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  • FIRST POST
    • zackyv6661
    • By zackyv6661 6th Jan 18, 3:31 PM
    • 67Posts
    • 80Thanks
    zackyv6661
    My debt-free year!
    • #1
    • 6th Jan 18, 3:31 PM
    My debt-free year! 6th Jan 18 at 3:31 PM
    New Year and big goals this year mean that I should have a diary to document my journey through the year!

    To give you a bit of background/info on me - I'm 30 years old (31 next weekend). Moved back in with my parents in summer 2016 after a very difficult break up, and have been trying to get back on my feet (in more ways than 1) in that time.

    After the New Year I spent almost an entire day looking at my finances, and I have prepared a budget for the entire year ensuring that I get all of my debt paid off by December.

    My plan is to pay off all of my debt before the end of the year so that I can then start saving up for a deposit on my own home. I have a plan to start looking for a place of my own towards the end of 2020, and I am feeling so determined to get there!

    My current situation at the moment is:

    HSBC Credit Card: 5350 (0% interest)
    Overdraft: 1498.68 (0% interest and no fees)
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 (867.90 remaining)
    Very: 703.97 (553.97 remaining)

    As you can see, I have already been paying into all of these accounts. According to my budget spreadsheet, my last payment on each of these accounts will be as follows:

    HSBC Credit Card: 19 August 2018
    Overdraft: 19 November 2018
    Loan 1: 19 November 2018
    Loan 2: 19 March 2018
    Very: 19 August 2018

    I am so excited to ending the year with 0 debt to my name!

    I will try and update this diary as regularly as I can, as I am a daily lurker and a sometimes poster on this forum.
    Last edited by zackyv6661; 08-01-2018 at 9:02 PM.
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
Page 1
    • MeenaM
    • By MeenaM 6th Jan 18, 4:36 PM
    • 251 Posts
    • 461 Thanks
    MeenaM
    • #2
    • 6th Jan 18, 4:36 PM
    • #2
    • 6th Jan 18, 4:36 PM
    welcome and good luck ! have you tried the snow ball calculator to see if you can pay them off any quicker?
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • EscapingTheAlarm
    • By EscapingTheAlarm 6th Jan 18, 5:23 PM
    • 102 Posts
    • 220 Thanks
    EscapingTheAlarm
    • #3
    • 6th Jan 18, 5:23 PM
    • #3
    • 6th Jan 18, 5:23 PM
    Good luck on your journey and well done for what you've achieved so far! I agree with Meena that you should have a look to see how quickly you could get rid of it.
    ETA x
    • zackyv6661
    • By zackyv6661 6th Jan 18, 5:25 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661
    • #4
    • 6th Jan 18, 5:25 PM
    • #4
    • 6th Jan 18, 5:25 PM
    welcome and good luck ! have you tried the snow ball calculator to see if you can pay them off any quicker?
    Originally posted by MeenaM
    Good luck on your journey and well done for what you've achieved so far! I agree with Meena that you should have a look to see how quickly you could get rid of it.
    ETA x
    Originally posted by EscapingTheAlarm
    Thank you both! I haven't heard of this snow ball calculator - where can I find this?? It sounds like it is worth a look - the sooner I can get these paid off the better! x
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
    • EscapingTheAlarm
    • By EscapingTheAlarm 6th Jan 18, 5:30 PM
    • 102 Posts
    • 220 Thanks
    EscapingTheAlarm
    • #5
    • 6th Jan 18, 5:30 PM
    • #5
    • 6th Jan 18, 5:30 PM
    I think that you would be able to just google it to find one? Let us know the results!
    ETA x
    • zackyv6661
    • By zackyv6661 8th Jan 18, 9:07 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661
    • #6
    • 8th Jan 18, 9:07 PM
    • #6
    • 8th Jan 18, 9:07 PM
    I did try that snow ball calculator, but I couldn't seem to figure it out, so it didn't really work for me - maybe I just need to try a different one?

