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  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
    • 814Posts
    • 4,184Thanks
    DebtFreeDuo
    This Duo's debt free journey
    • #1
    • 20th Sep 17, 8:43 PM
    This Duo's debt free journey 20th Sep 17 at 8:43 PM
    I had a previous thread but having problems locating it so thought I would start a fresh one. Brief intro, the duo is me and my little one, just over a year ago my debt was at a figure of around 12k, as of today it stands at 6124.40. This is made up of 2 loans (one car) and one credit card which is 0% until April 2019.

    My aim is to save up over the next 6/8 months so that I can overpay 6 months worth on the loan with the shortest term, this will clear the loan completely as the last payment is December 18. Then I will tackle the second loan which is due to end April 19, I aim to clear this by around December 18 and then clear the 0% card last but well in time for the 0% ending.

    I can't do much until January, I'm currently studying and therefore get my income 3 times per year which I use to overpay, I have just cleared 1500 which is all I can manage until my next payment. This includes a monthly saving to my Help to Buy ISA. I have around 4k in my ISA but I am reluctant to use this to clear my debts as I will earn more back on this then I will save in interest with the governments 25% bonus.

    I have gone over all of my monthly bills and I am certain that I cannot make any further savings than I have made recently. I am currently listing as much on ebay as I can to give me a little extra money for treats that I haven't included in my budget up to December.

    Will update my signature shortly but as it stands my debt free date is April 2019, I aim to bring this forward to Dec 2018 at the very latest.
Page 26
    • Nicnak
    • By Nicnak 3rd Jan 18, 7:35 PM
    • 924 Posts
    • 5,168 Thanks
    Nicnak
    I thinks Drs might need to go at the top of your list! x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 13,855 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • DebtFreeDuo
    • By DebtFreeDuo 3rd Jan 18, 7:44 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    I hate going to see them if it is something I can cope with, always feel that someone else needs the time more than I do. I feel sorry for my poor DS, his whole Christmas break has just been rubbish for him with him sick and now me.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • Nicnak
    • By Nicnak 3rd Jan 18, 7:46 PM
    • 924 Posts
    • 5,168 Thanks
    Nicnak
    Better to get it sorted sooner rather than later though. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 13,855 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 3rd Jan 18, 9:29 PM
    • 4,426 Posts
    • 30,731 Thanks
    HairyHandofDartmoor
    I hope you feel better soon, if not go to the doctor. Great news about the finance .
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    "Tough times never last, but tough people do" - Robert H Schuller
    • DebtFreeDuo
    • By DebtFreeDuo 4th Jan 18, 9:49 AM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Finance hasn't arrived today, it was never going to but I will still check every day because I am so impatient. Off the doctors I go, feeling worse this morning.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 10:00 AM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    Looks like this is the year you may become debt free. 1500 will take you below 6k which will be good.

    I have an awful cough too . Hope you get better soon.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DebtFreeDuo
    • By DebtFreeDuo 4th Jan 18, 10:53 AM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Doctors have said its viral and there's nothing they can do, said that the cough will last around 6 weeks, I just feel like I am getting worse by the day and I have already had the cough for 4/5 weeks.

    I have every intention of becoming debt free this year, I think I am just going to clear the bigger loan and get it over with, this will be 2050 off my total so around 27% gone forever, my minimum payments each month will then be around 2.5% of the debt. In April I aim to clear another 20-25% so hopefully around 60% cleared by April.

    Hope you feel better soon too enthusiastic.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 11:19 AM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    I find the cough is being relieved somewhat by fresh lemon juice in warm water and a spoonful of honey. Not sure why but seems to work better than cough linctus.

    Whilst applauding your intention to pay more than 2000 off your debt make sure you do not leave yourself short for rent and bills until April when your next finance cheque comes in. The worst thing would be to have to resort to using credit cards. A plan for savings once the debt is gone is a good idea.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DebtFreeDuo
    • By DebtFreeDuo 4th Jan 18, 12:02 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Thank you enthusiastic, this is something that I have tried to consider as much as I can. According to my spreadsheet for the next few months it is doable, worst case scenario would be that I have to rely on my overdraft for the last few weeks. This isn't a huge concern for me as my overdraft is interest free and I can clear it in April. The only interest I pay is on the two loans so even if I go into my overdraft by 1000 I have still paid off 1000 and saved myself around 100 in interest.

