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Almost debt free!
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Bexmac
Posts: 10 Forumite
I’m a 53 year old female, left my ex 17 years ago and took on a massive amount of debt. On and off over the last 12 years have been debt free but now £1300 away from my debt free life! I’ve been saving for the last 18months for a new car, and putting an extra bit by for my Credit card debt, it all matures at the end of the month. Cc is 0% so not costing me, but mentally it is. As of the end of this month I will be debt free and hopefully get my new car! So excited!!
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Comments
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🤗 good on you, you've come a long way. Keep it up.Any thoughts on the car?Note:I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.Mortgage debt start date = 25/10/2024 = 175k (5.44% interest rate, 20 year term)
Q4/2024 = 139.3k (5.19% interest rate)
Q1/2025 = 125.3k (interest rate dropped from 5.19% - 4.69%)
Q2/2025 = 108.9K (interest rate 4.44%)Q3/2025 = 99.9k1 -
I’m hoping for a Golf 🤞🏻 so excited!!0
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Well done you ! I always found my debt to be a millstone around my neck, never too far from the back of my mind. So when it’s gone it’s feels bloody amazing , congrats and good luck with the new wheels xDebt free April 2024 !!
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day1 -
Have you put money away for your emergency fund? £1000 is the initial recommended sum of money which should then become 3-6 months living expenses.Bexmac said:I’m a 53 year old female, left my ex 17 years ago and took on a massive amount of debt. On and off over the last 12 years have been debt free but now £1300 away from my debt free life! I’ve been saving for the last 18months for a new car, and putting an extra bit by for my Credit card debt, it all matures at the end of the month. Cc is 0% so not costing me, but mentally it is. As of the end of this month I will be debt free and hopefully get my new car! So excited!!Baby Step 6/7 . £16000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!
Currently Negotiating with HMRC !1 -
Hi, yes I have separate savings and am working towards the 6months worth of living expenses.
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Well done I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80000 -
You might want to ask over on the motoring board.Bexmac said:I’m hoping for a Golf 🤞🏻 so excited!!
Golfs have traded on their reputation for a couple of decades and attract undeserved high prices.
If you really like VW group cars you would get better value from something with a Skoda or Seat badge1 -
Well done on your hard work.
When I became debt free I did 2 things
1st was to give myself a little treat, the 2nd was to take some of the money I was using to clear my debts and save it regularly. I was amazed how quickly that mounted up.Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)2
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