Start here: Can I pay off 30k in 36 months?

Am I mad?!

Well…depends on who you ask.

Why have I set myself such a huge target? Because I want to challenge myself, it’s not okay to sit back and relax, waiting for the next 7 years to pass before I’m finally debt free. So, I’ve halved my target date and struck off another year.

36 months. I will do it in 36 months.

£32,316.74 / 36 months = £897 a month

n.b this number changes over the forthcoming initial posts as I keep finding more debt

Now, bearing in mind that my usual payments are about £400 a month, this really is a push. I work full-time, my husband works part time and is at university and we have a 5-year-old whirlwind of chaos occupying the box room at the front of the house.

This goal doesn’t include March 2017. I am going to spend this month starting my preliminary financial fat investigations and seeing what I can do to free up a bit of wiggle room. This post really is just a rambling introduction.

The current state is that I’ve paid a fair few bills on an 0% credit card and stuck that money into a saver account in order to try to earn some interest. However, I’m starting to think I should have just paid the bills with the cash – once it’s on a credit card it’s complicated if you don’t have the willpower to save the money. So, initially there aren’t a load of bills to work on – Gas and Elec is paid up to May, Mobile phone bill for my phone is paid until May, Husband’s is paid till August. I think I need to sit down and work backward through our finances.

My starting point for all this journey is to go and reread the most wonderful blog and learn all about Breadonomics. I used to follow this blog last year, so now is the perfect time to revisit it.

http://mortgagefreeinthree.com/breadonomics-the-frugal-philosophy/

My next post, in theory, should be a plan of action. Hopefully, over the next 3 years, I can pay 30k off and learn to live within my means. Wish me luck!

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