Debt free by 50 (Dec 2023), 1 day at a time

Mliz

Hi MSE world,

I’ve been here a long time and have been in and out of debt far too many times but I’m back for support to clear approx £14,500 by Dec 2023.  It’s a lot of debt but at least I know where the money went and why I land myself in debt - no such thing as delayed gratification for me  , which I really need to get a grip on.

A little bit about me
Single but live with fur baby and work full-time. Worst money habits - frittering and taking out credit rather than building up savings.

Debt
Moment of truth
Barclaycard - £2,532
Personal loan - £11,522 - I have 4 years left on loan but I want it gone tomorrow.

Plan
I’m not sure if £14,054 is achievable in 15 months but I’d like to aim high and see what I can clear before I’m 50 next Dec. I am using the cash envelope method and I’ve started to see improvements in my spending but because I earn an ok salary I keep spending on tat when I should be saving.
In an attempt to be accountable I’m going to keep a spending record here in diaryland.

thanks all😊

WinterWarrior

Good luck!

FootyFanDan

Good luck 😊

Squirrelz92

Welcome and best of luck on your adventure to becoming debt free! x

Mliz

Thank you all,

Yesterday’s spending was £3.87 on postage and milk.
Today was £590 on fixing, replacing, covering windowsills - I booked them in July and they finally came today. This was the last big house job on my list apart from rewiring the house but that isn’t urgent. I had the money set aside in a Monzo pot so thankfully I didn’t add to my debt.

Tomorrow I’m going for a run and this weekend I’m going to the theatre but having dinner and drinks first and that will eat into the rest of my weekly budget.

Mliz

Afternoon all,

Really pleased today - I had £5 left from my cash budget and will put it towards my debt. I set aside a cash amount each week from Saturday to Friday (£60) for my spending. even though I went to the theatre last night and had dinner (tickets paid a month ago) I managed to keep the weekly spend under £60.  I do have separate envelopes for fuel and £50 in a social envelope but I didn’t touch it.

I went to Asda today for a top up shop and it came to £30 & a few pennies, so that leaves me with £30 for the rest of the week.

cinnamon123

You are off to a great start! What do you tend to fritter money on?

Mliz

Hi Cinnamon - clothes is my Achilles heel. I sold a lot on vinted for £30 but that wouldn’t cover 1 top. I know I’m very impulsive so I’m trying to stay away from Facebook and instagram at the minute.

today has been an NSD, I went for a run with friends then came home made apple tart for family and spent lunch with them.  Sister popping in later so I’m now relaxed with my book and no plans - bliss 😊

bigbeff

Welcome! I look forward to following your journey 😊

Mliz

Morning, 

A new shiny month has arrived 😊.  I’m in Glasgow this weekend for the Great Scottish run and am doing the 10k with my best friend. Accommodation is free and I just need to stick to my budget.

Bigbeff - hi, I’m going to follow your diary to keep me motivated.

Very little spending the past week because I was so busy in work. I even went into the office 1 day this week and took a packed lunch. If I keep myself busy then I don’t spend - that is something to ponder 🤔

today I’m going out for lunch and window shopping - I just have to remember I don’t need anything.

Mliz

Morning

Glasgow was brilliant and I’m flying home today. I did spend when I was window shopping but only £12 on a new scarf that I didn’t need. I will pop into Asda on way home but I just need bread and milk and something for tonight’s dinner.

when I think how much money I owe it is scary but that is why I’m here. 

I’m staying here with family and they are very minimalist - they do spend money but generally on experiences. 1 of them has been on a no spend apart from essentials from the beginning of the year - so I’m going to try and follow in their steps. I want to make 2023 a low spend year and try to stick to essentials. In my baby steps to build up to a low spend year I’m going to start today and see where I fall down on over the next 3 months. Honestly I need zero clothes but they are my kryptonite 😞. I don’t need make up and it would probably take me a year to use up what I have. So no spend rules -

Rules

I could say essentials only but for me that’s too restrictive. I will list what I’m not spending money on -

What I can’t spend money on 

• Clothes
• Accessories 
• Shoes
• Make up
• No impulse purchases ( will avoid Instagram as that is a major spending trigger)
• No random Amazon items

What I can spend money on 

• Food
• Consumable goods
• Replacement items
• Experiences or vacations
• Gifts (Xmas is coming up)