Debt Free by 2023..

PJC

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I can't lie, my financials don't look great at the moment.

At 30 I had zero debt and a house that I owned, now nearly a decade later I find myself 23k in debt and back renting. The one positive constant throughout has been a safe and well-paid job, for which I am eternally grateful.

My credit rating is shot, so consolidating is out of the question for the time being.

I have mapped out the next 3 years of repayments on a spreadsheet, so I know that repaying everything as I am now will mean that I am free of loan debt in March 2023.

Also, I know that I should hit the following targets:

Under 20k - November 2020
Under 15k - May 2021
Under 10k - March 2022
Under 7.5k - September 2022
Under 5k (Essentially my credit card debt) - May 2023

The downside of all this forward planning is that I also know how much I'm spending each month paying off these debts:

£1100 p/m until November '20
£900 p/m until March '21
£675 p/m until Jan '22
Then around £520 p/m thereafter

£1100 p/m over an average of 30 days is £36.67 a day. Crazy, right?

This doesn't include child maintenance, rent, bills and saving for a wedding. Crazy, right?

After taking all of this out, I'm not left with a great deal to live on each month, and I really want to put in some extra work to make life a bit more enjoyable. So, in my mind, if I can cover what I spend each month repaying debt with some extra work then a sense of balance will return to my life.

I use Prolific and Intellizoom at the moment, but that barely scrapes £5 per day.

I have applied for Lionbridge, so fingers crossed there.

I've always been good with graphic design, so my next step is to look at print to order T-Shirts.
 

Jon

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Hell of an inspiring target that!!
 

PJC

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Got to aim big!
 

homie

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I've always been good with graphic design, so my next step is to look at print to order T-Shirts.

Maybe consider offering your graphic design services on fiverr or people per hour ?
 

PJC

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Fiverr is definitely something I've considered, I set a few gigs up but never got an order, sadly. However, none of those related to design, so you never know.
 

PJC

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Spent the last week researching print on demand and I'm currently in the middle of putting 10-15 designs together in order to get setup on eBay and Etsy. Focusing on personalised posters in the first instance but haven't yet settled on a supplier.
 
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Kimilsung

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I can't lie, my financials don't look great at the moment.

At 30 I had zero debt and a house that I owned, now nearly a decade later I find myself 23k in debt and back renting. The one positive constant throughout has been a safe and well-paid job, for which I am eternally grateful.

My credit rating is shot, so consolidating is out of the question for the time being.

I have mapped out the next 3 years of repayments on a spreadsheet, so I know that repaying everything as I am now will mean that I am free of loan debt in March 2023.

Also, I know that I should hit the following targets:

Under 20k - November 2020
Under 15k - May 2021
Under 10k - March 2022
Under 7.5k - September 2022
Under 5k (Essentially my credit card debt) - May 2023

The downside of all this forward planning is that I also know how much I'm spending each month paying off these debts:

£1100 p/m until November '20
£900 p/m until March '21
£675 p/m until Jan '22
Then around £520 p/m thereafter

£1100 p/m over an average of 30 days is £36.67 a day. Crazy, right?

This doesn't include child maintenance, rent, bills and saving for a wedding. Crazy, right?

After taking all of this out, I'm not left with a great deal to live on each month, and I really want to put in some extra work to make life a bit more enjoyable. So, in my mind, if I can cover what I spend each month repaying debt with some extra work then a sense of balance will return to my life.

I use Prolific and Intellizoom at the moment, but that barely scrapes £5 per day.

I have applied for Lionbridge, so fingers crossed there.

I've always been good with graphic design, so my next step is to look at print to order T-Shirts.
What's Ur credit score if u don't mind me asking? Cause I'm 21 and mine is 160, 155ish... Out of 900. Someone said I basically have a cifas but I don't know what that is. I've only got 2 credit cards and a loan so why is my score so low?
 

