

Managed to pay a little more off the CC and put some money into savings which was nice.
Was so relieved that the car passed it's MOT and I had the money saved to cover the MOT and service. I think this is the first time ever I've been able to pay for it upfront, without stealing from the month's budget and causing me problems. 

I'm absolutely loving Monzo pots too. It's making it much easier to manage my spending and track when I've spent everything, particularly from my "fun" and "horse" pots where I definitely usually over-spend!

2 days until payday....

horseeatsallmymoney

Got a tax refund today- woop! That's more money off the credit card.

My statement isn't generated for a few more days, but this is where I stand at the moment:
CC balance: £9k (will be down to £8.5k after next statement!)
Car Fund: £67.97
Horse Fund: £487.73
Misc: £187.94
Vet Bills: £48.89

I feel like I'm making progress when I get the small wins like the tax refund. Helps me keep plodding along! My vet bills pot keeps building up and then being depleted (just waiting for the next bill!) but I guess that's what it's there for!

horseeatsallmymoney

Debt is down to £8,500!
I have around 17 months of payments left to go to get to £0, meaning a current DFD of Feb 2022. I'm hoping to pay it off more quickly than that, but it feels good to write down a specific date.
I want to keep making small extra payments to bring the DFD into 2021, ideally by October as it's my birthday. It would be a fantastic birthday present to be debt free!

Madusa

Hi Horseatsallmymoney,
Just wanted to say Hi, well done.  Very impressed with your self discipline.
I'm also the owner (with my daughter) of four-legged money munchers. 

horseeatsallmymoney

Madusa said:

Hi Horseatsallmymoney,
Just wanted to say Hi, well done.  Very impressed with your self discipline.
I'm also the owner (with my daughter) of four-legged money munchers. 

Happy to meet another crazy person! I think horses are the main reason for building up the debt (emergency vet visits not covered by the insurance, of course!)

Fingers crossed for no more horse emergencies.

horseeatsallmymoney

5 days until payday and it feels a very long way away.
I'm really noticing the extra spends now I'm back in the office a few days a week. Work lunches are my downfall!

horseeatsallmymoney

The months seem to be dragging at the moment, I'm not sure if it's because of corona or if that's just how it goes when you're slowly paying off debt!
I feel like I get a little burst of achievement once and month and then its back to waiting again.
Current situation is getting there:
Debt: £7,625 - Paid off 42%!
Savings

• Car Pot: £29.04. This keeps being depleted by car emergencies, but I guess that's what it's there for!
• Misc Pot: £241.01
• Horse Pot: £620.37
• Vet Bills Pot: £20.37
• CC Overpayment Pot: 92.69

horseeatsallmymoney

Another £120 off the CC today, so I'm down to £7,505 and 43% of the debt paid off.
I'll hit over 50% on my next payment and I hope that keeps me on the straight and narrow over Christmas!

horseeatsallmymoney

I'm in such a spendy mood today so came on here to read a few diaries and keep myself in check!
I think almost being at the mid-way point is making me think of what I want to do with all the money I'll have spare once I've paid off this dastardly debt, but it's too early to be planning. I need to sit on my hands and carry on for another year!

scotdebsV2

Hi Horseseatallmymoeny saw you comment on my old diary so thoughtI would pop by and check yours  Really impressed at how focused you have been and I remember that feeling that pay day would never come so you could start throwing money at the debt - its great that you now have a debt free date to work to an keep you motivated. I've resisted working out mine as I think it will have the opposite effect    so setting myself smaller target like getting it under £20k by end of next year