My Debt Free Journey starts here!

Debt Free JourneyOne of the things that I need to do is get out of debt and start to build up some kind of savings for our future. I am 55 years old and my husband is 58, so it is pretty pointless us starting a pension scheme this late in life.
One of our passions has always been property and we were lucky enough to have been able to buy our council home a few years ago. At the time it was valued at £175k, and is now worth around £380k, so a great investment, but not one we can use while we are living in it. The plan is to sell up next year (once we have finished the MANY renovations we have to do) and buy somewhere run down and do it up to sell – that’s the plan anyway.
Baby Steps
In the meantime, we are working on the Dave Ramsay plan and I have to say, it has given me structure and really helped me put a dent in our debt and start to organise our money.
Dave works on the 7 Baby Steps – if you do this, please follow them in order, this is important. We had no structure or anything, so the idea of saving £1,000 first before starting on our debt was hard – but it is the beginning of a process.
You need structure and having that money there means that I don’t need to use my CC’s for when Murphy calls and the washing machine breaks down, I have the funds to get it repaired, when the car needs extra work than I budgeted for, my emergency fund is there. Building this fund gave me discipline and it works.
I’m currently on BS2, paying off my debt using the snowball method. So to be accountable, this is what we currently owe and my snowball payments.
Total Snowball
Our outstanding debt is £11,458.94 and we should be debt free by March 2020. I am aiming for better than that, but we will see.
Good luck with your journey. I will be posting more about how I am working on this plan, sinking funds, how to budget, how to save your Emergency Fund and everything else as I go along, but if you want to start yourself now, go along to the Dave Ramsey website for more information –
Thanks for reading and I hope you’ll join me again,
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6 thoughts on “My Debt Free Journey starts here!

  1. Interesting Post, Denise. One problem I have is I don’t know what money is in the British Pound(?). I think that most of us out there are in debt in one shape or another. Some our real bad, while others are comfortable with what they owe.

    Liked by 1 person

    1. Yes Les, debt is so common now, it’s accepted as the norm. I think we should teach our children more about finances and budgeting, it would help them so much.

      Which country are you from?

      Thanks again for joining me 😊

      Liked by 1 person

      1. Reading, PA USA. Your Welcome. I don’t know if Finances & Budgeting is taught in school anymore. It was for me back in the 60’s. Business Math was about the only course that was available then. Just how to handle your Finances and Money was never there.


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