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Original poster

I've bloody done it!!

18 replies

AprilWIN · 31/03/2023 00:50

I've paid off my debts!

Three years ago I was proper in the shit financially. I was a massive overspender and I didn't earn much at all. I was actually £13750 in debt on credit cards and right up to my £1750 overdraft limit at the end of every month. So I got a better paid job and started getting organised.

Now I have just been sat here waiting for my wages to drop in my account and they have and I've paid off the last £355 of my last credit card. I also have £3000 in savings, I've learnt to drive, and bought a car and we've been on two holidays (paid for by gradually saving while paying down debt).

I really feel like I've improved my behaviour around money so much and I'm on a roll and will keep it up.

It is such a relief!!!

And honestly if I can do it anyone can. I was terrible with money before but it is possible to change.

If you are struggling, take charge. Get a plan, start today and keep plugging away at it and you will get there. It's so hard at first but once you've got momentum going you find how you think about money and spending changes and things get so much better.

OP posts:
Seiheiki · 31/03/2023 00:53

Incredible achievement, congratulations!

Tanktanktank · 31/03/2023 00:55

Well done 💐💐💐💐

windywoo78 · 31/03/2023 00:55

Well done that feeling must be amazing!! Flowers That's a massive achievement especially in the current climate. Do you have any tips that worked for you?? I'm rubbish at saving and have no willpower not to live beyond my means so any helpful tips would be amazing

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Debt
MuchuseasaChocolateTeapot · 31/03/2023 00:57

👏👏👏

RestingRulers · 31/03/2023 00:57

Brilliant. That's amazing.

sandgrown · 31/03/2023 01:02

Fantastic. I was left with big debts after relationship breakdown. I am halfway to paying them off . Can’t wait to get to your position x

hesaidshesaidtheysaid · 31/03/2023 01:02

Well done, bloody good for you!!! Smile

MissingMoominMamma · 31/03/2023 01:04

That is really brilliant. You’ve inspired me!!

whatthebejesus · 31/03/2023 01:04

Fantastic!! Well done x

SinnerBoy · 31/03/2023 01:06

Well done to you, I have about £7,000 on my credit card, from when I was last unemployed, in 2009. I pay the odd hundred off, but I'm always strapped and 2 months out of 3, there seems to be an unexpected large bill!

dudsville · 31/03/2023 01:11

Well done OP!!!

Charliecatpaws · 31/03/2023 01:16

That's fantastic, well done a great achievement

Original poster
AprilWIN · 31/03/2023 01:21

Thank you ☺️

Re tips, it all got quite complicated but looking back it's basically earn more, spend less.

I got a kickstart with lockdown I admit because I couldn't bloody go anywhere and fritter my cash on nonsense. It also gave me the headspace to try and calm down and get a plan together and apply for a better paid job (only a few grand more but away from the bare minimum).

I started off with standing orders - one for savings, the others for credit cards. I opened an internet savings account with a good rate of interest (well, relatively speaking - they were all very low at the time but it pays better now) and set up a standing order.

I already had standing orders for my credit cards and wasn't behind but I was paying the minimum. One I kept on minimum and the other I beefed up the standing order. Once I'd paid it down to about 65% I got offers for interest free cards, transferred the balance then carried on paying off the minimum while I concentrated on getting the other card down to 65% and then transferred that. Then I paid off one, and now the other. Doing it that way saved me loads in interest eventually.

I worked out my sums by quite basic means (literally , what have I got coming in and what are my absolute non negotiable expenses ) but built some extra into the savings so that I could push on with the debt repayment while knowing I had a decent cushion for unexpected expenses which did happen over time. Plus I didn't want life to stop - I wanted to get my wheels and take the kids on holidays and trips out. I knew it would mean taking longer to pay the debt but those things are important too.

A couple of times I had more savings than I needed for those things and I then transferred a chunk towards debt. I did that three times and my overdraft was gone 😃

The big thing was compartmentalising the money. Once it was in a different place I learnt not to think about it.

OP posts:
Brokendaughter · 31/03/2023 01:29

Really well done OP & congratulations.

I was left sinking in debt when my ex left after running up a lot of bills in my name & it took me years to clear them & cost me my house.

Even though that's now ancient history, once I had it all cleared, I made a new plan to put the sort of money I'd put into paying those debts into improving my life & I haven't looked back since.

Being 100% debt free was an amazing feeling (still is really).

Hope it's all up for you from now on.

Aquamarine1029 · 31/03/2023 01:36

That's amazing, op. Well done!

Smallonesaremorejuicy · 31/03/2023 01:37

AprilWIN · 31/03/2023 00:50

I've paid off my debts!

Three years ago I was proper in the shit financially. I was a massive overspender and I didn't earn much at all. I was actually £13750 in debt on credit cards and right up to my £1750 overdraft limit at the end of every month. So I got a better paid job and started getting organised.

Now I have just been sat here waiting for my wages to drop in my account and they have and I've paid off the last £355 of my last credit card. I also have £3000 in savings, I've learnt to drive, and bought a car and we've been on two holidays (paid for by gradually saving while paying down debt).

I really feel like I've improved my behaviour around money so much and I'm on a roll and will keep it up.

It is such a relief!!!

And honestly if I can do it anyone can. I was terrible with money before but it is possible to change.

If you are struggling, take charge. Get a plan, start today and keep plugging away at it and you will get there. It's so hard at first but once you've got momentum going you find how you think about money and spending changes and things get so much better.

Well done you 💐

Original poster
AprilWIN · 31/03/2023 01:48

@Brokendaughter I'm so sorry you lost your house and salute you for coming back from that.

I'm definitely going to keep this habit up. I've found a couple of 12 month fixed rate savers (see I know about these things now!) that I will put what was going on credit cards into while I keep adding to my existing saver and then see where I'm at next year. I have financial goals!!

OP posts:
PogoThePunk · 31/03/2023 01:50

Fantastic news op, well done ✅

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