To clear the final debt (or not).

MrDebtWarrior

Thank you everyone who has given their thoughts, it's been really useful to read through. 

I've decided to continue paying at £200 a month and put my leftover into savings. 

I'll review in 3 months. 

Thanks!

IrishSean

Good choices; you are committed to the dfw journey; its as much attitude to minimising interest, having a plan to pay and avoiding danger debt.
I was down to last £1700 but have borrowed to change car; with overpayments a nett interest of what would have been £336 over 3years will be £129 over 1 year (£7500 borrowed).

I'm content my frivolous borrow & spend cycle is over (£30 - £50k went in 12 years on gambling & frothy lifestyle😱). 

Rebuilding at the minute, mortgage free, car loan really the only debt with interest in 2021 & like you at £217 pm pretty manageable.

VWD on your paydown to date, amazing stuff💪💪💪

MidsHollie

Hey @MrDebtWarrior
i was going to post earlier but didn’t get round to it. I think you have made the right decision. 

I don’t feel you’ll be truely ahead until you start budgeting for and putting away for annual expenses. If I were you I would sit down this week and plan out all of your annual or irregular expenses like insurance etc and put some of your cash in an account just for these spends. You can then work out what the monthly cost will be, and put away that amount. I’d probably take 6 months worth from your savings and make a head start. In 6 months time you’ll have a years worth, minus what you have already spent

MrDebtWarrior

Hi All

Update - We've done it! Final balance paid off!

With us being paid this month, we had over £5k between current/savings, and CC balance was £2,300. So I felt comfortable paying this whilst still having a good emergency fund left over.

What a feeling, actually feel a bit weird.

I will make a new post later to go through my journey, £30k in about 20 months, almost unbelievable.

Gettingtherequickly

Well done! The feeling of being free is amazing. Enjoy building up funds for something special.

DrCarrie

amazing, well done!