I can do it: £41,000 debt in October 2023. Debt-free in March 2025?

annetheman

2Scratters said:

@annetheman hope you are keeping well and progress is still being made no matter how small. 
2 Scratters xx

Thanks a lot!! I did pay back all my planned debt repayments last month! Total £1,025.97 - but I added £383.95 worth of debt due to a broken window... The trouble with not having a "safety" or "sinking" fund because you have tens of thousands of debt to clear first before you can think of setting one up.....

I'm going to try my best to pay back to "new" debt, half in December, half in January as December is too expensive a month to pay it all back...

One jump forward, one step back, but your message is really encouraging - no matter how small is 100% right!!!

  

I have a few days until pay day - I'll be spending all shopping budget on Christmas food for the family meal, so I'll be eating frozen for a few weeks! My first action on pay day is to pay half of the £383.95 back onto the 0% Credit Card, that way it's out of my hands before Christmas takes it.

I'll be back to hold myself accountable to that!

joedenise

Although you have debts I still think it's worthwhile having a small emergency fund, say £500.  No need to save it all at once but perhaps £50 or £100 a month.  At least that way if you need something like the broken window you'll have it available.

I know lots of people keep a large amount, like 6 months salary, as an Emergency Fund I've never felt the need to save that much although I do save monthly for all the annual bills and save that.

Aimingforthegoodlife

I think joedenise is right, building up a small EF will allow you to have the freedom to not go into more debt for anything. It is the first thing on Dave Ramseys baby steps list! You are doing so well, amazing how you made it through Sept despite it being so tough!

beanielou

A wee EF would be good.
Be very proud of the debt that you have paid off 

annetheman

December is usually an expensive month... I've just received my pay and sent £1,023 straight to the debtors.

December is made expensive by the food and presents. So far, I've bought the main bird (£24.99 goose from Lidl!), presents and a few bits for the meal. Just the veg and a few accompaniments to go, then that is all my December spending done. All in, it'll be just under £150, which I'm really happy with.

If I can spend little the first few weeks of January, I could be saying December isn't always the most expensive month!

Current debt after painful repayments today stands at £15,941.82... still going in the right direction.

This time next year I should be down to the last £3,000, which will be incredible. It's helpful to think of that when it seems everything and everywhere, spend spend spend is the norm at this time of year. 

Happy Christmas, debtfighters! #staymotivated

annetheman

Ahhh I have been terrible at keeping my DFD updated... But at least I have been good at keeping up my overpayments!
I am not where I wanted to be but still overpaying well and on track to be DF in March 2024.

Today is an absolutely brilliant day for 2 reasons... 1) payday - straight out to the overpayments!

I now have £164.54 of my highest interest CC loan remaining!

I'm really proud today! I will have paid it off next month which means my first "snowball" over to the next highest debt - 0% NatWest CC - yay! Only took 7 months 

2) I also got some big news - new job offer! I haven't formally handed in my notice, but once I do it'll kick off 3 months notice period, so around June, new take home pay will give me +£700457 more per month to grow the snowball!

Going to spend some time this evening calculating how this might help my crawling through to DFD, it should bring it closer but not sure how quickly. I am so grateful for this, but still a long long way to go.

Hopefully all the other DFDers are feeling the positive changes too! 

TBC 10 Months to Go ~ New Target Date Incoming!
DFD: Dec 2023

beanielou

Good news on dedt reduction & job offer.

LeeXenon

Just caught up on your diary, you're doing very well and I like your spreadsheet!
Paying off the phone will be the icing on the cake, keep up the good work!

annetheman

LeeXenon said:

Just caught up on your diary, you're doing very well and I like your spreadsheet!
Paying off the phone will be the icing on the cake, keep up the good work!

Thank you! Your thread is super inspiring! You are very good at updating with even small amounts like £2 to the CC -- I really ought to do the same... Thanks so much!

annetheman

No spend day today - feels good to come back and update the small achievements (unplanned NSD)!