When will you be debt free? 🎉

BlueJ94

vixx_123 said:

Hoping August 2021 (depends on lockdown etc as I've saved so much WFH). This is just my personal debt though (currently £5.5k) as me and my husband aren't seeing eye-to-eye on things, so there's another 10k interest free that's just on minimum payments and our car finance at £11k. At least I know that our joint debt is always going down and not added to.

Oh good luck 😁

natlie

May 2024 but hoping sooner

JessyRM

Sept 2020 - May be sooner if I can increase my income. My daughter gets her funded nursery hours this year so could potentially  save some money there  

BlueJ94

JessyRM said:

Sept 2020 - May be sooner if I can increase my income. My daughter gets her funded nursery hours this year so could potentially  save some money there  

Do you mean 2021? 

Good luck!

bamgbost

My calculator says 4 years! so Jan 2025!. But I am determined to reduce that!

BlueJ94

bamgbost said:

My calculator says 4 years! so Jan 2025!. But I am determined to reduce that!

Oh good luck! 🤞

kimwp

jadewest94 said:

I'm roughly going to be debt free March 2022 with the help of a DMP! Any advice on how not to get back into debt?

I think a headline mentality of not spending unless you already have the money for the purchase; "No pie? Don't buy!" is probably the most important thing.

And when I say "already have the money", that doesn't mean having money in the bank, as you know, but money available for that purchase having allocated your available money to everything you need - emergency fund, mortgage/rent, annual spend pots, food, clothes etc etc. All these are slices of your money pie, so you need to know that you are leaving enough on the pie plate if you make a purchase. (basically by following the advice in @enthusiasticsaver 's post).

BlueJ94

kimwp said:

jadewest94 said:

I'm roughly going to be debt free March 2022 with the help of a DMP! Any advice on how not to get back into debt?

I think a headline mentality of not spending unless you already have the money for the purchase; "No pie? Don't buy!" is probably the most important thing.

And when I say "already have the money", that doesn't mean having money in the bank, as you know, but money available for that purchase having allocated your available money to everything you need - emergency fund, mortgage/rent, annual spend pots, food, clothes etc etc. All these are slices of your money pie, so you need to know that you are leaving enough on the pie plate if you make a purchase. (basically by following the advice in @enthusiasticsaver 's post).

I've never actually thought of it like that! Thanks for the tip 😁

ceremony

If I pay the 'agreed amounts' to my debts, it will take almost exactly two years from today. I'm hoping to overpay and be debt free by the end of this year but that's a lofty goal. Still, every overpayment brings the debt free date closer. When I started this the expectation was Summer 2024.
My plan for STAYING debt free is to build up an emergency fund (already started but that's slow going) and also start saving half of the money that currently goes to debts. The other half can be fun money.  I use a spreadsheet for budgeting but I have heard a lot of people swear by YNAB.

BlueJ94

ceremony said:

If I pay the 'agreed amounts' to my debts, it will take almost exactly two years from today. I'm hoping to overpay and be debt free by the end of this year but that's a lofty goal. Still, every overpayment brings the debt free date closer. When I started this the expectation was Summer 2024.
My plan for STAYING debt free is to build up an emergency fund (already started but that's slow going) and also start saving half of the money that currently goes to debts. The other half can be fun money.  I use a spreadsheet for budgeting but I have heard a lot of people swear by YNAB.

I wish you the best of luck 🤞