My debt free diary (and first post)

wellyftw

I've not been on here for a while since lockdown and everything related to that but happy to say I can update my debt-free diary! I've managed to clear a bunch of debts and will be paying off my home/narrowboat today so progress has been made!

wellyftw

Paid off my Sainsbury's loan plus a bunch of smaller debts and my paypal credit account yesterday/this morning so reduced my total debt by a fair chunk. This just leaves my Barclaycard to pay off and I have my bike loan. I decided rather than pay off the boat and motorbike, which would give me an extra £1100 a month in my hand, by clearing the smaller debts (credit card, paypal and suchlike) and my boat loan, it would reduce my monthly payments by around £1500 a month. That'll give me more money to put into my savings account and perhaps can use that to pay off the motorbike sooner. Seems to make sense, so this is what I've been doing.

NeverendingDMP

Sounds good..sometimes its easier to pay off so you have less debts or lower outgoings as opposed to just according to interest.its whatever makes it easier and straightforward for the future that can often be more beneficial 

Sarahwithlove

Well done on paying off the boat that's great knowing you have somewhere to live that's yours. I would get an emergency Fund together of about 3/4K so that you have money for if something goes wrong with boat then pay off the bike early to save on the interest.