2024 - The year to finally be debt free!

MFWannabe

Hi 
I’ve never created a diary before but now I feel like I need to put things down in writing and see it all in black and white 

As the title suggests I want 2024 to finally be the year I become debt free! 

I’ve had some kind of debt my whole entire adult life and I need to finally get rid to then move on to the dream of being mortgage free 

So here goes; my total debt figure is £13,192.13. This is all on 0% interest with the first one up in June 2024 so obviously this will be the first to be tackled 

I have a good salary, a budget and a good surplus everything month which I have been using to build up savings as my emergency fund 

Now moving on to finally clearing this debt! 

BlueJ94

Welcome to your new shiny Diary!

Here to cheer you along and help if I can  

CreditCardJunkie

Well done for taking the first step! Have you got a plan?

Less_Talk_and_More_Action

Good luck.  I’ve just started a diary as well. I too have always had debt and it became a habit that I just saw as acceptable.  Like you my focus will be the mortgage once the cards are gone. 

Will be popping by to cheer you on. 

L 

MFWannabe

CreditCardJunkie said:

Well done for taking the first step! Have you got a plan?

Yes 👍
just finished building up my savings this month and now going to throw everything spare from next month at the debts, first to be paid off is Very and then move on to the others (2 credit cards) which 0% until Feb 25 

MFWannabe

Less_Talk_and_More_Action said:

Good luck.  I’ve just started a diary as well. I too have always had debt and it became a habit that I just saw as acceptable.  Like you my focus will be the mortgage once the cards are gone. 

Will be popping by to cheer you on. 

L 

Yes I read yours earlier; prompted me to start one of my own so I can hold myself accountable 

yes the debt habit is a very easy one; especially 0% interest free 

Less_Talk_and_More_Action

I think my age is a big motivation for me.  I keep saying to friends and family that I want to be retired in no more than 7 years (when I’ll be 62) but it won’t happen unless I take some action now!!  Debts first and then the mortgage. 

I’ll be following along with your journey.  Agree that accountability is important- in the end it doesn’t matter to anyone else (apart from OH) if I fail or succeed.  I also want to embed habits that will ensure a retirement free of financial worry.  

L x 

MFWannabe

Less_Talk_and_More_Action said:

I think my age is a big motivation for me.  I keep saying to friends and family that I want to be retired in no more than 7 years (when I’ll be 62) but it won’t happen unless I take some action now!!  Debts first and then the mortgage. 

I’ll be following along with your journey.  Agree that accountability is important- in the end it doesn’t matter to anyone else (apart from OH) if I fail or succeed.  I also want to embed habits that will ensure a retirement free of financial worry.  

L x 

Wow very similar age and thoughts
Dont think I’ll be able to retire but definitely want to be able to go part time and have the mortgage paid off in 7 years so need to get debt paid off ASAP 

MFWannabe

Today I opened a Chase account; current account and savings 
Current account I will use for day to day spending and make cash back, every little helps. I’ve set myself a budget for food, fuel etc which will be from this account. This will help me stay on budget 

MFWannabe

Made some payments off the debts and more to come in the next few weeks so should be nearer 12.6k by Feb 
Had some expenses this month 🙄 car issues being main one 😞

Rud0lf

I'm so glad you've had your lightbulb 💡 moment, you've done well to have started paying off so much already. Don't forget to put balances on the body of text occasionally so you can keep track of how far you have come as otherwise your signature updates and you lose previous figures. Looking at your aim for February you'll be debt free before you know it  ⭐