Starting to see progress ...

[Deleted User]

Well, I thought I would post our progress , hopefully to look back in a year or two and be an accomplished debt free family 

So after adding everything up around the time of our wedding last year , I was shocked to realise between us we had £28972.22 in debt , not just wedding stuff , the odd credit card and overdrafts and car too. Although it didn’t ruin the day, I definitely feel like it was in the back of my mind and in hindsight I should have listened to my husband when he said we couldn’t really afford a big wedding ( spoilt I know ! ) , and I promised myself there and then that I would never go into debt again for any reason. It’s coming up to our anniversary soon and I feel like we could have done something really nice if it hadn’t been for paying things off. But hey , we’ll still make a nice day of it and learn from it.

I think since around the age of 18 when I was introduced to my first credit card I’ve been in and out of debt ever since and enough is enough now. I’ve learned a lot this year , sacrificed a lot of things and said no a fair bit . ( I may or may not be known as the chancellor in our house ) anyway I’m rambling ...

total debt at start £28972.22
total repaid  ( jul 19-jun 20) £10665.54.done this by paying off 2 overdrafts and 1 credit card and transferring others to 0% no fee cards, using left over money at end of month after budgeting , usually between £250-£350 month .

remainder £18306.68
smallest to largest 
Credit Card 1 (0% till Sept ‘21)£1878.37
Credit Card 2 (0% till Sept ‘21)£2760.00
Loan 1 (3.25% pays off Aug ‘22)£3444.67
Loan 2(2.765% pays off Nov ‘23)£10223.64
(minimum payments £ 500)
Min payments on all , extra repayments off debt 1 and will snowball thereafter , trying to build emergency fund .

Stop- using debit card for intermittent groceries through the week. Being stingy on necessary items like clothing as they are now needed rather than wanted.
Start - shopping list/meal plan , thinking about going back to cash for groceries ( stopped due to Covid 19 and started overspending on food shopping ) start some sinking fund categories 

Continue listening to Dave Ramsey & chipping away 

wasn't expecting this to be quite so long but good to get it wrote down !
all suggestions /tips welcome , wish us luck , and good luck to whoever reads this too

swfcfan

Good luck you have come so far!