24 months to debt freedom

EssexHebridean

Thanks CL - we both agreed that it was something we'd prefer not to do again. That was also off the back of the trip we'd had earlier in the year where we had voluntarily driven through the night to avoid having to potentially mix with others during an overnight hotel stay and then continue to the islands - at that stage they had not had ANY cases, so that felt like the right thing to do. That wasn't in mid winter though!  

CL21

Well that was a busy few days! Getting finished up at work plus packing clothes and presents plus making sure all presents distributed to friends plus house cleaning has made for an all round exhausting time. BUT. We are on our way to mum and dads for Christmas finally and that makes it all worth it! No last minute cancellation by Boris this year for which I’m very grateful. 

Woke up at 4am - of course - but it did mean I wasn’t rushing around before leaving. We’ve got a cabin on the ferry so can have a nap later if needs be. Also have lounge access this time - fancy! - and in very non MSE fashion I haven’t brought a picnic this time. DD is always asking to get lunch on the ferry so this time we’ll eat in the lounge. 

MSE stuff - got paid super early - 17th 😱 - compared to the usual 25th. This is the earliest I’ve ever been paid in December, I think it’s usually 21st. Won’t need to use any of it though and the pots will all be replenished on the usual date. Hoping to have my emergency fund fully funded by the end of this month and then the debt payoff can start properly. Genuinely excited about that! First savings amount will also go into the paddle board fund. This is probably the first time I’ve ever saved properly for something rather than just buying it and wondering where all my money went 🤣

Right, I’m off to catch up with all the diaries I’ve missed while waiting to board. Wishing everyone a wonderful weekend x

shell16

Have a fabulous time away. Good to hear your EF is nearly there and you can concentrate on debt busting in the new year!

LittleMissDetermined

Have a wonderful Christmas break with your family! X

CL21

shell16 said:

Have a fabulous time away. Good to hear your EF is nearly there and you can concentrate on debt busting in the new year!

Thanks! Can’t wait to get started for real. Not sure I’m going to be PADing as I’m going to be doing a zero based budget but will be trying to sweep anything left into extra payments instead. 

Have a great Christmas x

CL21

LittleMissDetermined said:

Have a wonderful Christmas break with your family! X

Thank you! Hope you have a wonderful time too x

Sun_Addict

Great news about the EF. Have a fabulous time 🎄🥳

EssexHebridean

Have a wonderful Christmas with your folks! 

amber03

Subscribed and joining in the fun. Cannot wait for Xmas to be out of the way so I can do some saving in my EF. Have had it up to the £1000, but didn’t last long. Starting from scratch again. Have a lovely festive holiday with your family.xx

CL21

So! Here I am again - a year later. Not held myself very accountable have I?! Was going to start a new diary but though I’d just carry this one on instead and try and do better with the posting. Where to start…

Let’s start with the bad. Debt is still almost exactly where it was (I’ll update exactly tomorrow when I get into my spreadsheet) Have balance transferred so some of the payoff I’d made was wiped out in transfer fees unfortunately. 

The good (lots more of this!) 

I cashflowed an entire re-wire of my house after an electrician friend tested the wiring and basically condemned it. I knew it needed doing but thought I’d get a while longer. This was around £6k but all paid for in cash. 
I booked a holiday - this definitely isn’t a need but after the few years we’ve been through, it will be so lovely to get away. We are going to Lanzarote in April for ten days and I cannot wait! The mental restoration this will bring me can’t be overstated and for that reason, worth every penny. Paid for in cash.
Total replacement of radiators - decided that while my house looks like an absolute tip I may as well do the final ‘big’ job of replacing these. Have saved the money up and will be getting this done in the next month or so 

So, while I haven’t really paid much debt off - mostly minimums paid - I also haven’t added to it which in an old life I definitely would have. This for me is a big win as it’s around £10k for everything I’ve spent. 

The pots have also suffered due to the above but will now be replenished. I’ll write a bit more on these tomorrow but wanted to get this first post out the way. Suppose I’d dithered a bit about is as I’m a bit ashamed of myself that I haven’t been able to pay off the debt I wanted to. A lesson to myself that life gets in the way! 

I’m now very motivated to get this debt paid off. Realistically I can do it in two years and if I can do it quicker I will. My main reason now is that I want to change jobs to one which I’m passionate about but will bring in much less money. I’ve started a 4 year college course which will give me the qualification I need and I know that with no debt, that smaller salary won’t have as much impact.

Have enjoyed catching up with everyone’s diary - they are all so encouraging!