Hopefully debt free before Mortgage renewal in June 2026

Spendless

You are doing soooooo well. It's a long time since I subscribed to a diary which was making such fast inrods in paying debt back and I don't think I've read one before where it's a single householder on a low income doing this. 

Reasons why you might have had some extra cash to throw at the debt this month. There's been 2 bank hols so maybe you've spent a little less in petrol if you've been at home rather than going to work.  The daily amounts are creeping up giving a cumulative affect. You've earnt a little more due to the increases in NMW from beg of April.   

Tezzadp

Lots to update today ....

I had to go to Tesco on the way home from work today to get my sister a card as its her birthday tomorrow. I got a card, some chocolates and a bottle of wine which came to £19.35. I also put £30 into her card, giving a total of £49.35. I will take this amount out of my Emergency/savings account as its a one off payment and not a regular expense. 

Friday is also the day my standing order for £40.00 goes into my Emergency/savings account.

So with the £49.35 coming out of and the £40.00 going into this account, the balance now stands at £418.15

Debt payments 

I had forgotten that when i opened my Natwest Credit card account i set up a direct debit for the minimum amount to be paid monthly (i thought i left the payments as zero, as i knew i would be paying more than the minimum each month anyway). Today this amount came out of my bank to pay towards the CC. This was £44.03

Natwest CC Weekly payment £18.00 (I pay an additional £1 every week until the debt is paid). Total weekly payments paid this month £18.00.

Natwest CC Daily payment £2.53 Total daily payments made this month £2.53

Total of all Natwest CC payments, including weekly and monthly payments made this month £64.56 leaving a balance of £3780.42

*This month refers to 30th May to 29th June (the day before pay day)

Tezzadp

Well it is only day one of my financial month and i have already paid off another £64.56 towards my debt, bringing it down now to £3780.42 which is 41.53% of my total debt paid off. I forecast this month, because i have one extra weekly payment towards my CC and also into my savings account (as its a 5 friday month), my daily payments are growing and i have made an additional monthly payment to this CC, my end of month lump sum payment wont be as large as last month, but we will see. 

Also you can see that i have updated the number of months remaining to 9 (which is the number of months until the 12 months 0% CC promotion comes to an end) which increases the average payment back up to £420.05 but this does not include this months payments, the 9 months are the following 9 months. So with this months payments to come, this figure should decrease by the end of the month. 

Tezzadp

Spendless said:

You are doing soooooo well. It's a long time since I subscribed to a diary which was making such fast inrods in paying debt back and I don't think I've read one before where it's a single householder on a low income doing this. 

Reasons why you might have had some extra cash to throw at the debt this month. There's been 2 bank hols so maybe you've spent a little less in petrol if you've been at home rather than going to work.  The daily amounts are creeping up giving a cumulative affect. You've earnt a little more due to the increases in NMW from beg of April.   

Awww thanks soo much, it means a lot to hear such nice comments, thank you. I was thinking about that last night actually, so much so i did a little table (see pic). This month I managed to spend 31.87% of my monthly net salary on payments towards my debt. That is almost one third of my minimum wage job going towards paying off my debt, even though i live alone and have all of my household bills still to pay and have been paid. If i do say so myself i think that is pretty damn good. Some people in a couple with 2 incomes but one set of household bills struggle to pay that much sometimes. Don't get me wrong, i have made lots of sacrifices and live on the bare minimum but it just shows, if you are focused and determined enough, you can do it. 

Yes i think you are right, the minimum wage increase has helped me out alot this month, along with the bank holidays like you say. Also i havent been travelling to watch the daughter play football much this month as the season is now over, and also i haven't seemed to have spent as much on food as i have in previous months for some reason. Hopefully i can continue to make good progress until it is all paid off. I was thinking last night, christmas day would be a good target to get the whole debt paid off for, and be a nice xmas gift to myself. It is 209 days or just under 7 months away. I will try and aim for that. 

Thanks again for your kind encouraging comment 

daisy_1571

Xmas day is a great day to aim for 

Dxx

Tezzadp

No money spent today
No direct debits today

Natwest CC Daily payment £2.54 Total daily payments made this month £5.07

Total of all Natwest CC payments, including weekly and monthly payments made this month £67.10 leaving a balance of £3777.88

*This month refers to 30th May to 29th June (the day before pay day)

Tezzadp

Today is the last day of May which marks 5 months without Alcohol. Making sure every penny possible goes towards paying my debts   

Tezzadp

No money spent today
No direct debits today

Natwest CC Daily payment £2.55 Total daily payments made this month £7.62

Total of all Natwest CC payments, including weekly and monthly payments made this month £69.65 leaving a balance of £3775.33

*This month refers to 30th May to 29th June (the day before pay day)

doingitanyway

You are making amazing progress. Don't forget to factor in occasional treats for yourself.

Tezzadp

No money spent today

Direct debits

Mortgage £517.72
TV Licence £15.00
Car Tax £16.62 ..... I hate paying this every month  My next car will be £20/£30 a year tax or even better £0
E.On Electric £50.00

Natwest CC Daily payment £2.56 Total daily payments made this month £10.18

Total of all Natwest CC payments, including weekly and monthly payments made this month £72.21 leaving a balance of £3772.77

*This month refers to 30th May to 29th June (the day before pay day)