    I have had another look at my budget spreadsheet though, and have re-jigged a few things! So my new plan looks like this:

    Loan 2: 19 March 2018
    Very: 19 April 2018
    Overdraft: 19 June 2018
    Loan 1: 19 November 2018
    HSBC Credit Card: 19 December 2018

    So, according to my new plan, my smaller debts will be paid off sooner, with the HSBC credit card being pushed back to December 2018. I am hoping that by paying off a few debts close together, that this will help keep me motivated for getting the remaining debts paid off just as soon as I can. That's still this year though, so I am still on track to get everything paid off in time
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
    • zackyv6661
    • By zackyv6661 19th Jan 18, 7:20 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661
    • #7
    • 19th Jan 18, 7:20 PM
    • #7
    • 19th Jan 18, 7:20 PM
    Evening!

    It's payday today!! Though most of my wages have already been paid out to bills etc, so it's not as exciting as it could be

    However I have made a couple of payments to my debt, which IS exciting:

    210.55 paid to Loan 2 (was 867.90 - now 657.35)
    My regular direct debit will come off later this month, and I then plan to pay this loan off next month!

    50 paid to HSBC Credit Card (was 5260 - now 5210)
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
    • caffeineaddict1986
    • By caffeineaddict1986 19th Jan 18, 7:40 PM
    • 15 Posts
    • 21 Thanks
    caffeineaddict1986
    • #8
    • 19th Jan 18, 7:40 PM
    • #8
    • 19th Jan 18, 7:40 PM
    Hey zackyv, just popping in to say good luck! I am 31 years old too and looking to become debt free in the next couple of years! Subscribing to track how you get on and exchange ideas along the way
    • zackyv6661
    • By zackyv6661 19th Jan 18, 7:48 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661
    • #9
    • 19th Jan 18, 7:48 PM
    • #9
    • 19th Jan 18, 7:48 PM
    Hey zackyv, just popping in to say good luck! I am 31 years old too and looking to become debt free in the next couple of years! Subscribing to track how you get on and exchange ideas along the way
    Originally posted by caffeineaddict1986
    Hi! and thank you It seems like it is going to be a long journey, but if I just take it one month at a time, then I'm sure I will get there quicker than I think!

    Good luck to you too! I'm always looking for some helpful tips and tricks and love to see how people are getting on in their own journeys too
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
    • EscapingTheAlarm
    • By EscapingTheAlarm 19th Jan 18, 7:51 PM
    • 102 Posts
    • 220 Thanks
    EscapingTheAlarm
    Well done for making another overpayment! Every payment makes a difference and you!!!8217;ll get there in no time!
    ETA x
    • zackyv6661
    • By zackyv6661 1st Feb 18, 8:22 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661
    Evening!

    It's payday today!! Though most of my wages have already been paid out to bills etc, so it's not as exciting as it could be

    However I have made a couple of payments to my debt, which IS exciting:

    210.55 paid to Loan 2 (was 867.90 - now 657.35)
    My regular direct debit will come off later this month, and I then plan to pay this loan off next month!

    50 paid to HSBC Credit Card (was 5260 - now 5210)
    Originally posted by zackyv6661

    Little update here!

    My regular direct debit payment came off loan 2, so the remaining total on this is now 617.90

    I tend to make as many payments as I can the day of/soon after payday, so there won't be many updates in between paydays for me - unless I come into some unexpected money
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
    • zackyv6661
    • By zackyv6661 19th Feb 18, 1:20 PM
    • 67 Posts
    • 80 Thanks
    zackyv6661


    Loan 2 has now been paid off!

    1 down, 4 to go!!
    Credit Card: 5350 (5210 remaining)
    Overdraft: 1498.68
    Loan 1: 5000 (2252.26 remaining)
    Loan 2: 1656.90 - PAID!!
    Very: 703.97 (553.97 remaining)
    Make 2018 in 2018 Challenge: 291.51/2018
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