PJC

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What's Ur credit score if u don't mind me asking? Cause I'm 21 and mine is 160, 155ish... Out of 900. Someone said I basically have a cifas but I don't know what that is. I've only got 2 credit cards and a loan so why is my score so low?

I think on the Experian 999 score I'm at the higher end of poor / lower end of fair - although I can't remember the exact number.

The credit score system is a bit of an odd one as you have to have had a decent amount of borrowing to really get one. I had to get my Mum's mobile in my name because she'd never really had credit so didn't have a high credit score.

Being registered to vote is a big one, as is paying everything on time. Not using 100% of your available credit each month works in your favour.
 
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PJC

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An update on my progress:

I set myself up on Etsy about 10 weeks ago selling prints. Made over £1000 in sales, which I'm very pleased about, as it's allowed me to pay for Christmas without going any further into the mire.

1608127557278.png


Just need to think of ways to keep the income flow in the New Year now that Christmas has passed (for sales at least)
 
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Jon

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An update on my progress:

I set myself up on Etsy about 10 weeks ago selling prints. Made over £1000 in sales, which I'm very pleased about, as it's allowed me to pay for Christmas without going any further into the mire.

View attachment 1243


Just need to think of ways to keep the income flow in the New Year now that Christmas has passed (for sales at least)
Wow! That's great - what sort of prints are you selling?
 
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PJC

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Wow! That's great - what sort of prints are you selling?

I designed a couple of prints relating to XBox and Playstation that probably just fell on the right side of the copyright law, but they really did sell well as I was able to add personalisation to them.

Next year I'm looking to design a few ones that aren't related to gaming and aren't personalised so that I can just get maybe a run of 50-100 professionally printed that I can keep ready to post.
 

Jon

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It's been a while @PJC but how is the income from the prints going and more importantly your goal to be debt free by the end of next year?
 

PJC

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It's been a while @PJC but how is the income from the prints going and more importantly your goal to be debt free by the end of next year?
How bloody weird, I signed in today to update this.

Got lucky with crypto at the start of the year, with a couple of $20 investments hitting over $1000 (Safemoon represent yo), so that went towards the credit cards.

Just dusting off my Etsy shop for another run at Christmas.

Moved ahead of schedule to be debt free, all being well I'll be free of ALL debt by March 2023, not just loan debt.
 

Jon

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How bloody weird, I signed in today to update this.

Got lucky with crypto at the start of the year, with a couple of $20 investments hitting over $1000 (Safemoon represent yo), so that went towards the credit cards.

Just dusting off my Etsy shop for another run at Christmas.

Moved ahead of schedule to be debt free, all being well I'll be free of ALL debt by March 2023, not just loan debt.
You invested a couple of $20 and you've made over $1000 already in crypto?
 

PJC

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You invested a couple of $20 and you've made over $1000 already in crypto?

Yes, got a bit lucky around March before the 2-month crypto boom, bought $20 of Safemoon mid-March and sold it for over $1000 late April.
 
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PJC

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Morning all, just wanted to update my journey.

As it stands, my running debt is around the £8300 mark, so have managed to shift around £15000 since I started 18 months ago.

I've gone from 3 credit cards and 3 loans to 1 credit card and 2 loans. Both loans will be paid off by this time next year, releasing roughly £600p/m for me.

Also repaired my credit score to the point where I actually completed on a house last week, so I'm finally back on the property ladder.

I suppose the pandemic had its uses...
 

Sherliarty

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Morning all, just wanted to update my journey.

As it stands, my running debt is around the £8300 mark, so have managed to shift around £15000 since I started 18 months ago.

I've gone from 3 credit cards and 3 loans to 1 credit card and 2 loans. Both loans will be paid off by this time next year, releasing roughly £600p/m for me.

Also repaired my credit score to the point where I actually completed on a house last week, so I'm finally back on the property ladder.

I suppose the pandemic had its uses...
That's amazing. Well done and keep going!
 
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