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  • FIRST POST
    • Debtfreewannabme
    • By Debtfreewannabme 7th Mar 18, 7:53 PM
    • 103Posts
    • 772Thanks
    Debtfreewannabme
    Debt free ME!
    • #1
    • 7th Mar 18, 7:53 PM
    Debt free ME! 7th Mar 18 at 7:53 PM
    Hello,

    Decided to start up a Debt free diary. I'm hoping the debt journey will be short and sweet but money saving to continue for a very long time. This will be my space to make note of successes and failings/lessons to be learnt and hopefully inspire others too.
    I recently joined MSE and had my lightbulb moment on the 8th Jan this year. I was previously spending 100s each month on stuff we didn't need and we just got further and further away from saving for a house. I wasn't getting into debt from spending as we do have alot of spare money after bills but we were just paying minimum payments.
    Since my lightbulb moment we have cleared almost 50% of our joint debt (with Husband/DH). I was actually debt free in 2015 however my DH kindly pointed out that he used some of his OD and CC to pay towards 'our' wedding so I opened up a 0% interest card and transferred some of his debt to me. So theres 1 CC in my name, hubbys OD has been cleared since Jan, his other CC cleared last month and a finance deal for our bed is whats left . This adds up to 3296.95!

    I can not even to begin to say how much MSE has changed our lives already in only 2 months. We have stopped spending on non-essentials and in just two months we have saved 5, 747.88 per year just by calling up energy suppliers, cancelling subscriptions to magazines we dont read, calling up tv and broadbabd supplier, calling our mobile phone providers, not spending at our local coop and clearing nearly half our debts (1,800 minimum payments and we still wouldnt of cleared them).
    Just seeing that figure written down makes me feel sick as I havent even included the savings we have made from shopping in Aldi instead of Sainsburys, M&S etc ( approx 200 saving per month), and that doesn't include the savings I've made by not spending approx 300 per month on stuff we didnt need.
    I am embarrassed that my spending got so out of hand. It was my spending that ws the biggest issue although DH has seen that he was carelessly spending too. We must focus on the futurr though as we are flying through clearing the debts and we're constantly finding ways to save more money every day. We recently got a smart meter installed and I have a little secret competition with myself to spend atleast 20p less than the day before. Pennies make pounds!!
    Anyway, today has been another eye opener- where we would have usually gone out and spent 80, today we spent 13 including city centre parking charged (6).
    We havent felt deprived once and I just cant explain the freedom I feel from not spending. I'm also marking today as AMAZING as we got home to find that my DH has been awarded a rebate from his employer due to new case law. We checked his payslip and its an extra 851 after tax!!! Its going straight towards clearing our debts. So our debt free date was 29th June but this will bring it forwards.

    I/we now also have an Emergency Fund and we will have reached our initial 1,000 goal by this Friday. I have been earning extra money from completing surveys - so far it stands at 3 but its better than nothing.

    I will keep posting updates as and when and really cant wait to be DEBT FREE!! X
Page 1
    • Debtfreewannabme
    • By Debtfreewannabme 7th Mar 18, 10:25 PM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    • #2
    • 7th Mar 18, 10:25 PM
    • #2
    • 7th Mar 18, 10:25 PM
    After spending a hour triple checking budget - I've paid 308.89 to Virgin Money CC. Plan is to clear the 2K plus balance this friday! EEEKK! Then our debts will be a 3 figure number. I really can't believe that we WILL finally be DEBT FREE in a matter of months!
    • abba1772
    • By abba1772 8th Mar 18, 12:55 PM
    • 4,737 Posts
    • 16,291 Thanks
    abba1772
    • #3
    • 8th Mar 18, 12:55 PM
    • #3
    • 8th Mar 18, 12:55 PM
    Hi Debtfreewannabme

    Well done on all your reduction your debt busting you're doing fab

    Will subscribe to your diary to see how you get on xx
    NEXT TARGET HALIFAX CC WAS July 17 3572.57 NOW 983.26
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 4152.74
    • Debtfreewannabme
    • By Debtfreewannabme 8th Mar 18, 6:38 PM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    • #4
    • 8th Mar 18, 6:38 PM
    • #4
    • 8th Mar 18, 6:38 PM
    Thanks Abba! You are a huge inspiration to me. Today I have paid off another 107 towards debts. Actually feeling very nervous about paying off the rest tomorrow but mostly excited and in shock. I have cancelled the DD today to force myself to pay in full tomorrow! X
    • abba1772
    • By abba1772 8th Mar 18, 9:47 PM
    • 4,737 Posts
    • 16,291 Thanks
    abba1772
    • #5
    • 8th Mar 18, 9:47 PM
    • #5
    • 8th Mar 18, 9:47 PM
    Thanks Abba! You are a huge inspiration to me. Today I have paid off another 107 towards debts. Actually feeling very nervous about paying off the rest tomorrow but mostly excited and in shock. I have cancelled the DD today to force myself to pay in full tomorrow! X
    Originally posted by Debtfreewannabme

