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The end of credit card is in sight*Dad loan - £7000 - £7000
*Tesco Credit Card (0% 9/9/27) - £3623.18 - £3623.18
*Nationwide Loan - £11,000 -£11000.00
*Total Debt - £21623.18/£21623.18*
Savings
*Sinking Fund - £1400/2000
*Emergency Fund - £0/£3000
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/0 -
I think the Emergency Fund is also different for everyone. At the start of your debt busting then yes it would include something like the tumble dryer giving up but once debts are out of the way then it is a good idea to have a Household Goods pot (sinking fund) so that if that happened you'd have the money there and not need to touch the EF. Hope that makes sense.0
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I haven't updated this in so long… but here we go…
Life happens, money comes in, money goes out, unexpected expenses appear out of nowhere.. you know the drill.
But what I can say is…
I'M OFFICIALLY DEBT FREE!!!!!!!
It was slightly anti-climatic when I made my final payment, I was almost hoping for confetti to be thrown over my head or something…
xoxo
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Many congratulations! That’s a great achievement and the beginning of better things!
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Congratulations 🎉
Debt total at start of diary: £10,020.70
Current total: £9,857.70
Reduction: 1.62 %EF Total: £1000/£1000
Sinking Funds Total: £531.38
Christmas : £301.61
Car Costs: £183.34
Birthdays/Gifts: £46.431 -
Congratulations, very well done
Have you thought about what you want to focus on now?
I’m a Forum Ambassador and I support the Forum Team on the Pension, Debt Free Wanabee, and Over 50 Money Saving 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 e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.1 -
Thank you all :D
I sort of have, I feel like I'm in a bit of limbo..
I have my 1K emergency fund saved up; albeit this will likely be used towards my MOT/Service which is fast approaching.
What I don't want to do is get into life style creep just because I now have this extra money. What I would like to do is use the money to get ahead on my bills… So instead of paying monthly for everything, ideally I would like to switch to annual.
If I have my figures correct (which I think I do) - I should be able to switch things like the Council Tax, Car Insurance etc in April next year and just pay for everything in one go.
I also want to save for a holiday, as it's been a tough couple of years.
After that, start saving for a deposit on a house.
But I'm open to suggestions; this all feels very new…
xoxo
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One way that may help, it helped me sort my sinking funds for annual bills etc.
Set a target figure for each thing (including next year's MOT) and treat them like debts but instead of paying them to a soulless creditor you are paying yourself.
My Debt free diary
https://forums.moneysavingexpert.com/discussion/6492297/10-000-steps-1-step-at-a-time0
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