Pay ALL your debt off by Xmas 2021

Blackberrycurved

Well done amazing everyone who has hit their goal or is debt free. I’m heading into 2022 debt free but to build up an emergency fund do I don’t go back again. I have to try to not dip into it, it’s easier sending it to debts any ideas how to do this? 

GeorgianaCavendish

My emergency fund is in Premium Bonds, so it’s a little bit harder to get to (but still easy access) and it feels more separate from my other money. Apart from that, I treat my contributions like a debt repayment - adding every time I buy a couple more bonds. It really helped to set a target and join the emergency fund thread as well. 

Blackberrycurved

That is a good idea, if I just put it into an account I may dip in to stop me going over my overdraft. Are P Bonds easy to get at if I need a new boiler etc 

GeorgianaCavendish

I haven’t withdrawn from them yet, but I understand it can take 48-72 hours for a withdrawal to land in your bank account. So not completely instant access but for me that is good because it acts as a deterrent to me dipping into it for so-called “emergencies” instead of the real deal. 

The EF thread is here : https://forums.moneysavingexpert.com/discussion/5942647/3-6-month-emergency-fund-challenge-part-2#latest 

Jrcoal5

Paid another £350 as paid early for Xmas 🎅 will only be another £30 this year off debts hope everyone has a lovely Christmas 🎄 

Jrcoal5

#155 £4892/6200 

Buffythedebtslayer

Blackberrycurved said:

That is a good idea, if I just put it into an account I may dip in to stop me going over my overdraft. Are P Bonds easy to get at if I need a new boiler etc 

I have premium bonds and a savings account with them which I ignore as am pants at passwords. 

I have 1000 (ok so at the moment it is 300!) regular emergency fund that I do borrow from and pay for the vets and the car from. However I my most successful savings system was to pay like 20 - 25 quid into 4 or 5 different accounts, I never thought I had any money until I realllly looked and then I moved it to one account and started again. I have to trick myself like that.  

SuperSavingD

#129
Payment of £256.75. 

Now £5348.75/£14250 = 37%

Didn’t get there but will keep trying next year.

Thanks Muppets and Merry Christmas everyone 🎄🎅

welshspendthrift

No 50 checking in, another £500 ps to settle an account ( partial settlement agreed 😀 total to date £12045.98/  £12,000  so have beaten my target! Yay see you all on 2022 thread to do some more debt busting 😀 Thank you muppets 

Muggle1000

Blackberrycurved said:

Well done amazing everyone who has hit their goal or is debt free. I’m heading into 2022 debt free but to build up an emergency fund do I don’t go back again. I have to try to not dip into it, it’s easier sending it to debts any ideas how to do this? 

Hi, I have a Starling bank account that lets me set up different spaces.  I have an emergency fund space which I put a set amount into each month. I also have spaces for car insurance, Christmas, etc and haven't used a credit card since I opened this bank account. It's like having several accounts but it is just one account.