20K to Debt Free by June - Finally Debt Free 27/06/23

LittleMissDetermined

That’s a good win, well done!

You’re so close to being debt free now, I don’t blame you for keeping it aside. 

LeeXenon

 ▁ ▂ ▄ ▅ ▆ ▇ █ 🅵🅸🅽🅰🅻 🅲🅾🆄🅽🆃🅳🅾🆆🅽 █ ▇ ▆ ▅ ▄ ▂ ▁

Payment #1 today: £1,330 paid
Bonus Payment (Debt Free Preparation pot): £850 Paid

£2,180 Paid!

£3,569.90      £1,389.90 debt remains.

Since January I have been putting money aside that I have not spent, this money went into a pot called 'Debt Free Preparation' and totalled £850. I have chosen to release this money today in order to make a bonus payment of £850!

LittleMissDetermined

LeeXenon said:

 ▁ ▂ ▄ ▅ ▆ ▇ █ 🅵🅸🅽🅰🅻 🅲🅾🆄🅽🆃🅳🅾🆆🅽 █ ▇ ▆ ▅ ▄ ▂ ▁

Payment #1 today: £1,330 paid
Bonus Payment (Debt Free Preparation pot): £850 Paid

£2,180 Paid!

£3,569.90      £1,389.90 debt remains.

Since January I have been putting money aside that I have not spent, this money went into a pot called 'Debt Free Preparation' and totalled £850. I have chosen to release this money today in order to make a bonus payment of £850!

Hurrah! Well done you 😊

LeeXenon

Thank you! Only 26 days until my projected debt free date.
I am feeling the strain more than ever, living paying almost every spare penny into paying this debt. I cannot wait to be free, and all being well it will be official in less than a months time.

LeeXenon

Weekly check-in, 19 days to go and feeling the squeeze now.
I've had a few things crop up, broken glasses, had to call out a plumber amongst a little bit of enthusiastic spending, which has left me very much with near to nothing left for this last month. (Cons of not really having an EF).

I'm hitting Prolific hard, cashed out £6 and have about £12 in pending currently, also £78 pending from TopCashback although I don't expect this to pay out any time soon. Must remain focused, and remain sensible!

LeeXenon

So I need cheering up, going to work out some figures to pass some time and hopefully do the trick.

So I started this thread 551 days ago (only 19 to go!) with £20,924.85 of debt.
Assuming I clear the debt on 27th June as planned, my debt has cost me on average;
£36.71/day for the last 570 days - or £1,101 per month.

Absolutely crazy money, looking at the slightly wider picture I was in a lot more debt before starting this journey on MSE (Approximately £32,000), it's important not to forget just how far I've come. Holding myself accountable here on MSE has helped a ton, I cannot wait to be free!

LittleMissDetermined

Just think how different it will be once you've cleared the debt

angela110660

Awesome-hang in there as you have come so far and the finishing tape is in sight.

londoner2019

Have read a lot of your diary today - stunning work. You got this!

Would love to ask: I note you've been really switched on and motivated to clear this, and you've been able to focus your budget on overpayments here and there. How did you change your budget/financial planning to accommodate this? Was it a case of sitting down, planning everything out and making significant cutbacks across the place? Foregoing big trips / expensive purchases?

LeeXenon

londoner2019 said:

Have read a lot of your diary today - stunning work. You got this!

Would love to ask: I note you've been really switched on and motivated to clear this, and you've been able to focus your budget on overpayments here and there. How did you change your budget/financial planning to accommodate this? Was it a case of sitting down, planning everything out and making significant cutbacks across the place? Foregoing big trips / expensive purchases?

Great question!
Indeed I've made a few sacrifices, but at the same time I'm quite savvy on finding good deals for things like Broadband.
Everyones circumstances differ of course, I do have the benefit of a partner who is happy to split all household bills down the middle which is a great help.


Sky TV + TV License went last year, saving ~£70-80/month.
A set fuel budget and shopping budget for the month, assisted with Monzo 'pots' to ensure I don't exceed that budget.
Car Finance paid off with a money transfer, saving a few hundred in interest over the term of the loan.

All of my spending I have in an excel spreadsheet month-to-month so I can forecast pretty much a month in advance where my primary spending will be, see the redacted version below from January this year;

(Now removed - Ask if you want to see or request a template)


Hopefully this gives you a bit of an insight into how I manage my finances these days!