Welcome to No More Spending; how we manage our budget as we attempt to pay off our mortgage early, move abroad, and reach Financial Freedom by 2020. You can read more about this site here and subscribe to get all the latest updates sent to you by email or RSS feed here.  Thank you for visiting!

13 May 2009

Debt Update May 2009: Sub £8k

It's payday today so as soon as it gets to 9am I'm ringing the loan company and making a payment of £870 on my loan. The automatic payment doesn't get made until the 27th, this is when the interest goes on as well, so after nine today my loan balance will be £7,942, below £8k.

I'm going with my new cash only plan from the first of the month, so I'm going to wait to do a budget until then; I'm only spending money on grocery at the moment anyway, for which I use my debit card.

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7 comments:

  1. Congrats on making it below the 8k mark! You are so close... more than 80% to Debt Freedom!!!!
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  2. Good for you! Seeing that under $8,000 is going to make you feel great!
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  3. Getting under the 8k mark is a big deal!! when the debt is going down it can only be a good thing!!
    All the best with the cash only plan and if your debtcard has an overdraft on it think about getting rid of it!
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  4. Thank you all, I'm getting v.excited now, it's so close

    No overdraft Lisa :)
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  5. Well done on getting under 8K.. that is fab!
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  6. Knocking off £870 off your loan in a month is pretty good going. Most people only manage about £100 or so (which is why they give up after a few months).

    Perhaps No 1 on any debt reduction plan should be to increase your disposable income any way you can (earn more as well as cut spending). It really helps if you see the debt going down in large chunks.
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