Down with debt

foxgloves

Always motivating to see those debt figures coming down. I know I found that really motivating post-LBM back when we were debt-busting. There isn't any situation in life that is improved by having consumer debt - it's just that it became incredibly normal to borrow & we all fell for it big-time as a way to have stuff immediately or have bigger or better versions of things. I think the pandemic will cause many people to review aspects of their lives & want the greater security that an emergency fund/bit of savings provides. Anything is better than nothing. Re debt-busting, absolutely any £1 you can save is basically another £1 to chuck at the debt. It doesn't matter whether it's buying certain products at the £ shop instead of mainstream prices, saving loose change, using money off vouchers, doing surveys, selling bits & bobs on ebay, making a few gifts instead of buying everything, cutting a few quid a week off your grocery shop, ......every little bit adds up & reduces that debt total. Looking back, I still think that meal planning & using that plan to inform our shopping list & avoid the dreaded money-leaking 'top-up shop' was one of the most useful budgetary changes we made........as well, of course, as actually having a monthly budget.....a totally new concept at the time for us!
Good luck with getting those totals down, anyway.
F

better_times

Feels like it’s been a long month this month but finally payday so all my payments have gone out:-

Lowell                     £633.11
Lending Stream      £1,052.37
Lowell.                    £1,134.86
Old rent                  £2,046.55
Robway                  £2,161.59
Cabot                     £2,319.41
Robway.                 £6,616.09

Total £15,963.98
Total paid back this month £500.02

hit the £15k mark (just), got paid some extra from work so rather than spend it on something stupid I’ve paid it straight off my debt it’s definitely getting there now.

Mum2Nan

better_times said:

hit the £15k mark (just), got paid some extra from work so rather than spend it on something stupid I’ve paid it straight off my debt it’s definitely getting there now.

It's very satisfying seeing the numbers drop into the next £1K bracket, even if it is only 'just', isn't it?  Well done on making the overpayments from your extra work. It would be so easy and tempting to blow it on something else.

better_times

Mum2Nan said:

better_times said:

hit the £15k mark (just), got paid some extra from work so rather than spend it on something stupid I’ve paid it straight off my debt it’s definitely getting there now.

It's very satisfying seeing the numbers drop into the next £1K bracket, even if it is only 'just', isn't it?  Well done on making the overpayments from your extra work. It would be so easy and tempting to blow it on something else.

It was so tempting but I’ve been putting money aside each month for Christmas, it is such a good feeling getting past that 1k mark, feels like an achievement. I should be able to clear Lowell by December now as loads of overtime between now and Christmas. Your figures are so good congratulations on the debt busting 

better_times

So today I’ve juggled the debt payments about a bit so I can close accounts faster to keep motivated. As it stands right now I have the following debt payment dates for each debt:-
Lowell                     Nov 20
Lending Stream      May 21
Lowell.                    Feb 21
Old rent                  May 23
Robway                  March 22
Cabot                     Oct 21
Robway.                 March 23

It seems like a long time at the moment but there is an end in sight, I’m going to join some challenges in January and I’m meal planning better now, I sorted out all my food today so I know what I have.

i batch cooked 21 meals so I know what I’ll be eating it’s just a case of defrosting and heating up. Lunches are all made and in the freezer too it will be so nice not to have to cook for the next three weeks and the last week I have frozen battered fish, corned beef, pasta sauces and I’ll make pizza and risotto. Slowly my habits are beginning to change. 

better_times

Payments for the month have gone out, the Lowell one will be finished next month so another debt gone. My credit went up by 20 points last month so it’s looking better than it’s looked in a long time. One day once this is paid back I want to start saving for a house of my own instead of renting. 

Lowell                     £248.50
Lending Stream      £1,035.44
Lowell.                    £1,116.61
Old rent                  £2,013.66
Robway                  £2,161.59
Cabot                     £2,282.08
Robway.                 £6,616.09

Total £15,473.97
Total paid back this month £490