Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

No money spent today

Direct debits : 

Hastings Loan monthly payment £89.02 (some of this is interest hence why the full amount doesnt come off the total outstanding figure below) 

Debt payment

Hastings loan daily payment : £1.25  - leaving a final payment of £31.15 in May 2028 (40 monthly payments) = Balance outstanding now £2883.33

Tezzadp

No money spent again today 
No direct debits today

Debt payment

Hastings loan daily payment : £1.26  - leaving a final payment of £29.25 in May 2028 (40 monthly payments) = Balance outstanding now £2882.07

Tezzadp

No money spent today

Friday means £40 standing order into my emergency fund account

No Direct debits today

Debt payments :

Virgin CC weekly payment £27.00 leaving a balance of £1127.00

Hastings loan daily payment : £1.27  - leaving a final payment of £27.34 in May 2028 (40 monthly payments) = Balance outstanding now £2880.80

Tezzadp

No money spent today and no direct debits today as its the weekend

Debt payments

Hastings loan daily payment : £1.28  - leaving a final payment of £25.46 in May 2028 (40 monthly payments) = Balance outstanding now £2879.52

Tezzadp

No money spent today again and no direct debits today 

Debt payments

Hastings loan daily payment : £1.29  - leaving a final payment of £23.56 in May 2028 (40 monthly payments) = Balance outstanding now £2878.23

Tezzadp

It's getting towards the end of the month, (pay day is the last working day of the month), so im kind of excited to get to pay off a bigger chunk of my Hastings loan with what i have managed to save by living on as little money as possible this month. To see how much i can i bring the length of the loan down by. Ideally id want the payments down to be cleared before June 2026 when my mortgage is due for renewal. 

Last food shopping day of the month tomorrow, hopefully i can spend under my £30-£40 target again. 

No money spent today
No direct debits out the bank today

Debt payments

Hastings loan daily payment : £1.30  - leaving a final payment of £21.58 in May 2028 (40 monthly payments) = Balance outstanding now £2876.93

Tezzadp

So, food shopping today i spent a total of £28.80 which is below my £30-£40 weekly amount i like to aim for, so im happy with that

Direct debits today :
 
CSA monthly payment £71.20

Car tax £16.68 - i thought the first payment was going to be at the beginning of February but looking back at the email, the first payment is today and all other payments come out near the beginning of each month, starting in February. 

Debt payments

Hastings loan daily payment : £1.31  - leaving a final payment of £19.68 in May 2028 (40 monthly payments) = Balance outstanding now £2875.62

Tezzadp

No money spent today again and no direct debits today 

Debt payments

Hastings loan daily payment : £1.32  - leaving a final payment of £17.70 in May 2028 (40 monthly payments) = Balance outstanding now £2874.30

Tezzadp

No money spent today again and no direct debits today 

Debt payments

Hastings loan daily payment : £1.33  - leaving a final payment of £15.77 in May 2028 (40 monthly payments) = Balance outstanding now £2872.97

Tezzadp

So, as its payday tomorrow and i have managed to get through the month and save money by literally living hand to mouth. I have managed to have a balance of £212.13 in my bank account

 I have just this second used it to make a £200 payment off my Hastings Loan  bringing the balance owed down to £2672.97 and leaving a final payment of £80.36 in Jan 2028 (36 monthly payments) - which has wiped off 4 months payments that i no longer have to pay, and saved me almost the same as my payment in interest    


Monthly Summary for January (these will be rough figures as i only started posting on here on 6th Jan so it won't be a full month of figures. Also my figures are payday to payday (last working day of the month) so as its payday tomorrow, 31st Jan will be in Februarys figures) :

Debt starting balances (6th Jan) 

Hastings Loan  £2962.60
Virgin CC £1230.00
Tesco CC  £2273.00

Total £6465.60


Total amounts paid off the above balances (from 6th Jan) : 

Hastings Loan £319.27 (£29.64 of this amount is interest - so not the full amount will come of the outstanding balance) 
Virgin CC £103.00
Tesco CC £55.00

Total paid £477.27


New outstanding balances : 

Hastings Loan £2672.97
Virgin CC £1127.00
Tesco CC £2218.00

Total £6017.97

(£447.63 of the total amount paid has been paid off the outstanding debt. £29.64 has been paid as interest on the Hastings Loan. But as i pay this off, more and more will be saved in future interest payments before it is paid off in full)  Over the full month, from last payday (31st Dec 2024) i have made numerous other payments to these debts but i haven't included them in these figures as i have only counted the amounts made since i started my journey on this forum - 6th Jan 2025. So next month will be the first full month (payday to payday) of figures, which will give me a better idea of how much i have paid during a full month.

I have also made 3 payments (every friday, 10th, 17th & 24th) of £40 each, £120 in total, into my emergency funds/savings account bringing the total in that account to £324.50

So, with my £28 Virgin CC payment that im due to make tomorrow (i make a payment every friday) this will bring my total amount of debt below the £6,000 mark, which can only be a positive and a good phycological boost to continue the money saving and debt paying exercise. 

Based on the figures above during my first month, i have good confidence in myself that if i can continue the way i have started i should be in a good position to clear the majority of these debts before my mortgage is due for renewal in June 2026