Debt Free By 29!!!

lucy-lou · 12 October 2016 at 12:24AM

Evening all,

I am new to all this but have been stalking the debt free wannabe diaries for a couple of days now and feel that after a number of years of believing I had had a light bulb moment (but never making any inroads into my debt) I finally realise I have to clear the debt I have to move forward with my life .... time to grow up!!

I have been incredibly lucky over the past year I am a retail manager who got out of BHS 1 year ago (before the collaspe) and now earn 50% more but still haven't paid down the debt.

I live with my parents so have no outgoing as such just fuel and normal car expenses. I know that my downfall is holidays (at least 5 per year) and socialising.

I have had a help to buy ISA since December 2015 and pay in the full £200 each month and my parents gave me the £1000 to open it with (think otherwise they think I will never leave

). I pay no rent as long as I can show that £200 going into the ISA every month so can't change this to debt payments.

So I turn 29 in 6 months and HAVE to be debt free by this date (March 2017) so that I can focus on saving additional money to buy a property of my own! I don't want to hit 30 still in debt and have no plans/way to leave home

.

So here goes my debts laid out:
Barclayc@rd 1 = £976.90 @ 23.9%
Barclayc@rd 2 = £1865.10 @ 0% till October 2017
N@tionwide = £1156.45 @ 0% till April 2017
Total = £3998.45 :eek:

Now for a plan!!!

mobo1980 · 12 October 2016 at 7:26AM

Hi Lucy-Lou !

I cleared my debt and got my mortgage finally at 34 , best thing I ever did ! However debt is on the up again

Good luck with the debt busting / saving

Mobo xx

lucy-lou · 12 October 2016 at 10:33AM

Hi Mobo,

Thanks for the reply, it definitely helps to hear/read other people's success stories! Feel like most of my friends have already achieved home ownership so now realise I wasted so much money I should have saved. Anyway onwards and upwards.

Lucy-Lou x

lucy-lou · 12 October 2016 at 10:45AM

So....

I have spent some time looking at my account and seeing what spare money I have until payday (2 weeks today not that I am counting!).

I have kept myself £200 back to spend on socialising, beauty etc (£100 per week, not sure if this is excessive?).

I am also going away on a european city break at the end of the month (just before payday and have kept back some money in savings to cover spending money whilst I am away - see I know holidays are my downfall!). I already piggy bank money for fuel into a separate account so all fuel costs are also covered. As a result I have paid off:
£0 on N@tionwide leaving £1156.45
£750.90 on Barclayc@rd 1 leaving £226
£90.10 on Barclayc@rd 2 leaving £1775
Total remaining £3157.46

I am going to aim for a payment a day just to keep lowering those balances I will get there!

Finding it so helpful to write all this down. Feel like I have to prove to you all and myself that I can do this!!

mobo1980 · 12 October 2016 at 10:50AM

I know what you mean , I love reading peoples success stories on here

very motivating !

I wish I could turn back time to when I was 18 and not get that first loan , but it's all spilt milk now !

You must be really looking forward to kicking the debts a** and starting the next chapter of your life

It's amazing and well worth the hard work !

Mobo xx

lucy-lou · 12 October 2016 at 10:56AM

Right so having just completed my last post my OCD with numbers not being round kicked in!! Therefore I have just made my PAD for today!

£6.45 on N@tionwide leaving £1150.00
£1.00 on Barclayc@rd 1 leaving £225
£0 on Barclayc@rd 2 leaving £1775
Total remaining £3150.00

This us much better! Can't wait for payday and for the debt to drop below £3,000.

I will not spend on the cards, I will not spend on the cards!!!!

lucy-lou · 12 October 2016 at 11:08AM

I only got my first credit card as we were targeted with how many we opened each week at work and we're 1 short one week and said I would do it :mad: think I was 20 at the time. I said I would never use it but a £5000 limit was far to tempting for someone so young. I knew I would have to pay it back - but thought it was so worth it for the reward vouchers I received - so stupid!!!

Anyhow that's how I got into this cycle now to get myself out!! I haven't increased my balance in 2 years but it hasn't gone down either everything I pay off ends up going back on (holidays, gig tickets, nights out, clothes, presents etc) I must stick to my £100 a week and I will get there.

Chrism899 · 12 October 2016 at 11:32AM

I'm 27 and have now had a mortgage for a year. Just over 4 years ago I had debts in excess of 15k, funnily enough they were from socialising and holidays, but I was young so didn't really care.

Back to the point, I paid all my debts off with hard work, earning only 21.5k a year.
And what might surprise you is I haven't been on holiday with the lads or the mrs for 4 years.

It's all about priorities, crack on going on holiday and socialising but paying £1 off a credit card isn't going to get you anywhere very fast!

Fivebyfive · 12 October 2016 at 11:34AM

Good luck on your journey, you can do this!

The ISA sounds great and liking the idea of your parents helping out by your Rent being paid into ISA instead. I might think about that with my kids when they are older.

lucy-lou · 12 October 2016 at 11:38AM

The £1 was just an additional payment to round down my balance (I like round numbers). I had already paid £840 off this morning first!!!
Not sure I will get to no holidays but cutting back is definitely on the cards.

mobo1980 · 12 October 2016 at 2:18PM

Great start Lucy-Lou !

Mobo xx

Debt Free By 29!!!

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