I sooooo want to be debt free, and we're sooooo nearly there

[Islay]

Unsurprisingly, we decided fairly early on that getting rid of the enormous debt that my boyfriend accumulated (OK, I accumulated a teeny bit too) before we met was an essential first step in our path to self sufficiency. Since we also decided that I would go freelance after having our baby last September, it's been even harder than it might have been to pay everything off.

We've been scrimping, saving and scratching around for pennies for 13 months, and we've paid off a shade over 84% of it (just worked that out), and the last little bit is going so slowly! Need some motivation to keep being a tightwad for just another couple of months.

Any motivation/tips gratefully received!

[Green Aura]

Sounds like you're doing a fantastic job. Just think about the last 16% as the road to freedom. You'll get there before you know it.

[Brij]

At that rate, you'll be clear in a little over 3 months! Go go go!!!!

[Brij]

Whoops, maths was never my strong point!

A little over 2 months... That's only a sixth of what you've already done.

Go go go!

[Rosendula]

Well done. Getting out of debt can be so difficult because it means you have less than your income to live on and you feel like you're working for no wages a lot of the time. Just remember, soon the debt will be paid off and it will be like having a pay rise because you'll have extra money in your pocket. Think about how much you are spending on the debts each month now. That will be like extra income soon. The first month that you don't have to repay anything, you really must treat yourselves - you will have deserved it. After that, make a plan about how much of the extra money you would like to use, and how much you want to save towards your dream, and stick to it. It's so much better watching money grow than it is watching debts shrink.

[snapdragon]

Such a good feeling when you can get rid of that cloud sitting over your head.
Try dividing the amount by the number of weeks and work on it a week at a time, then you can celebrate each week that you can pay off a little more.
We did this a few years ago, it was such a huge relief to get rid of all the debts (apart from mortgage) just on the run up to christmas - no presents to each other - we didn't need them 'cos we were on cloud nine

[george]

You are so close. It will feel really great to be debt free.

For motivation, how about putting some kind of chart on the wall and then marking it off as you get to the end. I am thinking about something like they had on Blue Peter whenever they were raising money for a charity. Like a tall cylinder shape with key milestones on the side and you colour it in as you reach each one. That way you can see yourself getting closer the goal.

I hope that is explained clearly enough.

Also plan something now that you can do celebrate when you are done. Maybe a nice dinner out. If you plan it now to do when you are finished it will be an extra goal to keep you going.

[KathyLauren]

Way to go! Paying off your debts is a huge, huge step towards self-sufficiency. You are almost there!

[Martina]

Keep up the good work. It will mean you have attained a goal that remains elusive for so many--especially in our current economic climate. Good Job--keep going.

<-----your fans cheering you on.

Have a great day,
Martina

[Millymollymandy]

Well done, 84% is nearly there!

[Penny Lane]

George's Blue Peter idea is a good one!

Well done on the 84%, you'll be at 100% before you know it and happier for it

[ina]

You are doing so well - somebody else suggested it already, and I agree: plan a nice treat for yourselves in your first debt free month. I'm doing that myself now - for when I'm past the current mass of work (three jobs at once for a few weeks, after 8 months unemployment!), and it keeps me going. I'm soooooo looking forward to my first weekend off after that, and I will treat myself! (It'll help that by then I should have received my first pay, too...)

[Milims]

You could also think about what you would like to do if you had a pot of money - and then, once you've paid off the debt, put the money you've been paying into a savings account. After all you've been used to living without it successfully for a long time, why not keep at it and work towards something you really want!
Good luck and very well done!

[HedgeComber]

Oooh, I have just been listening to an audiobook by John Cummuta called Transforming Debt Into Wealth. Wow, highly highly highly recommended. Gives you a strong plan to clear debt (inc mortgage) sooo quickly and then a plan for the future too to prevent ever having to be back in the scary place of owing others money.

Good luck & well done!

[Islay]

Thank you so much for all the enthusiasm! Feeling a little bit remotivated. It's always the final bit of any long task that seems to take forever. Like losing the last 5lb of baby weight (which I still haven't lost...)

I like the Blue Peter chart idea a lot - it's hard for me to set an exact date as my income fluctuates so much, but something immature like a chart will do nicely.

I think we might treat ourselves royally in the first month after we get debt free (we're paying an average of nearly £400 a month into debt payments at the moment, so a huge percentage of our income, but it gets it clear that little bit faster), and then we're going to start the bigger but more satisfying task of saving for a house deposit.