I made it!!

jimster999 · 9 May 2008 at 1:06AM

Well I've been planning this thread for over 2 years now...and it feels sooooooooooooooo goddamn good to finally post it. :beer:

In short - I'm no longer a "debt free wannabe"; I'm just debt free, plain and simple. And it feels so sweet. So to those of you who aren't there yet - I feel your pain, I sympathise and I promise that you will get there in the end, no matter how long or painful the road ahead seems. And the longer it is, the more satisfying it is when you reach the end.

Brief summary of me:

In 2004 I took out a professional studies loan for £15,000+ after finishing uni but before starting post-grad studies. In 2005-6 I took a gap year after studying for so long, and started work in Feb 2006. Not really my lightbulb moment, but it was the highest point of my debt (£27,000+). Seems unbelievable it was so high. Each month I paid down a chunk and felt glum that I still had no money of my own when all my better-off friends were saving money and buying nice things.

Anyway, 30 days ago, I paid off the final £800 and...I'm debt freeeeee!!! Woohooooooo!!!!!

There are a few caveats: I have now jumped into stoozing (not "real" debt though) plus I use my 0% overdraft and credit cards (full repayment each month mind!) to maximise my interest earnings. I still have a big government student loan, which is taking five hundred pounds A MONTH from my salary, (and will be for the next three years or so) but again that's really a tax so I don't count it. So I still owe banks money, it's just that I'm earning interest on it, not them :rotfl:

How I did it:
Primarily - working and frugality! But also matched betting (earnt a couple of grand) and lots of minor things like the odd cashback site etc.

The best bit: I've effectively just given myself a salary rise of 100%. It's an amazing thought that the money coming in which would have gone on interest payments is now mine. All mine! Muhahaha. And that I'm no longer spending "borrowed" money. Food tastes so much sweeter when you know the money you used to pay for it belongs to you

Only warning: last month I felt a bit *too* liberated, and managed to spend most of my first month's "debt free salary" before I'd earnt it :eek:

But that's just a one off (and it included the massive treat of buying a car, which I've wanted ever since I started work - and it was a 10 year old, VERY cheap one at that which I plan to sell for 0% loss in 12 months).

Oh and second warning: I've now become an evagelical money saver and have to watch myself when I start sprouting off at work about how I'll open a savings account just to get £15 cashback and I notice people looking at me a bit oddly!

(Post Office + Quidco by the way, if anyone's interested :rotfl: )

Hope I don't seem to be wallowing in my own glory, but I guess that's what I'm doing. So go me!

PS Also I haven't posted much on this site, but I also have a different much-more active username (which my friends know about and therefore I didn't want them to be able to read my mundane debt ramblings hence this less-prolific version of me). But needless to say this site has been a massive support and a source of endless cash-generating ideas. So thanks y'all - and may future generations of debt-free wannabes get inspiration from the lovely people who spend their time here helping others. :A :A :A

I'm off to bed now as have been doing this for far too long. Apologies for any rambling, and goodnight. :cool: