Debt Free as of next Friday!!

Rstar

I wanted to post this as encouragement to those who are where I was 18 months ago..
Go back to January 2019 and I was £40k in debt.. I wont go into the full how and why..but it was all credit card debt.
I was very fortunate to have a decent paying job but I had still been at that point for over a year and just managing to pay interest every month.
I then decided enough was enough, put together a spreadsheet and decided it was time to be strict with myself.
The last 18 months hasn't been fun, I have hardly gone out and done anything, I've been extremely tight with money and only spent when really needed.
All of my effort is now coming to an end, as I get paid next friday and I will be completely debt free!!!

So for those in my shoes 18 months ago, it is possible, just commit to it and you will get there. 

I CANNOT wait for that last payment to go in

All the best!

liggerz87

Congratulations all the best 

[Deleted User]

Rstar said:

I wanted to post this as encouragement to those who are where I was 18 months ago..
Go back to January 2019 and I was £40k in debt.. I wont go into the full how and why..but it was all credit card debt.
I was very fortunate to have a decent paying job but I had still been at that point for over a year and just managing to pay interest every month.
I then decided enough was enough, put together a spreadsheet and decided it was time to be strict with myself.
The last 18 months hasn't been fun, I have hardly gone out and done anything, I've been extremely tight with money and only spent when really needed.
All of my effort is now coming to an end, as I get paid next friday and I will be completely debt free!!!

So for those in my shoes 18 months ago, it is possible, just commit to it and you will get there. 

I CANNOT wait for that last payment to go in

All the best!

Congratulations, amazing job you did with that.
Do you think your mindset will now be to keep to that way of life - i know a lot of us on here do, really makes you see the difference between wanting and needing things.

Also, what words of advice would you give to those members who are currently going through this in their lives ?

shoppingobsessed2020

Congratulations, very inspiring!  Was that all just cutting back or any bonuses etc along the way?

TheAble

Congratulations! 👏

ryanm8655

Congrats, well done! Hope to join you in the not so distant future...

What are your plans now? I think mine will be to live within my means and save a chunk each month for the big things like holidays and avoid putting them on credit cards...

You do need to enjoy life though imo, just as long as it’s within your means.

enthusiasticsaver

Congratulations.  You deserve your success as having prioritised your debt you are now in the clear.  Out of interest why did you decide to go all out and clear it within 18 months rather than take longer and allowing yourself fun money along the way?  I think you were right but a lot of people will not forsake the fun stuff and take what is called " the scenic route". 

[Deleted User]

Many Congratulations! However very curious how you paid off so much in just 18 months. That is an average of £2222 a month before interest!

ceremony

Congratulations! That's incredible progress! I bet you're going to enjoy having that money be truly "yours" now instead of going on debts. I'm paying off a fraction of what you are and it still makes me angry to be putting my income towards paying off debt rather than saving/having fun.

Here's to a much more relaxed life from now on!

Smashingitnow

Incredible achievement. It is so easy to think that things are impossible...but the truth is in whatever aspect of our lives we can make massive changes if we want to. Well done!

Rstar

Thanks Folks, only 2 days to go!!

To answer a few of your questions:

I had actually planned to pay everything off by April but last November had a moment of weakness and bought a new guitar. Which set me back a little. I knew I was dedicated to paying it off at this point, so had altered my spreadsheets and worked it out first.
In terms of paying it off, there were no bonuses, I just cut down all my monthly outgoings, cancelled things that I really didn't need and was then able to put nearly 80% if my wages towards paying it off each month. 
I focussed on the worst interest card first and then moved to the next. I also used balance transfers to try and stop interest where I could.

As I say, I am very lucky to have a well paying job, I know this helps massively but I have sacrificed a lot for 18 months regardless. I have lived with my dad to cut down on bills and haven't gone anywhere.
I wanted to get rid of my debt as soon as possible because I wanted to go travelling again (I built a campervan and want to do another trip around Europe). It's a horrible feeling coming home from a 3 month trip knowing you have so much hanging over you and that you instantly need to be earning. 

I am aware I have been very lucky. I know people have it far worse but you can only manage your own situation. It was a massive sacrifice to put 80% of my wages into nothingness every month. You just have to commit and be organised!

Almost forgot..
As for my plans now, I am going to continue doing what I have been for 18 months. I don't need all the crap I had previously and will continue to take 80% of my wages out each month. Only this time, they will be going to my savings!!!
Hopefully by January, I should have enough to swan off to Europe for several months and not have to worry about coming back to a huge cloud hanging over me.