This Month’s Challenge

I got paid on Friday. This month, I put £580 towards my debt (this includes £215 that I owe my Mum – I wanted to pay her before I started making any additional payments towards my debt). Done and ticked off my list! I haven’t started aggressively attacking my credit card debt just yet (the first payment is due to come out on August 1st). The reason for this is my trip to Southern Italy that I booked back in April, and since I had already paid for my flights I didn’t want to cancel. After all, this would be my last holiday for […]

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Emergency Fund: to have or not to have?

Lately, I’ve been reading a lot about emergency funds and savings accounts, and whether there is a real need for them while paying off your debt. Personally, I don’t have an emergency fund because I put every spare penny towards my debt. I have always thought that if there is debt to be paid off, you are supposed to throw everything towards it and you only start saving once your debt has been paid off in full. That said, a lot of personal finance bloggers have an emergency fund or a savings account that some of their money goes to each […]

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Cutting Back

It’s almost been a month since I made my decision to get out of debt as soon as I possibly can. Each day, I try to think of ways to save a bit of money here and there, which means I have to cut back on quite a few things. Habits are hard to break, and sometimes I find it difficult to accept the fact that some of the things I used to enjoy are now off limits, but I guess it’ll get easier with time. Here’s hoping! I thought I’d share a list of things I have now either […]

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Let’s Talk Numbers: My Debt Payoff Plan

Since I turned 18, I have always had some sort of debt. Whether it was a student loan, or a credit card debt, or a car loan, there was always something holding me back financially. It took me years to repay my student loan, and my car loan along with some credit card debt, and everything would have been perfectly fine, had I not been accumulating “new” debt while paying off my “old” debt. To make things easier, let’s just say that my “old” debt has now been paid off, but my “new” debt has reached a whopping number of […]

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So it begins…

This has finally happened. I got back from my holiday just under two weeks ago having spent all my money on eating out, entertainment and other things you normally spend money on while travelling. Do you want to know what is shocking? The shocking fact is that I had exactly £40 in my bank account to somehow last until payday at the end of the month.  Talk about living the high life! What was I thinking? I should have properly budgeted for my holiday to make sure I had enough money in my bank account when I got back from […]

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