A diary to hold me accountable…..

Onaroll

I’ve been an avid reader of these diaries for years, but it’s time to create my own one in order to hold myself accountable for my debt busting. I am a self employed single mum of 3 and the pandemic had a massive knock on with my finances and I just about clung on. I had to move as well in 2020 which also created some debt.  

Since January I’ve been on a bit of a roll, and have cleared:

£1800 overdraft
£900 overdraft
£900 credit card 

I’ve managed to really condense my outgoings, and am now in a position where I’m saving for my car insurance, tax and pet insurance and paying them yearly. I’ve also got a pot for Christmas with currently £250 in, and should have £500 by December. I’ve also got an emergency fund of £1000, and will keep trying to grow this. This isn’t touched.
I also have nearly £900 in a rolling emergency fund- this is used for things like emergency vet visits, and the electrician I needed, and it paid for some school uniform this year. Next year I’ll hopefully have a school uniform pot! I try and keep this around £1000, but obviously it fluctuates.

In terms of debts, I just have one left- an old very account that defaulted in 2021. Lowell have taken it over, and it has sat there for about a year while I sorted my life out. It was £1880, and this month paid my first £100 towards it. So it’s now sitting at £1780. 

I am also trying to do some home improvements- the house is fairly new, but hasn’t been touched since it was built so the whole house needs repainting, and some flooring/carpet needs replaced. And a few radiators and taps 😂 But slowly slowly I’ll get there. I have got a decorator booked in for 2 weeks time to do the hall, landings and stairs as I can’t do that but I hope to do most of the painting myself. 

Anyway. I’m hoping this diary will keep
me on track 😊

Keedie

Sounds like you're doing great @Onaroll and although life has thrown you some stress and hardships, you're still stand. And better yet, it sounds like you're thriving!

The rolling emergency fund sounds like a great idea, and that never occurred to me, so I think once I reach my target for my emergency fund I'll set up another to enable me to have something to fall back on. I'm very behind on Christmas this year and birthdays with only £5 in both pots, but I'm getting rid of my car soon, so hopefully it'll help with having more disposable income.

I've subscribed and bookmarked so that I can follow your journey as you clear that last stretch on your way to being debt free 😁.

Honeysucklelou2

Well done on what you have cleared since January.

enthusiasticsaver

Well done on the debt clearance and it will be good to see that final debt gone.  You  are doing the right thing though in prioritising savings to help with budgeting.  Having an emergency fund and rolling emergency fund is good.  As you say in time you will set up pots for school uniform and vet bills and house maintenance.