Making my way out
Fawnfox
Forumite 2 Posts
Starting this thread as a means of holding myself to account over my current debts and to keep focused on getting out to the other side!
I'm naturally a saver as opposed to a spender, however, I've built up debt over the last year or so and I'm starting to feel a little overwhelmed and in need of feeling 'back in control' of my finances.
I completed some home improvements on my house in 2019 and made the decision at the time to fund this with a combination of savings and borrowing at 0%, rather than to re-mortgage for the additional funds which would cost more in interest in the long term. I have been steadily paying off the debt, overpaying where possible, whilst also re-building my emergency fund.
However, given the current instability from Covid, the change in my daily routine and the general uncertainty of the future, I am finding that I am struggling to keep up with the discipline needed to stay on track.
I am lucky enough to still be working - from home - albeit at reduced hours and pay. I will post my SOA afterwards, but in summary, my current debts as of today are:
Tesco CC: £3,779.28 18 months remaining at 0%
Post Office CC: £3,753.94 18 months remaining at 0%
MBNA CC: £5,464.00 22 months remaining at 0%
Wren Kitchen Loan: £7,476.51 4 years remaining at 0%
Currently, I make the minimum payments across all the debts, then focus on overpaying the Tesco CC first. I use the Chip app to help automatically set funds aside, which I throw at the debt monthly.
I'm naturally a saver as opposed to a spender, however, I've built up debt over the last year or so and I'm starting to feel a little overwhelmed and in need of feeling 'back in control' of my finances.
I completed some home improvements on my house in 2019 and made the decision at the time to fund this with a combination of savings and borrowing at 0%, rather than to re-mortgage for the additional funds which would cost more in interest in the long term. I have been steadily paying off the debt, overpaying where possible, whilst also re-building my emergency fund.
However, given the current instability from Covid, the change in my daily routine and the general uncertainty of the future, I am finding that I am struggling to keep up with the discipline needed to stay on track.
I am lucky enough to still be working - from home - albeit at reduced hours and pay. I will post my SOA afterwards, but in summary, my current debts as of today are:
Tesco CC: £3,779.28 18 months remaining at 0%
Post Office CC: £3,753.94 18 months remaining at 0%
MBNA CC: £5,464.00 22 months remaining at 0%
Wren Kitchen Loan: £7,476.51 4 years remaining at 0%
Currently, I make the minimum payments across all the debts, then focus on overpaying the Tesco CC first. I use the Chip app to help automatically set funds aside, which I throw at the debt monthly.
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Good luck on your debt free journey!
You our look like you have a good plan in place already on how you are going to tackle it, and this is a great way to keep motivated especially at the moment.
I started in in a very similar amount of debt on my first diary, but I had nothing to show for it. I am now close to the end of my journey so it really is possible
Debt free date: 14th July 2020.
Total emergency fund savings: £413