Pay off £8000 in a year challenge...

In_Search_Of_Me

well just about to update my signiture and theres n way I'll manage this now...somewhere along the way I've done a miscalculation and that combined with a couple of disasterous months (off work, strike deductions, too much spending, car tax and mot plus insurance to name a few) means that the net amount I've paid off net £2346.85 this year. Am more than a little hacked off about this as thought I had done so much better but onwards and upwards...Wondered how others were doing as its gone a bit quiet on here of late...is it me?!!

doodledo_2

Well I have been plodding on and trying to hit the magical £8k but not close so not sure I will achieve it either

I should hit 5k this month though so not too bad. Definately need to have a better year next year as if I put my heart and soul into it I could be debt free early 2010 :j

ISOM don't knock yourself too much as your debt is still going down even if it's not by as much as you had hoped :T

ltm07

Well done doodledoo £5k in less than a year is fantastic. I'm afraid I lost heart earlier in the challenge when I worked out our debts were £2.5K more than I thought. Our debts are coming down, albeit slowly. Good luck to everyone doing this challenge, all the best!

smithywilko

Just to inject a little positivity into this thread thought I would let you know that I reached the target of £8000 last month and have just managed to (with quite of bit of blood sweat and tears!) reach £10,000 so I am really pleased. Think, if my calculations are right, I might be able to get to £13,000 by the end of year but that's really going for it. Onwards and upwards!

In_Search_Of_Me

thats fab smithywilko!!! yahoo!! Despite knowing that I wouldnt do it I'm still going to keep going and see what I can do. Really chuffed for you and just wanted to say a huge well done!!

embarrassed_about_my_debt

Well done smithy, im getting there but i've been saving for some bills so my debt busting is kind of on hold until they are all saved for then it will be back to it.

Im just over the £6.5k paid off in the year so not doing to badly but not sure what i'll finish on. Only another £1.5k to go but im well behind where i wanted to be and dont think i'll hit my target of being debt free by early next year, although i have now paid off more than i owe!

doodledo_2

Smithywilko - well done £10k is a fantastic achievement :T

louised78

I have come into the debt challenge late however now feel I would like to tackle my debts.

I feel seeing the totals owed on paper and then seeing them reduce month on month is inspiring to continue as you will feel you are making inroads to the current total.







Total Debt October 2008 £27000 / Target October 2008 £19000

smithywilko

Thank you people! Think my new target is going to be £14,000, just to push myself that bit further. We want to be debt free by June next year at the latest so I don't think I've ever been more motivated to get ahead of myself!

I think this point in the year is hard, where you've been doing it for months and now your motivation has slowed down slightly. Do something in the next couple of days to re-energise yourself, like write down a list of things you want to do/get when you are debt free. Or, like me (although I do this every month because I'm so obsessed by it all!) write down your incomings, outgoing totals and how much you have spare to pay off your target debt so that it's all clear in your mind.

doodledo_2

Smithy you are doing so well and I'm sure you will hit your target date for being debt free

I go through waves of being motivated and unmotivated and I find thinking about life after our DFD is a huge motivator. When I see the £100s of pounds we spend on debt each month to think they will be there sat in our account for us to play with is so motivating.

I am also (sad I know) excited about starting to save and having a nest egg.