    Over the last couple of months I have really been trying to concentrate on having realistic budgets so that I know what is on my spreadsheet is completely true
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • ladymay
    • By ladymay 4th Jan 18, 1:09 PM
    • 919 Posts
    • 3,944 Thanks
    ladymay
    The chest infections this year seem really awful! Get well soon DFD x
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save 10k
    • Nicnak
    • By Nicnak 4th Jan 18, 3:48 PM
    • 924 Posts
    • 5,168 Thanks
    Nicnak
    Hope you start to feel better soon. Hopefully the hot water and lemon might work.

    Hopefully it will come in tomorrow, but I agree with ES about not leaving yourself short. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 13,855 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 3:55 PM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    Sounds like you have a back up plan then. Look forward to your update.p when the money arrives.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DebtFreeDuo
    • By DebtFreeDuo 5th Jan 18, 12:43 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Money arrived today, have now officially cleared my most expensive debt! 2050 gone, never to be seen again! Brings my debt down to around 5300. Now to truly test myself, my budgets are set and they are realistic so I need to live within these. I tend to rebel against budgets so I know this will be the hardest part for me. I still have a good chunk of money left from Christmas/my birthday so if I feel the need to splurge a little on myself then I can use this money. I can do this.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • ladymay
    • By ladymay 5th Jan 18, 1:53 PM
    • 919 Posts
    • 3,944 Thanks
    ladymay
    Congratulations!!!

    You can do this
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save 10k
    • DebtFreeDuo
    • By DebtFreeDuo 5th Jan 18, 3:45 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Going back to my January to do list

    - Clear Loan Gone forever
    - Switch current account to gain reward Applied today for the M&S current account as this one doesn't have a pay in requirement. I want to keep my main account as I have had it for 15 years.
    - Switch energy over for cash back Waiting until I've received all of the warm home discount.
    - Pass my exams Urgh
    - Make 60 through surveys sites Work in progress
    - Declutter 1 item per day Work in progress

    So since complaining about my pizza I have received a 10 gift card to use in a restaurant rather than the take away service I used and I have also received a code for 10 to use towards the takeaway. I believe my order was a little over 11 so therefore I will be able to have two treats for me and DS for around 5 depending on the cost of eating in with the addition of drinks. I think I will save the giftcard for February half term as a special treat for me and DS to spend some quality time together.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • Nicnak
    • By Nicnak 5th Jan 18, 6:48 PM
    • 924 Posts
    • 5,168 Thanks
    Nicnak
    Money arrived today, have now officially cleared my most expensive debt! 2050 gone, never to be seen again! Brings my debt down to around 5300. Now to truly test myself, my budgets are set and they are realistic so I need to live within these. I tend to rebel against budgets so I know this will be the hardest part for me. I still have a good chunk of money left from Christmas/my birthday so if I feel the need to splurge a little on myself then I can use this money. I can do this.
    Originally posted by DebtFreeDuo
    Woohooo, prosecco? xxx
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 13,855 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • DebtFreeDuo
    • By DebtFreeDuo 5th Jan 18, 6:56 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Woohooo, prosecco? xxx
    Originally posted by Nicnak
    I might go for a G&T, I have quite a stash of gin thanks to the festive period, prosecco would cost extra that isn't in my current budget I think in December I will treat myself to a lovely bottle of fizz with any money I get and then I can officially celebrate starting a new year debt free, we can have a thread party on one of our threads to celebrate our amazing accomplishments!
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • Nicnak
    • By Nicnak 5th Jan 18, 7:05 PM
    • 924 Posts
    • 5,168 Thanks
    Nicnak
    Love the idea of a thread party. It'll be fab x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 13,855 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • ladymay
    • By ladymay 5th Jan 18, 7:34 PM
    • 919 Posts
    • 3,944 Thanks
    ladymay
    Thread party sounds great! I'll have a glass a pinot
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save 10k
    • DebtFreeDuo
    • By DebtFreeDuo 5th Jan 18, 7:42 PM
    • 814 Posts
    • 4,184 Thanks
    DebtFreeDuo
    Thread party it is! We can sort one out for December when we all feel like celebrating our successes! I will be the one who gets drunk early, disgraces herself and is then home in bed before the real party has started
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
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