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Hopefully debt free before Mortgage renewal in June 2026
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So today is the end of my accounting month 6 of paying my debts back on here. I started with my salary of £1829.91 and £21.31 left in my bank account from the previous month.
I now have £377.01 left in my account. So i have just made my monthly lump sum payment of £350.00 to my Natwest CC bringing the balance now down to £3267.87
Debts summary :
Debt balances when i started posting on this forum on 6th Jan
Hastings Loan £2962.60
Virgin CC £1230.00
Tesco CC £2273.00
Total £6465.60
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Debt balances at the start of this month (June)
All debts moved (in April) to Natwest 12 month 0% CC £3844.98
Total £3844.98
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A summary of payments this month :
Total daily payments = £83.08
Total Weekly payments = £100.00
Lump sum payment = £350.00
Monthly DD = £44.03
Total payments = £577.11
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My end of month total outstanding debt is now £3267.87
Reduced by £3197.73 since 3rd January
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Savings/Emergency account payments this month :
Previous balance £427.50
This months payments +£200.00
Sisters birthday -£49.35
Jimmy Carr Tickets for September (Treat) -£85.95
End balance £492.20
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Summary :
As you can see i am very very close to paying off 50% of my debts now with 49.4576% now paid off since i started on Jan 3rd. I didnt think i would be able to get near the 50% mark this month so im pleased with that. The aim this month was to get under the £3400 figure which i have managed so im happy about that. Next months aim will be to get under the £2800 figure if possible.
Also the average payment for the next 9 months has come down to under £365 a month to get it all cleared within the 12 month interest free period on my Natwest CC. I am hopeful that i can continue to pay off as much as possible and bring this average monthly payment figure down and hopefully get it paid off in 6 months and if possible by xmas day which would be amazing.
As you can see i paid almost a third of my monthly salary on paying off my debt this month (31.5376%) With a lot of self discipline and consistency it all adds up and gets the debt paid off as soon as possible.
That is basically it for this month. Im happy to get almost to the 50% mark, i will definitely get past that figure in the next week or so with my daily and weekly payments. This month was a 5 friday month which meant more payments into my savings account than a normal month, but my monthly CSA payment this month is coming out of my account tomorrow, as the payment is due on the 28th of the month, so this means next month will include 2 CSA payments in the same accounting month, which will mean less money to go towards debt payments.
Also this month, with a lot of help from the lovely people of this forum i have done some cooking and meal prep which has led to a healthier diet and fuller belly and freezer. So thanks to everyone for the help with the cooking, i will definitely be doing more and more.
Thanks to everyone over the last month for all your kind words, encouragement and support.... on to next month
Debts on Jan 6th 2025
Tesco Credit card 0% = £2273
Virgin Credit Card 0% = £1230
Hastings Loan 12.70% = £2962.60
Total = £6465.60
Natwest CC £2757.31 - 30/07/252 -
Just a quick update on another matter......
From the 1st of July my job role at the company i work for will change. I'm still on the same hourly wage (min wage) but i will no longer work weekends at all. Before i used to work 4.5 hours every other Saturday (roughly 9 hours a month - or 9.75 a month if you work it out over the year and divide my 12) so i will lose this amount from my salary. But it will roughly be the same amount i was living on before the minimum wage increase in April anyway.
I applied for a much easier, stress free role, which i think is better for my mental health and in the long term, when my debts have been paid off, i am able to do things on my weekends off without having to worry about if im working on the Saturday morning that weekend or not. I have been doing the job for the last 2 weeks or so as the person i am replacing has already left and i am a lot happier at work and feel a lot better in myself so i think the loss of the 9 odd hours over the month is worth the sacrifice. It may take me a little longer than planned to get my debts paid off because of this but i dont mind as after they are paid i can enjoy my weekends to myself and a stress free life at work every day.
So next months salary will be slightly less than it was.Debts on Jan 6th 2025
Tesco Credit card 0% = £2273
Virgin Credit Card 0% = £1230
Hastings Loan 12.70% = £2962.60
Total = £6465.60
Natwest CC £2757.31 - 30/07/253 -
You are doing brilliantly. You seem to be more or less on track to clear the debt by January 2026 so the mortgage increase won't be so painful. Apologies if things have moved on since your first post. I have not read the whole diary. Good call on the savings too and for the treat to the tickets. Good news on job change too.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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 emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80001 -
I agree the person you are becoming is unstoppable.
Payday for you tomorrow. Will it also be time for a signature update or are you waiting till you get to a certain point?1 -
@enthusiasticsaver Thank you. Im getting there slowly. Hopefully by Xmas i will have it all cleared.
@Spendless Thanks. Sorry i always forget about the signature part. My original intention for it was just to have the start debts there to remind me where i started at the beginning of the year. But i have updated it now to show the current debt total.Debts on Jan 6th 2025
Tesco Credit card 0% = £2273
Virgin Credit Card 0% = £1230
Hastings Loan 12.70% = £2962.60
Total = £6465.60
Natwest CC £2757.31 - 30/07/250 -
You are doing really well and being able to move jobs even with a slight cut in salary just reinforces the good things that can happen when debt is gone and instead of paying a third of you salary (ie working more than a week of the month, every month) to give straight to other people, soon you'll be able to give that to yourself every month.
Well done
Dxx22: 3🏅 4⭐ 23: 5🏅 6 ⭐ 24 1🏅 2⭐ 25 🏅 🥈 Never save something for a special occasion. Every day is a special occasion. The diff between what you were yesterday and what you will be tomorrow is what you do today Well organised clutter is still clutter - Joshua Becker If you aren't already using something you won't start using it more by shoving it in a cupboard- AJMoney The barrier standing between you & what youre truly capable of isnt lack of info, ideas or techniques. The secret is 'do it'2 -
Little terror found a friend this morning.... chasing it around the garden
(i did catch it and let it go in the some grass beside a brook)
Debts on Jan 6th 2025
Tesco Credit card 0% = £2273
Virgin Credit Card 0% = £1230
Hastings Loan 12.70% = £2962.60
Total = £6465.60
Natwest CC £2757.31 - 30/07/252 -
A positive end to June with paying off 50% of your debt, a new job, meals in the freezer, treats and I think you must also be celebrating six months of being alcohol free.That's a lovely picture of your dog and the frog.2
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Gorgeous pupper22: 3🏅 4⭐ 23: 5🏅 6 ⭐ 24 1🏅 2⭐ 25 🏅 🥈 Never save something for a special occasion. Every day is a special occasion. The diff between what you were yesterday and what you will be tomorrow is what you do today Well organised clutter is still clutter - Joshua Becker If you aren't already using something you won't start using it more by shoving it in a cupboard- AJMoney The barrier standing between you & what youre truly capable of isnt lack of info, ideas or techniques. The secret is 'do it'1
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The way he raises his eyebrows is beyond cute.Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 12st determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 100% through my pb challenge.1
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