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We're Debt FREE

The big day has come and the credit card is finally paid off for good. Over the past 7 months C's paid off over £2400 (as a college student). As previously mentioned in my post about being engaged to someone with debt I personally have found this a very humbling experience. As someone has always prided herself on her financial sensibility to have to deal with debt has made me grow and become more considerate to others. Though it has been tough, especially in the beginning, C and I's relationship has grown much stronger for it and I am thankful for the challenges we have been given. 

For C the amount seems pretty overwhelming and difficult to cut down. However, once he realised that if broken down into monthly chunks of on average £350 it was much more manageable. By creating a plan with smaller term goals we were able to feel constant progress. C's credit card was 0% interest until this November (so it was essentially a free loan), so the challenge was initially to pay it off before interest kicks in. However, when we realised we could pay it off before the next academic year that was when the goal was set. Now in September 2014 (two weeks before class starts) we are able to say that the goal was met. 

Debt Kicking Changes

- We made paying the debt a priority. It is one of the first things to get paid after payday. Meaning the rest of the month revolves around how much we put towards debt. Rather than paying it at the end of the month where you can end up overspending in other areas because you forget about the payment.
- Making our own lunches. This is a simple way to save approx. £3 a day. We opt for pasta and a tomato sauce most days.
- Cutting down how often we eat out (and how much we spend eating out). Eating out is a big part of our social life and so it has been hard to cut back. Encouraging pot lucks, and having dinner at home with friends has been a great option so that we don't lose out on the social side. 
- C move job locations so that he could be contracted for more hours and pick up more overtime resulting a increase in his paycheque 
- We had a lodger in our lounge for 6 weeks. Though not intentionally a side hustle at first (rather just helping a friend out) it managed to bring in about £300.
- C sold some of his holiday (that he wasn't going to use) at work to get some extra cash raising about £200

In hindsight we probably could have had it paid of sooner. We had a holiday booked during this period before the decision was made to focus on becoming debt free. Had we not had taken would have cut the paying off time down by a few months. But as we were not battling with interest rates we were not feeling bound to be super 'gazelle intense'. However, this is very limited to our circumstances and not something I would generally advocate during a debt free process. 

Share your debt free journey with us below by commenting.
Disease Called Debt


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    1. Ah! Rebecca!

      Congratulations and welcome to the debtfree club! ;)
      It is an amazing feeling when all that hard work pays off and even though we became debt free in May this year I still can't quite believe it!

      I wish I had been as sensible as you when I was younger and maybe I wouldn't have wasted all those years in debt. You have a wise head on your shoulders and you're an inspiration!!

      Natalya x

    2. Being debt free is an amazing feeling! We eat out a LOT but we get to do it for free with mystery shopping. It it something that I can't help but recommend to everyone as a way to get freebies.

    3. Congratulations Rebecca! This is indeed a big milestone. Being debt free is really one of the best feeling you can ever have. Well done!!

    4. Well done, that's a fantastic achievement, you should be very proud of yourselves. Debt is a very hard thing to manage, as the interest payments work against you!

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