Fun vs focus

Sarahwithlove

If the car is on 0% is it worth splitting overpayments between paying extra off car loan and building an emergency fund. Or even overpaying on mortgage. I understand why you want to get the loan gone though. So it's about your own preference. 

kl_jones2021

Yes it’s definitely personal preference and personal goals.  It is on 0% but for me it’s been a lesson on taking out unnecessary debt. I believe that having access to 0% interest debt has caused me to overspend and live beyond my means. I like the idea of no consumer debt and less monthly outgoings.  I have a £1000 in a starter emergency fund. By the end of the year I’ll have 6 months expenses in an emergency fund and no debt minus the mortgage. 

kl_jones2021

I’m officially under £5K! I just put another £2,431 towards it after receiving some backdated pay.

This month is a busy one, but I’ve budgeted for everything I know is coming. That said, I’m a little nervous about bank holiday season. Previously on bank holidays I have those last minute trips, meals out, and drinks that all have added up fast.

On the plus side I managed to delay my food shop by 6 days after payday, which already feels like a small win. I’ve also picked up an extra job for some extra cash this month too. 

If all goes to plan, I’ll be making three more big payments before this is fully paid off. Fingers crossed!

Hazelnutty

You're doing brilliantly! Has the recent progress brought your debt-free date forward at all?

kl_jones2021

In my original post I said September 2025 and I'd hoped to have everything cleared by July 2025. I am on track for July. In hindsight I slacked a bit during the summer last year but I’ve learnt some lessons.  So slightly earlier yes! 

kl_jones2021

Really trying to avoid using the credit card this month. I’ve still got some budget left for planned spending, but there’s nothing spare for impulse buys or anything new and the fomo is real (and it’s not even the bank holiday yet!).

Doing my best to stay focused and there’ve been a few positives today 1.Cancelled one subscription and paused another 2. Moved my starter emergency fund to a higher interest easy access savings account 3. Meal prepped for the week with my partner

Little wins, but they all count. 3 more payments! 

kl_jones2021

Well I’ve screwed up a little. I ended up putting £367 on my credit card due to poor budgeting and some impulse spending. I’m frustrated with myself because that’s money that could’ve gone toward paying off the car, and now it might delay paying it off by another month. I will pay the credit card in full to avoid interest, but that wasn’t the point of this whole challengez

kl_jones2021

That’s another £1,525 off. £3,371 left.  

89 days and it will be gone. 

vampirotoothus

Well done, it will soon be gone. 

OldTimer2023

Congrats KL, you're absolutely smashing it!!!