Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

No money spent today
No direct debits today

Debt payments

Hastings loan daily payment : £1.63 (Total paid so far this month* £3.25) - leaving a final payment of £47.78 in August 2027 (30 monthly payments) = Balance outstanding now £2265.01

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

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Cara_

That's an excellent update. 

I've done a quick calculation based on your figures - please view them with caution as I don't have all your figures to hand. When you made the £300 overpayment to your Hastings loan, it was on day 61 since you started the daily payments. I've calculated that this has taken you to day 286 had you just continued making the daily and regular monthly payments. If, during the next few months, you only make the daily and monthly payments, then on day 286 your balance would be under £1,000. This means you are 225 days in front of where you would have been which is fantastic progress.

As I said, this is just a quick calculation and it might not be accurate but it does give you an idea of how much further ahead you are in paying off this loan. I know you said progress might slow down but reducing the balance while you can has given you some breathing space for when you have other commitments and the overpayments slow.

Tezzadp

So today i spent £27.64 at Home Bargains, mainly on dog food that will last over a month, i still feel a bit guilty for spending any money but needs must sometimes i suppose.

No direct debits today

Debt payments

Hastings loan daily payment : £1.64 (Total paid so far this month* £4.89) - leaving a final payment of £45.84 in August 2027 (30 monthly payments) = Balance outstanding now £2263.37

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

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Tezzadp

VAP_Driver said:

We all develop little strategies or mindsets, to help us try and reach our debt-free goals (and hopefully, beyond). One of mine was not to think how much things cost, but how much I had to actually earn to pay for them.

For example, to buy something that costs £100 pounds, then I’d have to actally earn about £145-150 pounds; thinking of that helped me turn a ‘must have’ into ‘would like to have’ to ‘not worth the effort’ very quickly.

It worked for me, you might find it useful too. Or maybe not!

I always think like this when im out in the shops, thats why i hardly ever spend any money because most things i look at are not worth the amount of time it would cost to earn that money, just to waste it on an item that i probably dont need. And the money is better spent on my debts right now. Maybe in the future i will be able to afford things that i don't need to survive, as little treats.

Tezzadp

Cara_ said:

That's an excellent update. 

I've done a quick calculation based on your figures - please view them with caution as I don't have all your figures to hand. When you made the £300 overpayment to your Hastings loan, it was on day 61 since you started the daily payments. I've calculated that this has taken you to day 286 had you just continued making the daily and regular monthly payments. If, during the next few months, you only make the daily and monthly payments, then on day 286 your balance would be under £1,000. This means you are 225 days in front of where you would have been which is fantastic progress.

As I said, this is just a quick calculation and it might not be accurate but it does give you an idea of how much further ahead you are in paying off this loan. I know you said progress might slow down but reducing the balance while you can has given you some breathing space for when you have other commitments and the overpayments slow.

Wow when you look at it like that, it makes all the effort of trying to save every single penny i can in these early months worth all the effort indeed. Yep ive definitely got some extra time now ive paid off a bit more these last couple of months. I know i wont be able to pay off as much in the later months of the year as i have things i need to pay for then so money will be a lot tighter then, so paying as much as i can early on was vital, I will continue to pay as much as i can off each and every month to get all this paid off as quickly as possible.

Thanks for an insightful and encouraging comment 

VAP_Driver

Tezzadp said:

So today i spent £27.64 at Home Bargains, mainly on dog food that will last over a month, i still feel a bit guilty for spending any money but needs must sometimes i suppose.

No direct debits today

Debt payments

Hastings loan daily payment : £1.64 (Total paid so far this month* £4.89) - leaving a final payment of £45.84 in August 2027 (30 monthly payments) = Balance outstanding now £2263.37

*This month refers to 28th Feb to 30th March (the day before pay day)

Please try not to feel guilty spending money. Because like it or not, you’re going to have to continue to spend money for the rest of your life on both needs and wants. And a life full of guilt and little joy is one that is worth little, no matter how much you save. 

Instead, make a conscious effort when you’re spending, to feel confident that your spending is considered, controlled, and generally in keeping with your overall goals. Someone on a diet should never stop eating all foods that they enjoy. Instead, they should be taken in moderation and not in binged in an act of weakness, because there lies they way to both appreciation and satisfaction.

Tezzadp

No money spent today

Direct debits
EON electric bill £50
DVLA car tax £16.67
TV licence £15.00
Mortgage £517.72

Debt payments

Hastings loan daily payment : £1.65 (Total paid so far this month* £6.54) - leaving a final payment of £43.89 in August 2027 (30 monthly payments) = Balance outstanding now £2261.72

I have a feeling i may have paid this daily payment twice again by mistake. It said it had failed so i did it again but then i checked my bank and it had come out of my account twice. So i will have to see if it appears on my Hastings payments in a couple of days and adjust my figures accordingly.

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

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