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Now for a healthier, wealthier me

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Hello everyone 👋

Today I have paid my final debt repayment and because having my diary on the Debt Free Wannabe boards has been so valuable in keeping me accountable and focussed, I figured that having a savings diary would be a good idea as my next step. 

About me - For those I’ve not yet met, here’s a bit about my situation. I’m 45, married but no children, we do have a very pampered dog who is an absolute joy!  I work from home and DH works shifts.  Our base household income is just under £110k per annum and bills are all split equally and paid from our joint account.  Mortgage is £141k o/s and approx £240k value.  We are fortunate enough to be able to live comfortably and I have been paying approx £1150 a month to clear my debts, sometimes more since Jan 2021.

I have a Monzo account for my savings and have these goals in mind:

  • Emergency fund of £1,000

  • Sabbatical fund of £10,000

  • Holiday fund of £1500

  • General saver (no goal) for things I want to buy, without credit!

I do already have some money saved in the sealed pot challenge which I will be opening at the end of October and I use this for Christmas, holiday spending and my Black Friday shopping trip. I’ve also been stuffing envelopes in a 52 week envelope challenge which will total £1300+ in 2023 so I’m already saving quite a bit.

I do need to add a little disclaimer. I have been paying down debt for so long I’ve not really been spending much on things I would like or sometimes need. So there will be splurges here and there, but I will have saved for them rather than relying on credit, I would ideally like to allocate £500 a month to savings. Although we have already booked a fabulous holiday in November and I need to also save for that as a priority as it needs to be paid by August.

Also, I have a bit of an addictive personality… which contributed to both the building up and the paying off of my debts.  Hopefully I can transfer the obsessions to saving and getting fit/exercising from here-on-in. I’m on a low fat diet so I have shed a few lbs already, but there’s a LOT more to tackle I’m afraid.

I’m excited for what I can do now that my debts aren’t hanging over me. It’s time to focus on me.

LittleMissDetermined x


Life gets in the way...PADding is addictive...Saving's better than spending...
2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017
Sealed pot 2024 £3347.15 | EF £1000/£1000 | Sabbatical £1155/£3000 | Holiday spends £726 | General Saver £3514.48
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Comments

  • ~FlowerPot~
    ~FlowerPot~ Posts: 1,054 Forumite
    First Post First Anniversary Name Dropper Photogenic
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    Welcome to the savings board <3
    Flowers
    x
    ♥️2024 challenges
    #4 365 1p a day challenge 2024 ~ £295/£760🌸
    #6 £1 a day challenge 2024 ~ £152/366 🌸 Decluttering 2024🎖️🎖️🎖️🏅🏅🥇🌸 DS2🏅🏅DD 🥇🌸 #2 52 week Cash stuffing challenge 🌸
    PA challenge £60 a month - Jan ✅ /Feb ✅/Mar ✅ /Apr/May/ Jun/Jul/Aug /Sep/Oct/Nov/Dec 🌸
  • MissPennySave
    Options
    Happy new savings diary, I've pulled up a chair and am here for the ride.  I look forward to all your savings updates!! MPS.x
    November 2022 - £46,626.96 / May 2024 - £26,280.00
    Debt paid off so far - £20,346.96 (43.63%)

    Current Challenges:
    #15 DFBXMAS24 £6812.80 / £14000 (48.66% paid)

    Completed Challenges:
    #41 DFBXMAS23 £14751.96 / £12000 (122.93% paid off)

    MissPennySave's Debt Free Diary - DFW Diary
  • Skint_yet_Again
    Options
    Well done on paying off your debts 🤗 I look forward to following your savings journey. 
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
  • LittleMissDetermined
    Options
    Thank you everyone :)  I'm excited for this next chapter 
    LMD x
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2024 £3347.15 | EF £1000/£1000 | Sabbatical £1155/£3000 | Holiday spends £726 | General Saver £3514.48
  • shell16
    shell16 Posts: 1,354 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
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    Yay and welcome to the savings board LMD!  Good luck on the next leg of your journey!

    Shell x
                                                                                             

     Debt Free - 04/03/23.  Total LBM August 2021 £15410.70

  • Keedie
    Keedie Posts: 2,322 Forumite
    First Anniversary First Post Photogenic Combo Breaker
    Options
    It's so exciting to see your new thread up and running and I'm looking forward to seeing you smash your savings goals 🤗. Enjoy the odd splurge and enjoy life whilst building your savings, it's more than deserved. x
    Debt Free Diary:- The Mental Debt Struggle
    Debt Tracking Restart Take 3 from 01/05/2023 = £23,643.30 (8 creditors) So, on 28/05/2024 = £16,043.30/£23,643.30 (1 creditor) = 67.86% repaid Aiming to be Debt Free = 31/12/2025

    CREDITORS: Barclaycard (£6,566.23/£14,166.23) 46.35% repaid

    (Original Debt on 15/07/2016 was £33,056.76) 🙈

    2024 SAVINGS: Emergency Fund (£381.84/£1,000) 38.18% saved || #5 50 Envelope Challenge 6/50
    2024 CHALLENGES: #30 Debt Free by Xmas 2024 (£2,580/£6,750) 38.22% repaid
  • LittleMissDetermined
    Options
    Thanks everyone :) 
    Just a little update that I've managed to cash out £12 from Prolific and I've sent this to the sealed pot.
    LMD x
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2024 £3347.15 | EF £1000/£1000 | Sabbatical £1155/£3000 | Holiday spends £726 | General Saver £3514.48
  • Skint_yet_Again
    Options
    It feels strange seeing the figures going up when you first pay off your debt after spending so long getting them down to zero. You just have to remind yourself the increase is a positive not a minus 😊

    Have a lovely bank holiday weekend 
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
  • Sun_Addict
    Sun_Addict Posts: 21,591 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    Happy new diary. Look where I was this lunchtime 😉 
    I get knocked down but I get up again (Chumbawamba, Tubthumping)
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