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After years of debt journey through my sensible 40s...

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After years of debt journey through my sensible 40s...

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lantannalantanna Forumite
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Decided to start my own diary after reading many others. This is to keep me accountable in continuing to save and not return to my old careless ways.  
In my early 20s I racked up loads of debt because I couldn’t live with my parents and my low income meant it difficult to rent and survive on my wages so I supplemented my living costs with loans, relied on payday loans and this was a vicious circle for many years. I also had a 2nd job from about 25 -35 which killed my social life but it funded my 20 a day habit at the time. 
Fast forward 20 years I’m 40, 41 later this month in fact and I am almost debt free, I have a reasonably well paid job which I love and still rent.  My goal now is to pay off remaining debt, save for deposit for a house and have started AVC for my pension. 
How times and priorities change. Regrets not really but could I have made better decisions yes.  So that’s what this diary is for to keep me on the straight and narrow and focused in meeting my targets. 
2020 my frugal year.
12k savings 2020 £6384.00 / £10000# 93
Mortgage deposit £4807/ 16k target
Year one target £4807/ £8K
Aug GC £223/ £300
Toiletries 2020 In 81/Out 110
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Replies

  • edited 11 May at 5:06PM
    lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
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    edited 11 May at 5:06PM
    Current position

    Capital One Card 1: 113.51 / 200
    Capital One Card 2: 1190.10 / 1250 

    Savings: £3140 in total 
    Important ones are : Emergency Fund £275, Later Life Fund £325.00, Help to Buy ISA £706.16, Marcus [deposit / contents) £8 
    I do have more but these are the ones I want to focus on growing. 

    Debt: Satsuma: Balance £660 - defaulted in 2016 no further interest currently paying £20 a month. 
    PRA Group: £1100 CC debt from way back not on credit file anymore £35 per month payment. 
    At one point I had at least 12 creditors  and around 22k of debt so that’s how far I’ve come.  
    Plan to update this at least once a month so I can see things moving as the diary and time moves on.
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
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    Setting some goals for the week to measure progress against. 

    1. Drink 2 litres of water a day 
    2. 3 x 20 min walks 
    3. one small top up shop under a £10
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • Rgib89Rgib89 Forumite
    48 posts
    10 Posts
    Hi lantanna,  
    Just thought I'd pop by and wish you luck. I have subscribed and will be following your journey x
  • lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
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    Rgib89 said:
    Hi lantanna,  
    Just thought I'd pop by and wish you luck. I have subscribed and will be following your journey x
    Thanks, I have a feeling this will turn out to be very much about well being as well as money saving. I suffer a lot from the black dog and have long periods of low mood which I think contributed to poor money management in my earlier days combined with a lack of knowledge about anything financial. However I can feel a change happening, this does happen every couple of years and I can achieve fantastic things when I put my mind to it. It’s just sustaining change and not being derailed by the black dog is my problem.  It would be lovely to look back in 10 years time and see how I’ve got on. This diary will keep me accountable.  Today I have ordered bathroom scales and have hunted out my old Fitbit, unfortunately the Fitbit is as expected dead lol.  I will look into ordering one for my birthday.    Today I have fake tanned for the first time in a long time and had a lovely day reading and enjoying some quiet time.
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
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    plan for today, 2 litres of water - have one litre in with me at work and will have another when I go home. Gearing up to have my first walk tonight. Going to check accounts and move £10 I’ve rescued from the grocery budget into Marcus. still waiting on my Jet 2 refund.....another ten days and they are outside the timeframe they gave me
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • SavingtomoveSavingtomove Forumite
    53 posts
    10 Posts
    Good luck on your journey!  Sound alike you have done amazing so far! 

    STM X
    Family loan £18,800 Car loan £800 personal loan £22000ish Credit card £4902.39
    Total £46,502.39
  • Rgib89Rgib89 Forumite
    48 posts
    10 Posts
    Looking back to see how far you come is a very good idea. I find when I feel like I'm at a stand still I look back and realise I am making slow progress. 
  • lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
    ✭✭✭✭
    there are multiple things I have done over the years like stop buying Yankee candles and changing my hair colour, at 34 I decided I’d had enough of being blonde and went dark. £ saving as less trips to the hairdresser. 

    Got my up to date balances from Satsuma and PRA today. 

    Satsuma £680.08 and PRA £1292.64 as Satsuma shows on my credit file I’ll focus on shifting it by winging a bit extra at it first. Really wish my holiday refunds would come through so I can put the £ to good use.  
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • lantannalantanna Forumite
    3.1K posts
    Eighth Anniversary 1,000 Posts
    ✭✭✭✭
    Shifted £8.08 onto Satsuma before I left work so that it down to £672.00. Just onto my 2nd litre of water for the day and back from my walk. My body was shocked to find itself walking for any length of time again but I no if I keep at it it will get easier.  Positive start to my diary. Just need to keep it up.
    2020 my frugal year.
    12k savings 2020 £6384.00 / £10000# 93
    Mortgage deposit £4807/ 16k target
    Year one target £4807/ £8K
    Aug GC £223/ £300
    Toiletries 2020 In 81/Out 110
  • FOMO_overspenderFOMO_overspender Forumite
    94 posts
    10 Posts Name Dropper
    Just commenting to say good luck on your journey, although seems so far like no luck needed! You have this down!  So great to see how positive you are - have subscribed! 
    Total Debt @ LBM: £26,380.49
    1. Total Debt May 20: £22,600 
    2. Total Debt June 20: £21,900
    3. Total Debt July 20: £21,170
    • New debt total: £21,170
    • New % of my total paid off: 19%
    Total paid: £5,210.49 / 19% 
    Debt Free Goal: December 2022
    Emergency Fund: £250/£1,000. Goal: By Dec 2020
    My Debt Free Diary 
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