Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

VAP_Driver said:

The thing you may not have given yourself enough credit for is, just by realising there is a problem and committing to do something about it, you took the first step. And that’s by far the hardest one to take, because it’s the easiest one to not take. That one step is such a big one, it took you halfway up the hill.

You’re absolutely right. You’ve got this.

I totally agree, i have made BIG changes in my life recently and faced up to my problems with money and other things and now im tackling them and starting to put them right. Im looking forward to the future and the finish line when my debts are paid. Every day is a step closer to the end. 

Tezzadp

No money spent today - Although i have used about £10 worth of fuel (that i have previously bought) today going to watch my daughter play football, around a 70 mile round trip. Which makes me feel a little guilty, but i did avoid paying £2 parking fee by parking further away and walking, rather than using the car park, so that made me feel a little less guilty. 

No direct debits today as its the weekend.

Another positive bit of news that i forgot to mention on Thursday was the 0.25% reduction in interest rates, down to 4.50% now. Currently it looks like these reductions will continue throughout the year with outlooks giving predictions between 3.50-3.75% by the end of the year. This is very good news for me having my mortgage renewal in June next year. Hopefully even further reductions will continue into next year aswell. I will be keeping a close eye on it for sure. 

Dept Payments

Hastings loan daily payment : £1.43 (total paid so far this month* £13.85) - leaving a final payment of £61.56 in Jan 2028 (36 monthly payments) = Balance outstanding now £2659.12

*This month refers to 31st Jan until today, and will run until 27th Feb (the day before pay day

VAP_Driver

Already since my last post two days ago, you’re just that little bit closer. And you’ve watched your daughter play football, which is good. So it’s not all just the grind of trying to save, which is important to make it sustainable.

If it gives any comfort, due to some very lucky timing, my mortgage is in a 5-year fixed period, at 0.99%. Even if mortgage rates do continue to fall at a similar speed, my remortgage is still going to be very painful in comparison. So I’m equally keeping my fingers crossed that they do keep that downward trend, both for you and for selfish reasons, too!

Tezzadp

No money spent today

Direct debits

Virgin CC monthly DD £25.00 (Total paid so far this month*  £82.00. Leaving £1045.00 left to pay)

Dept Payments

Hastings loan daily payment : £1.44 (Total paid so far this month* £15.29) - leaving a final payment of £59.67 in Jan 2028 (36 monthly payments) = Balance outstanding now £2657.68

*This month refers to 31st Jan until today, and will run until 27th Feb (the day before pay day)

Tezzadp

VAP_Driver said:

Already since my last post two days ago, you’re just that little bit closer. And you’ve watched your daughter play football, which is good. So it’s not all just the grind of trying to save, which is important to make it sustainable.

If it gives any comfort, due to some very lucky timing, my mortgage is in a 5-year fixed period, at 0.99%. Even if mortgage rates do continue to fall at a similar speed, my remortgage is still going to be very painful in comparison. So I’m equally keeping my fingers crossed that they do keep that downward trend, both for you and for selfish reasons, too!

Yep i'm edging closer every single day, counting down the days until the end of the year and debt freedom hopefully

You got a great interest rate of 0.99% on your mortgage there. mine is a little higher at 1.63%. Hopefully they will come down to around the 3% mark at least for us both. Not ideal but better than 4 or 5%+ that it could have been. 

VAP_Driver

The continents of Africa and South America were once connected. Although the theory of Continental Drift was first put forward in 1912, it was only in the 1960s that it became widely accepted by academics. The annual rate of drift between the two was calculated at around 40mm, but geophysicists dismissed it from explaining how the two countries were once one. The Atlantic Ocean is vast, after all. However, if you add that small drift up over the 200 million years, then it roughly equals the 1600 miles distance found between the two today.

The obvious point I’m trying to make is that what seems to be a very little change, given time, can have a massive effect. Every little deposit paid off your Hastings loan, every NSD, every DD that goes through, is making a difference. The change mightn't always be perceptible, but each day the earth is shifting beneath your feet, and great changes are occurring. And just like the two continents, given some time, then you’ll be standing in a very different place to where you are now.

Sorry if I keep banging on. I don’t mean to, it’s just that these were the things that I used to tell myself, to give me perspective, focus and motivation (and hope!) when I was on my own debt journey. So I’m just hoping they may be of some slight use to you on yours.

Tezzadp

Tuesday is my food shop day again i managed to stick within my budget of £30-£40 and spent £31.16 this week. 

No other direct debits today

Dept Payments

Hastings loan daily payment : £1.45 (Total paid so far this month* £16.74) - leaving a final payment of £57.69 in Jan 2028 (36 monthly payments) = Balance outstanding now £2656.23

*This month refers to 31st Jan until today, and will run until 27th Feb (the day before pay day)

Tezzadp

VAP_Driver said:

The continents of Africa and South America were once connected. Although the theory of Continental Drift was first put forward in 1912, it was only in the 1960s that it became widely accepted by academics. The annual rate of drift between the two was calculated at around 40mm, but geophysicists dismissed it from explaining how the two countries were once one. The Atlantic Ocean is vast, after all. However, if you add that small drift up over the 200 million years, then it roughly equals the 1600 miles distance found between the two today.

The obvious point I’m trying to make is that what seems to be a very little change, given time, can have a massive effect. Every little deposit paid off your Hastings loan, every NSD, every DD that goes through, is making a difference. The change mightn't always be perceptible, but each day the earth is shifting beneath your feet, and great changes are occurring. And just like the two continents, given some time, then you’ll be standing in a very different place to where you are now.

Sorry if I keep banging on. I don’t mean to, it’s just that these were the things that I used to tell myself, to give me perspective, focus and motivation (and hope!) when I was on my own debt journey. So I’m just hoping they may be of some slight use to you on yours.

No need to be sorry, you're not banging on, these analogies are great motivators and useful encouragement to keep going. Since starting this forum diary and paying little amounts each day and then adding it up at the end of the month its really surprising how much it all adds up and its totally worth it and i can finally see the finish line in the distance. Doing it this way, with small increasing payments, helps me to stay focused and concentrate on paying my debts but also not overstretch my own budget at the same time.

 I have set my own little goals of trying to pay off my Virgin card before the 0% offer comes to an end in Sept and then also to pay off my Hastings loan before June 2026. I will have to transfer the Tesco CC to another 0% card before that promo expires in Oct this year. Im hoping to also now get that paid off before June next year if i can. Im doing better than i expected so i should in theory get all this paid off in time with a few months to spare but i havent had any months with any big expenses like xmas, car MOT, car insurance, Big birthdays or any unexpected bills yet that could set me back. Im hoping the money i put into my emergency/spare bank account will cover all these when they arise throughout the year but we will see. 

Tezzadp

          

VAP_Driver

Whilst it’s always important to have your end goal, I also found having smaller, more short term goals really important to stop me feeling too disheartened and overwhelmed.

The other great ‘revelation’ I found during my own journey is once you’ve started to turn things around, and have a bit of breathing space with a small emergency fund set aside for unexpected bills, it seemed to me that the unexpected bills occurred a lot less. Obviously, it’s just a matter of perception and positive reinforcement, but if ever I knew I couldn’t afford a big bill to come out of nowhere, then I could guarantee that would be the time that I would get a flat tyre, or the central heating would stop working. As soon as I had a buffer, then it didn’t seem to happen half as much.

It’s like they could smell the fear.