A space for my thoughts - tackling debt once and for all!

Debtfree2026 · 14 July at 6:06PM

Hi All! Just returned from our lovely week in Cornwall - nothing paid for on credit card which is an amazing feeling!! We stayed in Perranporth and went to lots of different places whilst we were there. I'm half Cornish - my grandmother still lives in St. Austell so I went every summer as a kid.....and with my own children we have been for the last four years in a row. We got super lucky with the weather this year! In fact, we had the money saved to be able to book an impromptu extra night in a hotel to extend our trip slightly and get an extra day paddle boarding/swimming at Crantock beach!

Looking forward to booking next year's break when my husband's work schedule comes out!

My two are currently on their summer holidays from school - they broke up on 2nd July - so I'm now trying to work a little from home whilst dealing with them...they are 9 and 4 so it's not so bad! Next week they are booked into their favourite theatre workshop so I'll go into the office then - ironically the same week my husband and everyone else is actually abroad for work! I work for the family business (HR) so super flexible but 11 weekends of the year my husband and the rest of our employees are away at events. The next one is in Holland so they are leaving Tuesday and back the following Monday.... so I will be at work by myself I think! I'll still get a lot done though.

Money wise - its tighter than normal. My saving pots are literally saving me! Been hitting the debit card in Cornwall with the ice creams etc....but to be fair, I could take that from my holiday saving pot but I'm going to try and retain that money and be a bit more frugal with meal planning over the next couple of weeks. My holiday pot has a lot of money in it but at the moment it's giving me approx. £20 a month in interest so I'm trying to avoid dipping into it until I need to! For those that don't know - it's holding the obscene payment for our once in a lifetime trip to Lapland in December - which needs to be paid in September - so I'm getting the most of out it until then!

LzzyIsGod · 14 July at 9:34PM

Sounds like you had a super time !

Cara_ · 15 July at 8:23AM

Your holiday to Cornwall sounds lovely

It was a good idea to put the balance of the Lapland trip into a savings account - that's a nice amount of interest you are getting each month.

Debtfree2026 · 15 July at 9:48AM

Cara_ said:

Your holiday to Cornwall sounds lovely
It was a good idea to put the balance of the Lapland trip into a savings account - that's a nice amount of interest you are getting each month.

Yes, since Feb I've accrued nearly £50 in interest in that one saving pot - it all helps doesn't it!

Debtfree2026 · 20 July at 2:34PM

So nearly a week on since my last post - and less than a week until payday with all bills accounted for! The one thing I was a little worried about was this weeks food shop, I 'only' had about £50 in it, as we used some of the groceries budget in Cornwall. But luckily I got my £250 deposit back from the holiday rental (which I'd forgotten about!) so I transferred £100 into my groceries budget and actually popped the rest back into the holiday pot! Then I had a very successful online delivery, as I had to bulk buy a lot of the expensive bits - coffee, cat food, cat litter, washing pods, fabric conditioner, all at the same time! My dishwasher and washing machine both need a proper clean so I also got some cleaning stuff for them.

Debt wise, feeling positive. Still using my excel spreadsheet daily. If I keep going as I am, I should have my MBNA credit card paid off by next September, and my loan the following August - however, I am going to try and make more significant overpayments so hopefully bring that down quicker. I currently put £500 a month to the credit card and £459.29 to the loan, so once the credit card has gone I can allocate that extra £500 towards the loan and get it paid down sooner. I just can't wait to be free of it all!

Debtfree2026 · 27 July at 11:17AM

Well, I just sat and read my own diary from the start! It's amazing to think that my first post was back in December but I remember writing it so clearly!

What a lot of lessons I've been learning over the last 7 months! Undoubtedly I am a lot happier and more clued up about our financials but I'm still learning. I've been paying £500 towards my 0% interest card for the last few months, the minimum payment is about £200. So I've realised (thanks to another thread on here!) that I am better off putting the £300 into a saving pot for a few months to gain interest on it, then bulk pay off the credit card at a later date.

My dad still hasn't been to visit, and he hasn't made any more repayments either. I'm not surprised but I am going to chase him up on the visit. He really needs stuff to be sorted and I really feel I am best placed to help him. I know he's embarrassed and worried but having a plan is the thing that immediately improved things for me. Yes I get frustrated and have moments of regret, where I wish I'd never gone into debt in the first place, but I did and I'm dealing with it.

