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Three years to get debt free
Willowtree222
Posts: 8,162 Forumite
Morning,
I have had a diary on here before but had to close it down.
I am a single mum with an 8 year old DD. I have found myself in debt since the age of 18 when I went to university and have been in it ever since. I decided to change this in 2017 and then found myself a single parent in 2018 and having to attain more debt to secure a house and pay off my ex. I have been overpaying for years but then the last 12 months seem to have become a bit stagnant and then in the last 4 months have just had a time of spending what I like without thinking about the consequences resulting in more debt.
I am hoping that I can maintain this motivation so that by the time I am 40 in 18 months, I can say I have paid off 50% of the debt that I owe and then by three years, I will only have my mortgage to pay.
My ultimate aim is a second property by the sea. That's a 5 year idea away.
My current debts are:
Credit card £575 - lots of bits of nothing on there (was £985 last week).
loan £9700 - was needed to pay off my ex - I have reduced the term of this to 3 years and 2.8% to ensure it is the lowest as well as being paid off the earliest. £280 a month payment for this.
Mortgage £186,500 - £750 a month payments for this
Car £12,000 - in positive equity £148 a month payments.
This month I have already cleared £600 from my credit card and that will be gone with next months pay.
My childcare bill is much lower this month because of illness so I have already used that to buy DD's school uniform for September as this month is already allocated.
I am a busy mum, with clubs almost every night, but I love decluttering and have taken on a lot of the DIY projects in the house myself.
Yesterday I karchered the patio in the back garden and it looks amazing ready for my new garden furniture that should be arriving in July.
Have a lovely day everyone. Happy Father's day to those dads out there. x
Hopefully I can now do this. x
I have had a diary on here before but had to close it down.
I am a single mum with an 8 year old DD. I have found myself in debt since the age of 18 when I went to university and have been in it ever since. I decided to change this in 2017 and then found myself a single parent in 2018 and having to attain more debt to secure a house and pay off my ex. I have been overpaying for years but then the last 12 months seem to have become a bit stagnant and then in the last 4 months have just had a time of spending what I like without thinking about the consequences resulting in more debt.
I am hoping that I can maintain this motivation so that by the time I am 40 in 18 months, I can say I have paid off 50% of the debt that I owe and then by three years, I will only have my mortgage to pay.
My ultimate aim is a second property by the sea. That's a 5 year idea away.
My current debts are:
Credit card £575 - lots of bits of nothing on there (was £985 last week).
loan £9700 - was needed to pay off my ex - I have reduced the term of this to 3 years and 2.8% to ensure it is the lowest as well as being paid off the earliest. £280 a month payment for this.
Mortgage £186,500 - £750 a month payments for this
Car £12,000 - in positive equity £148 a month payments.
This month I have already cleared £600 from my credit card and that will be gone with next months pay.
My childcare bill is much lower this month because of illness so I have already used that to buy DD's school uniform for September as this month is already allocated.
I am a busy mum, with clubs almost every night, but I love decluttering and have taken on a lot of the DIY projects in the house myself.
Yesterday I karchered the patio in the back garden and it looks amazing ready for my new garden furniture that should be arriving in July.
Have a lovely day everyone. Happy Father's day to those dads out there. x
Hopefully I can now do this. x
September 2017 Debt = £25330
Starting afresh.
You can do anything if you put your mind to it. x
Starting afresh.
You can do anything if you put your mind to it. x
5
Comments
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Fantastic ultimate aim ! Wishing you all the best with the debt clearance and the ultimate aim.paydbx2025 #26 £890/£5000 . Mortgage start £148k June 23 - now £138k.
2025 savings challenge £0/£2000 EF £140. Savings 2 £30.00. 173 -
Some really good goals there. Will follow.Life is an adventure, never stop exploring.4
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All sounds positive I will follow your journey you have got this 👍3
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Honeysucklelou2 said:Fantastic ultimate aim ! Wishing you all the best with the debt clearance and the ultimate aim.Sunshine_girl2 said:Some really good goals there. Will follow.
Lovely to see you all. Thank you xIzzyBee said:All sounds positive I will follow your journey you have got this 👍September 2017 Debt = £25330
Starting afresh.
You can do anything if you put your mind to it. x3 -
Sounds as if you've given it a lot of thought. Will enjoy following your progress and cheering you on. You CAN do it!!!New Challenge: Tilly Tidy as much as possible in 2022. Running total to 26 Feb: £183.77
Tilly Tidy to £1200+ by 31/12/2021 Challenge. Final 2021 total: £1313.37 /£1200+ Average £109.45/month
J£74.95/F£92.17/M£99.42/A£98.20/M£116.30/J£129.68/J£93.37/A£140.25/S£128.10/O£119.57/N£106.20/D:£115.163 -
Thanks Fidelia,Fidelia said:Sounds as if you've given it a lot of thought. Will enjoy following your progress and cheering you on. You CAN do it!!!
I WILL do it. I will keep have to say that to myself especially when I am wanting to go spend money xSeptember 2017 Debt = £25330
Starting afresh.
You can do anything if you put your mind to it. x2 -
Today has not started well!
My DD was due to go with her dad at 11 and I made plans to go out very soon after. Then he text at 8.45am saying he was running late already and it would be more 12pm. That then meant my plans had to be cancelled and then completely changed. I went to see my dad this morning to spend father's day morning with him instead. That was lovely as he is always grateful for anything you give or get him or visiting him.
Rather than be totally upset and write off the day, I have cleaned out the animals and sorted out the garden bits. DD is relaxing in the living room waiting.
My plans did involve visiting a shop so I guess that is a lot of money saved there, and I am taking that as a positive.
Hoping to get out this afternoon with my friend instead. xSeptember 2017 Debt = £25330
Starting afresh.
You can do anything if you put your mind to it. x7 -
Boo to DD’s dad but glad you didn’t let him spoil your day. Hope you get to see your friend.I get knocked down but I get up again (Chumbawamba, Tubthumping)2
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Hi willowtree
Sounds like a you have a good plan for your debt free journey.A house by the sea sounds lovely.Hope you have a nice afternoon with your friend x2 -
Hi WillowTree,
It seems like you are already putting in place good plans, its great to have an ultimate goal to work to. Good luck
Days to Orlando: 516 - ☀️2
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