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Starting my mission to become debt free - Snowballing advice
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Fair enough 😀0
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Have you tried following Dave Ramsey, google the Ramsey show on You Tube and podcasts, helped me get my attitude to debt and my financial matters in order. Especially snowballing etcI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert
Baby Step 6/7 . £18000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!1 -
The Lemonfool and What's the cost.com have snowball calculators you may like to try.Expect the worst, hope for the best, and take what comes!!:o1
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In a fortunate turn of events, I am now completely debt free (aside from a £273,000 debt I'm about to embark on!).
From a peak of c£25,000 debt and £0 savings I'd got my debts down to £11,000 and my LISA savings up to £20,000. Paid off with snowballing, and putting any commission payments I received into either debts or our LISAs.
For c4 years I'd been entering the Planet Radio (Hits, Kiss, RockFM etc) free to enter Cash Register/Make me a Winner competition. A few weeks ago I won!
New balance - £0 debt, £60,000+ savings.
My 'bad debt' all fell off my report a few months ago, and my disciplined approach to my credit file over the past few years has left us with a near-perfect credit rating, which meant we were accepted for a mortgage without question. We're hoping to exchange on a beautiful first home in the next few weeks!
This forum helped me a lot with actually getting into the right mindset, understanding my situation and how to get out of it. Thank you very much.
Now I only wish this had all happened a few weeks earlier so I wasn't on a 5.29% interest rate with my mortgage!
Thanks to all, and anyone who is looking to get out of debt, just stay positive and trust the system (also, enter free comps!).10 -
wow what a turnaroundI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert
Baby Step 6/7 . £18000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!0 -
This is inspirational stuff, I'm at around 28k and struggling to deal with it.My main issue is we have kids and my wife doesn't want my stupidity interfering with their childhood (understandable), I'm lucky she didn't kick me out and she is supportive but the mental toll of not being able to contribute towards holidays and meals out is very real.0
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Congratulations!0
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@KeysMcK Congratulations! And thank you for sharing your story, it's hugely inspiring. We've been on quite a similar path - and soon it will be my turn to win the Planet Radio comp. Best of luck with your new home.0
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Thank you for sharing! We have approx £52k left on our mortgage and have an action plan to get it cleared, but of course winning WWAW would change things dramatically!Striving to clear the mortgage before it finishes in Dec 2028 - amount currently owed - £10,153.440
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Amazing, thank you so much for sharing, I am delighted for you!0
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