Getting Over "The Terrible Mistake" and a Debt Free Target of 2026

Purplelady65

I wouldn’t beat yourself up about buying a car. You needed something reliable for work as you do a lot of miles. In today’s car market spending £7.7k on a car is very reasonable so I don’t think you’ve got anything to chastise yourself about. Hopefully it will be reliable and low maintenance and give you value for money. 

Prodigal50

Thanks for that. 

I do sometimes be a bit hard on myself since "the terrible mistake" although it's getting better. 

That first year was really hard. 

You never think you are going to be "that" person who puts their family in lots of debt.

Well on the way to getting out of it now :-)

Andyjflet

Morning, in 2019 I found Dave Ramsey, he literally changed my life, I have learned to switch off from the bits that aren't for me but the principles remain the key reason why I turned £60k worth of debt into £65k savings. 

In all honesty I have never been Gazelle intense as I met my new partner in Nov 2019 going into Covid so didn't want to come across tight or weird! we now live together, she is mortgage free and I pay rent, and I am about to buy a rental property using my savings as a deposit and keeping £10k as an emergency fund. I know a mortgage isn't strictly Dave but need to do something, at 56 to protect my own future.

Ramsey definitely changed me and my partner knows I work to his Baby Steps, she says it changed me even though I tried not to be, I became tighter with money ;-(

Keep plugging away, there comes a point when that debt free moment is within grasp, when you get there though I felt nothing, emotional only in that I felt I had wasted a lot of my life being in debt but glad I did something , albeit at 51. The focus quickly changes to securing your own future with savings, (not day trading) Cash ISA, I've been lucky on the premium bonds etc, new job in the finance sector believe it or not!

Prodigal50

Thanks for sharing your story. That's some turnaround!

I can see how a rental property is an attractive investment.

I'm 51 and when I clear my debts the plan is to take the same amount of money and start building a sipp using a life strategy style tracker for our retirement. Although I can certainly see how saving a deposit and a 10 year mortgage could be attractive!

We both have very small work pensions and it won't be much of a retirement for  us at the moment. 

I feel good about not overspending. We always got into debt every couple of years, and get out mainly through help from family. That was even before the terrible mistake. 

At least now we are being adults and dealing with it ourselves and building sustainable habits. It could be that these few years of being forced to change our habits will be a good thing. 

I was listening to Dave again yesterday. 

"If you will live like noone else, then later you can live like noone else."

Prodigal50

Just had a good chat with my wife and she has always wanted to take on a rental. So signature has been updated with new goal...

Andyjflet

Good plan, make sure you research, mine may become an AirBNB as its in a tourist type area, we will see. Don't run before you can walk, there's a lot to be said for just stashing money and the affects of compound interest.

Prodigal50

Yep, I hear you.

Last thing I would want to do is get out of debt and then lumber myself with a big mortgage and a money pit of a house!

Prodigal50

I'm really enjoying being a more active member of the forum and reading up on so many similar journeys.

I've found my mood has lifted a lot this week and just feeling brighter and more positive.

PAD (payment a day) challenge is great - it gets the day off to a good start.

Tilly saving challenge - this is so simple too! Again, it just gives you a sense of moving in the right direction.

Thanks for all of you who do the heavy lifting around here. Much appreciated!

lucielle

Didn’t want to read and run. Keep plodding is a popular saying. You will get there. 

L

peb

Another one who didn't want to read and run.  You are sounding more positive