I did it!

A few months ago I wrote about my battles with debt. It took a lot to admit there was a problem there, but I then exacerbated the issue by getting really quite drunk for a month.



Fast-forward six months and i've made some incredible progress, albeit with a little help - in fact, pending my flat sale, i'm debt free. So, how did I do it?

1) If you don't need it, don't buy it. And if you want it, make cutbacks elsewhere. This was ironically the toughest thing for me.

2) Manage credit cards. Following a balance transfer and moving credit limits, my monthly payments for credit went from upwards of £500 per month to just over £200 per month. Its still a lot, but its a huge difference. Big shout out to my friend Alex for her help in making sense of all these things!

3) Shop around for bank deals. I was paying around £100 in overdraft fees EVERY month, on top of the aforementioned credit payments -  no wonder I wasn't getting out of it! My balance transfer credit card allowed me to transfer cash to my account, bringing me up to solid ground. I was then able to find a particularly impressive switching offer to obtain an extra £250.

4) Utilise the technology. Online banking is a bit of a pain in the arse, and constant texts about debt are the WORST (especially when they come on Fridays). The account I moved to includes a much simpler app, with a built in savings pot I can transfer to and from as I see fit. For someone who needs to keep an eye on these things, this was unbelievably helpful for me.

5) Downsize. I live alone in a two bedroom flat. The flat cost £180,000, and is on the market valued at £200,000 following works done to it. Split between myself and my co-investor (my sister), thats £10,000 profit each (not including various fees etc). That money will pay off the remainder of my debts. The kicker? Without the various credit outgoings and fees I'd been paying, i'm looking to move into a new-build, 1 bedroom flat. So much hype.

Anyway, those tips are quite specific to me for the most part, but I hope they can help people! For everyone that helped me out, I can't thank you enough. Big love for putting up with me!

Thats all for now!

L

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