100k - is not ok!

enthusiasticsaver

Skint_but_Optimistic said:

Debt paid 12569.61/ 94831.00  Emergency Fund 1000/5000

Been a little while since I posted, Covid, Christmas and work have kept me busy.

Ive done quite a bit more since ... Got emergency fund to 1000 - and sorted christmas with no debt.... also my target (for end of February ) is debt below 80k and doubling the savings pot!

That is very positive news there.  Have you really paid off  more than £12k?  That is awesome. Fantastic saving too.  What has helped you most? 

Skint_but_Optimistic

That is very positive news there.  Have you really paid off  more than £12k?  That is awesome. Fantastic saving too.  What has helped you most? 

I have overpaid high interest stuff which is front loaded interest, so it brought my overall debt down much more quickly. All other debts get paid in a pattern while maintaining minimum payments.

Ive been lucky to negotiate a full and final offer on a couple of smaller ones, also. 

Im also selling and decluttering and any money made from sales I am putting against the higher interest loan. In 6 months, thanks to overpayments, I have reduced the length of that loan term by 13 months.

I try and do something however small, every day.

savingholmes

Congratulations. That's fab progress.

Skint_but_Optimistic

Small steps this week. Forecasted spending over the next 2 months, and remapped finances. 

Ive hit a lot of goals - dont want to get off target now, so I will work on some budgets and get more decluttering and selling done.

I am just being careful. Ive 2 loans I can get rid off in the next few weeks and then Ive less to juggle - if I get a little pot saved.

bigbeff

Following your journey - wow have you really paid of £12k since August? How did you do it? I have about 15k to pay off not including mortgages! If I could do that within the year I'd be over the moon! 

savingholmes

Well done on being so organised

Skint_but_Optimistic

Debt paid 17078.67/ 94831.00  Emergency Fund 2788.89/5000

Still working as many hours as possible and have an emergency fund which could actually cover an emergency now. I cleared another annoying debt, and am still overpaying the most expensive one.  Once I have repaid 25k of debt I will need to have another big think and a remap - to keep me at it. Its keeping the focus and momentum which is hard work as I see friends and colleagues buying new cars, houses and holidays, but I cant go there, I need to build from a solid base!

Skint_but_Optimistic

bigbeff said:

Following your journey - wow have you really paid of £12k since August? How did you do it? I have about 15k to pay off not including mortgages! If I could do that within the year I'd be over the moon! 

I overpaid the front loaded interest loan, while negotiating settlements and repaying those, and have eaten cheaply most nights. I took out a credit card which is repaid each month in full and it helps with budgeting, if i spend on it i put the money I used into a savings account, and that gives me a little interest on it. I tend to buy my groceries and petrol on it, and pay my mobile phone bill so that essentially gives me interest for no outlay. Every penny counts and that has made me 18p since I started doing it!! The rest has just been overtime, selling things, and cutting back. 

flyingscotsman67

well done on your progress- I am on a similar journey in terms of what i am looking to tackle (a few months behind) so following with interest

savingholmes

You are doing really well. I hadn't realised how far you'd come in such a short period of time either. Your efforts are really paying off. Be kind to yourself along the way.