As one chapter ends another begins

Doris17

So, my debt free chapter begins.

On 1st November, I became debt free , which is something I have dreamed of for the longest time. I have spent all of my adult life in debt and the amount have varied considerably over the years, in January 2020 I owed £15,940.10. I did give myself until my 55th birthday to pay all the debt and I have achieved this 11 months early. 

I want the next chapter to continue being debt free and have savings which is something I have never really had. I have set myself a challenge of saving £10,000 by 31st December 2023. I have made a start and have £251.15 already in my savings pot.

There are other things I will also be focusing on such as getting fit and healthy, decluttering my house, building my small business and looking for our perfected for ever home. I want to stay motivated to save the money and not slip back into bad habits. 

I am still in shock that next month's wages will be all mine, I am going to treat the saving challenge as a debt and see how I go.

Four_Seasons

Congratulations! So very well done all the very best for the start of your new chapter x

Purplebonnie

Congratulations 👏👏👏. I have also become debt free this week, it’s an amazing feeling isn’t it.  It also makes you feel that anything is possible.  Like you I want to tackle some other areas of my life, so I look forward to following you.

joedenise

Well done on coming debt free.  Are you able to save the same amount as you were previously paying to debt?  If so that is probably the best way of learning to save.  You haven't had the money up until now so not used to it.  It will be far easier to start saving immediately rather than start using that money to live on.

You've set yourself a high target for a relatively short period of time.  You'll need to save nearly £800 a month to reach it by the end of next year!

Doris17

joedenise said:

Well done on coming debt free.  Are you able to save the same amount as you were previously paying to debt?  If so that is probably the best way of learning to save.  You haven't had the money up until now so not used to it.  It will be far easier to start saving immediately rather than start using that money to live on.

You've set yourself a high target for a relatively short period of time.  You'll need to save nearly £800 a month to reach it by the end of next year!

@joedenise thank you. Yes, will be looking to make the same sort of payment.

Doris17

Purplebonnie said:

Congratulations 👏👏👏. I have also become debt free this week, it’s an amazing feeling isn’t it.  It also makes you feel that anything is possible.  Like you I want to tackle some other areas of my life, so I look forward to following you.

@Purplebonnie thank you. Congratulations to you too. I will pop along and pay you a visit. Good luck.

gd55

That's amazing, well done and good luck for the next chapter. 

enthusiasticsaver

Congratulations and good luck for the next chapter. Maybe look into opening up a regular saver account?

Doris17

enthusiasticsaver said:

Congratulations and good luck for the next chapter. Maybe look into opening up a regular saver account?

Thank you. Savings account already set up.

Doris17

My saving pots:

Car expenses funded by work expenses this money lives in a Monzo account and funds all my car needs.
I have a small emergency fund with the credit union.
I have a building society account linked to our grandchildren's accounts, same rate of interest as the children's accounts. £250 per month can be save in this account, did know this until a few weeks ago.
I have a startling account with savings pots, holidays, birthdays, Christmas, etc that I need to look at and make a few changes too.
Some Premium Bonds that I want to build on.
A savings account linked to my bank account for y challenge.

Also want to look at stocks and shares, make a small investment each month going forward.

I am excited for payday.

Doris17

Today's small win. Car breakdown cover renewal letter arrived today. New quote was £55.00, bought a year's cover for £27.00 and will receive £5.00 cash back through Top Cashback.