    Aww shucks thank you xx
    NEXT TARGET HALIFAX CC WAS July 17 3572.57 NOW 983.26
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 4152.74
    • MeenaM
    • By MeenaM 10th Mar 18, 9:07 AM
    • 249 Posts
    • 456 Thanks
    MeenaM
    • #6
    • 10th Mar 18, 9:07 AM
    • #6
    • 10th Mar 18, 9:07 AM
    good luck ! you have made a great start !
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/687.95- 0% ends April 2019 virgin 0% ends july 2020 4138 3929.89AA 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
    • Debtfreewannabme
    • By Debtfreewannabme 10th Mar 18, 1:13 PM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    • #7
    • 10th Mar 18, 1:13 PM
    • #7
    • 10th Mar 18, 1:13 PM
    Update - we did it! We paid off 2240 and we now owe just over 600. Thats all our debt! Realised that our energy supplier owe us money so applied for a refund once our bills hits the inbox on Mon. Any refund will go straight towards the last debt x
    • foxgloves
    • By foxgloves 10th Mar 18, 3:50 PM
    • 4,036 Posts
    • 20,785 Thanks
    foxgloves
    • #8
    • 10th Mar 18, 3:50 PM
    • #8
    • 10th Mar 18, 3:50 PM
    What you will find is that saving money becomes as addictive as spending money used to be. I could just not go back to how I used to be during The Spendy Decades. It did take me 3 different methods of budgeting before I found the one that really worked for us, but once that light-bulb clicked on in my head, I stopped frittering, we paid off around 35k of debt & this even facilitated a change of lifestyle. Well worth doing. Good luck!
    Money can't jump out of your purse on its own so ask 'Can I borrow one, make one, grow one, bake one, re-purpose or recycle, acquire it for free?' Yes? Then put that purse away & keep your money because little savings grow!
    Loan pay-down fund instalment 2 = 800-01
    Payment received from surveys: 2015 = 320 2016 = 210 2017 = 304 2018 = 244
    • Debtfreewannabme
    • By Debtfreewannabme 15th Mar 18, 1:44 PM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    • #9
    • 15th Mar 18, 1:44 PM
    • #9
    • 15th Mar 18, 1:44 PM
    Update - the refund is for 450 and this is now the balance of our last debt. Feels very surreal to think that at the start of the year we were just under 7k in debt and now we are days away from being DEBT FREE! Proud doesn't even cut it. I have kept one CC and the DD is now set to pay the balance off in full each month. Once we are debt free we will use it for my work expenses. Looking into getting a cashback credit card but further down the line once we are into the new groove of living debt free. Next goal is to save atleast 3 months wages in an emergency fund. Balance is currently at 500. Already in the process of doing the maths and opened a seperate savings account ( with a different bank).

    Xx
    • fatrab
    • By fatrab 15th Mar 18, 2:31 PM
    • 844 Posts
    • 1,985 Thanks
    fatrab
    Well done, fantastic achievement. Now to keep it that way
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 25/31 AFDs, 15/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • abba1772
    • By abba1772 16th Mar 18, 12:09 PM
    • 4,737 Posts
    • 16,291 Thanks
    abba1772
    Wow how fab have you done this is fantastic news you must be buzzing xx
    NEXT TARGET HALIFAX CC WAS July 17 3572.57 NOW 983.26
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 4152.74
    • Debtfreewannabme
    • By Debtfreewannabme 20th Mar 18, 11:10 AM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    WE ARE DEBT FREEE! At 08.30 this morning the credit from our energy supplier came through and I paid off the remainder of our debt. I am over the moon/shocked/overjoyed!! We hadn't used debt for a number of years so I am very confident the only debt we have to look forward to will be our morgage We have some savings goals already set up and money in them and I'm currently working on the April budget. Xxxx
    • onedaysomeday
    • By onedaysomeday 20th Mar 18, 11:53 AM
    • 418 Posts
    • 619 Thanks
    onedaysomeday
    Congratulations!!

    Don't forget to pop yourself on the Debt Free Roll Of Honour

    Well done again - you must be over the moon. I can't imagine how it feels to reach your DFD but I can't wait!
    Debt paid 1780.76 / 7180.59 (24%)
    CAR SERVICE CHALLENGE: 21/154 BY 5/6/18 (13.5 %)
    EMERGENCY FUND: 0 SAVINGS POTS: 0
    • abba1772
    • By abba1772 20th Mar 18, 12:16 PM
    • 4,737 Posts
    • 16,291 Thanks
    abba1772
    Congratulations

    Not even onto a second page and you're debt free........I'm jealous

    Enjoy the feeling it must be amazing xx
    NEXT TARGET HALIFAX CC WAS July 17 3572.57 NOW 983.26
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 4152.74
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 18, 4:11 PM
    • 6,410 Posts
    • 13,193 Thanks
    enthusiasticsaver
    Wonderful achievement. Well done.
    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
    • Debtfreewannabme
    • By Debtfreewannabme 26th Apr 18, 8:26 PM
    • 103 Posts
    • 772 Thanks
    Debtfreewannabme
    Hello we are still here, still Debt free. Managed to get a nice 3 month emergency fund saved and this month we start saving for our first hme. We are excited but know that realistically it will take us just under 2 years to get a good deposit. Feeling positive though x
    I am now debt free - 20/03/18. Whatever your situation - just.keep.going!
    EF 1000/1000 goal
    CHILDCARE Savings goal 600/600
    EF 3 month goal 3,500/3,500
    HOUSE DEPOSIT 0/20,000
    • pidge04
    • By pidge04 26th Apr 18, 9:37 PM
    • 132 Posts
    • 120 Thanks
    pidge04
    Oh, that is super inspiring! Well done!
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