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

LeeXenon

Happy Payday everyone, started off by overpaying, a huge £929.40 at that.
That's a lot of debt wiped off for the month, I might make some PAD's, might not, will see how things go throughout July.

Debsnewbudget

Wow
well done

LittleMissDetermined

Wowsers that's a huge amount! Well done  
LMD x

LeeXenon

Looking back and reflecting as I was in a very big and true downward spiral is a real eye-opener.

Scrolling back to 2018, I was overweight, suffering with my mental health and living a financial lifestyle that simply wasn't mine. Every purchase more or less was being put on a CC and paid off as much as I could at the end of the month, this combined with a few unexpected vehicle repairs, an impulse-buy holiday purchase and god only knows what else I landed myself in over £30K debt (vehicle loans included).

Today is July 2022, I have a one year old at home and I'm still picking up the pieces and clearing the debt month by month. I still have at least a year to go, although it remains as my top financial priority to clear this debt to better the lifestyle for myself and my family. Money doesn't buy happiness they say, well - I think it probably does when you're up to your eyeballs in debt.

This plan if followed intricately is going to work, I have a fund aside for emergency repairs/servicing that will hopefully tide me through. I think a 2/3 month salary EF in the long-term is an extremely sensible financial decision and will act as the greatest preventative measure in the future.

Accountability is also key, these forums are partly a godsend to document your journey, follow and support others on their debt free journeys as well. Today I am on my debt-free journey as well as my weight loss journey, I'm already between 15-20lbs down on the scales and starting to feel better physically and mentally, my financial status plays a big part in this as well.

I can see the light at the end of the tunnel, we can do this. 

LittleMissDetermined

It's great to take stock of how far you have come - fabulously well done!

I agree with the 3 month salary EF (and then I will push for 6 months) and this will be a priority for me once the last CC payment has been made.

LMD x

sunshine_raincloud

LeeXenon said:

Looking back and reflecting as I was in a very big and true downward spiral is a real eye-opener.

Scrolling back to 2018, I was overweight, suffering with my mental health and living a financial lifestyle that simply wasn't mine. Every purchase more or less was being put on a CC and paid off as much as I could at the end of the month, this combined with a few unexpected vehicle repairs, an impulse-buy holiday purchase and god only knows what else I landed myself in over £30K debt (vehicle loans included).

Today is July 2022, I have a one year old at home and I'm still picking up the pieces and clearing the debt month by month. I still have at least a year to go, although it remains as my top financial priority to clear this debt to better the lifestyle for myself and my family. Money doesn't buy happiness they say, well - I think it probably does when you're up to your eyeballs in debt.

This plan if followed intricately is going to work, I have a fund aside for emergency repairs/servicing that will hopefully tide me through. I think a 2/3 month salary EF in the long-term is an extremely sensible financial decision and will act as the greatest preventative measure in the future.

Accountability is also key, these forums are partly a godsend to document your journey, follow and support others on their debt free journeys as well. Today I am on my debt-free journey as well as my weight loss journey, I'm already between 15-20lbs down on the scales and starting to feel better physically and mentally, my financial status plays a big part in this as well.

I can see the light at the end of the tunnel, we can do this. 

Great post!

LeeXenon

Happy Payday everyone, it seems as though I'm more likely to update here month-by-month as progress is being made.
So I've made the usual extra payments to both CC1, CC2 and HP loan bringing the debt down a fair bit, by £929.40 in total.

That kind of money would be nice, although perhaps I shouldn't have spent it in the first place and I wouldn't be in this mess!
Debt: £15750.18  £14,820.78

Really hope to be well under £10K by the end of the year, perhaps even £9K, let's see how it goes.

Also just as a bit of an added entry, I was approved onto Prolific, I've made £59 in just 5 days using this platform. A bit of pot luck here I think, but my intention is to use money made here as PAD's or to top up any monies taken out of EF's.

I'll finish with a bit of an oof - So I reset my phone a few days ago, thereby locking myself out of CC2. Having to order a new card to regain access to the app so I can make extra payments here, this is the card with the largest balance. 

LittleMissDetermined

Good monthly amount off your debts there, keep it up and you'll be at 9k in no time!  Congrats on getting accepted for Prolific, I've managed to snaffle £162 since the end of June! totally by chance on getting on a highly paid study for 12 days. 

It's amazing how well paid some of the studies are if you have the spare time
LMD x

LeeXenon

LittleMissDetermined said:

Good monthly amount off your debts there, keep it up and you'll be at 9k in no time!  Congrats on getting accepted for Prolific, I've managed to snaffle £162 since the end of June! totally by chance on getting on a highly paid study for 12 days. 

It's amazing how well paid some of the studies are if you have the spare time
LMD x

It is good! I managed to catch one study that paid £17.50 just from checking available studies randomly one evening. Slowly putting more money aside is a nice feeling.

LeeXenon

On that note; PAD of £13.10 made to CC1. First one in a while!