My saving pots - so I mentioned previously that the yearly one off spends are quite easy to sort. I just divided the amount by 12 and have been putting aside the money into a pot (well, not 12 as I only started this in Feb time but I worked out however pay days I had until the payment and divided it on that basis!). So our garden waste is £70 a year, I've been paying £10 a month into that. The payment is due on 1st August and has increased to £72, so I've transferred that over ready and will now drop that payment to £6 a month for the next 12 months until it's due again. I'm sure it will go up again so will do one payment at £10 to cover an increase. Our window cleaner hasn't been for a couple of months so I have £50 in that pot, so I won't pay into that for the next two pay days.

The 'other' pots are still a learning curve. Most used is the extra-curricular pot for sure! Birthday pot is going to take a hit shortly as it's my youngest's 5th birthday in September and we have planned a farm party for 25 children. But again, at least we have the money put aside. It's getting the balance between paying off the debt and still being able to live. I'm very fortunate that we are able to do that.

Middle_Aged_Guy · 28 July at 10:58PM

Its always good to reflect back on your progress and what you've learnt!
Having the pots in place to be able to cover future spending is such a game changer, this has been a huge help on my debt journey so far. Looks like its working for you too and feels so good knowing its covered.

You are doing great

Debtfree2026 · 5 August at 10:46AM

Feeling a bit deflated today!

Not sure why really, so thought I'd pop on here. This post is very 'woe is me' so bare with my thought process........

I guess it's really down to the one thing that I can't change - time. I spend £959.29 a month on servicing my two remaining debts and I just can't wait until that money is available and can actually be put into savings/mortgage overpayment. My credit card debt is due to be paid off by next year which is actually really good, considering I've had it for 10+ years - but I just want it to be gone! I want to live my life without it hanging over me! I just feel like it's overwhelming at this point.

So here's my sanity check. It isn't overwhelming. I am in a fortunate position where I am paying it back and whilst the extra cash would definitely be better spent elsewhere it could be a lot worse. This 'journey' (sorry we all hate that!) is about a lot more than paying off the debts - it's forming new habits, recognising mistakes we've made, and learning about financial freedom. A year ago I couldn't tell you how much we had going out in bills a month, or how much I spent on groceries - now I know exact figures. I am in control. That is improvement. And my debt figure in a year's time is going to look very different and I'm going to refer back to this post then!! And in two years time it will be completely gone.

Right, enough of this - metaphorical kick up the backside given, let's get on with the day! Sunny day here in Surrey, washing on the line, kids playing nicely. We got this!!

Debtfree2026 · 16 August at 9:20AM

Morning all, kids still in bed so enjoying some quiet time and catching up on the diaries with my coffee!

Been spending a little but still putting it all on spreadsheets so I know exactly what we are spending in different areas. I hate seeing the pots go down but that is what they are there for! I booked the theatre tickets for my daughter's 10th birthday in December. I discussed it with her and as she isn't having big class parties anymore I told her she could have one friend to take to the theatre and then sleepover that night. She loves Zizzi's but we don't have one close enough to use really so I've also booked that for a nice meal before the theatre!

We have also had some work done on the house; I don't want to be spending loads on the house as we don't intend on living here forever (maybe a couple more years) but we want it to be nice to live in - plus I had a leak in our downstairs toilet so had to get that looked at. We've had our front driveway completely weeded, re-sanded and sealed and our front steps re-tiled with a lovely patterned tile. So our house looks very smart and of course, will benefit from the 'kerb appeal' when we do come to sell!

I really do need to declutter the kid's toys - it's driving me mad. We have just acquired so much stuff over the years, and their birthdays and Christmas are coming up rapidly. The youngest is going to be 5 so I'm trying to get rid of some more 'babyish' bits but of course she finds them and declares that she 'still loves 'in the night garden' and teletubbies' !!! Which she hasn't watched in years!

Right, a bit cooler today so I think I'll get the girls out the house and to the local park for a decent run-around!

in_need_of_direction · 16 August at 9:55AM

I always struggle with the middle third of any process. First third I’m fired up and can see any progress as a win, final third the end is in sight, middle bit is a slog. Looking at your debt figures, that’s roughly where you’re sitting. What helps me is not to look to the end but to aim for target percentages that way I get some sense of achievement. As you’ve said, the debt was a way of living for a lot of years. You’re doing so well tackling your mindset as well as the debt.