Paying off my first loan in four months!

WEEEEEE

It already feels like Christmas…but once a few withdrawals from my matched betting accounts go through hit my account, I am wiping out my smaller loan completely, and then I can partyyyy (snakejuice style).

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I have never been so excited to pay down debt – seriously I cannot WAIT for these to go through.

THE DETAILS

The balance is £1375 and it is the small, interest-free loan I got through my employer when I first started working. The initial amount was £2000 and since taking it out they have deducted £41 from my pay check each month to pay it back.

Once the whole amount is paid I will have roughly £22,384.40 left of my total debt at the end of December! When I started this blog 4 months ago I had almost £25,000 – that’s not bad progress! I also will have about £4900 in cash between my American and UK bank accounts. (I keep cash in America so that I don’t have to worry about transferring money every month for my payments.)

That means overall I have to come up with another £17,484 before I AM DEBT FREE!

Between my recent pay rise and the £41 more pounds I’ll be receiving each month from this loan I will be bringing in about £150 more EVERY month! That is so much money to me – even though some people may laugh, it’s true! Especially considering that before this I was able to put away roughly £450 a month just from my salary – now this will be £600 every month before my next pay rise!

WHERE IT LEAVES ME (EMOTIONALLY OF COURSE)

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I have to be honest, the thought of knocking out one of my loans is lighting a FIRE under me. It feels so incredible to think that four months ago that seemed totally out of reach. I thought getting to this point would be miserable and painful, but, in fact it has been really uplifting and feels like heaven!

I set a goal, and now I’ve reached it. It feels amazing and honestly I am so proud of myself. People constantly make fun of me for not buying coffees, not going out drinking, having literally 6 work outfits – but I don’t care and every little sacrifice was worth it.

And to be honest, they haven’t felt like sacrifices. In fact, the changes I’ve made have all become incredibly positive improvements in my personal life that I now prefer over my old ways.

For instance:

OLD

NEW

Going out for breakfast every Saturday with my boyfriend (and sometimes Sunday) We make a huge feast for brunch at home that we love making, is cheaper and we get to change a little bit every week!
Ordering Dominos on the weekend to fill the hole in my heart – spending about £25 in the process Trying out completely new vegan recipes and now having about 5 more favourite special meals we get to make! No more lethargy and guilt (well, maybe just a little bit).
Buying clothes to fill the sadness in my heart Lol I still sometimes impulse buy, but nowhere NEAR as much and now I can recognise the behaviour BEFORE buying.

 

Recently I have been feeling insanely overwhelmed. Work has been stressful (not the actual job but the environment), there’s been a ton of social events back to back, I’ve spent a LOOOOT more on gifts and clothes this month than anticipated, I’ve been shoddy with going to the gym and I’ve been exhausted BUT THIS IS SO GREAT EVERYTHING ELSE PALES IN COMPARISON!!!

OKAY WRAP IT UP GIRL

Okay, okay I promise I’m almost done – I just want to say that wherever you are on your financial journey know that there are definitely ups and downs, but as with most things in life, the ups heavily outweigh the downs. It is worth the changes, it is worth the little jabs people make, it is worth being a better person!

This is MOST likely my last post before Christmas in Rome with my family so I just want to say – have a great holiday wherever you are in the world and I hope you get to enjoy time with your loved ones as I do (and I feel so lucky!!).

Merry Christmas!

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X

MB

p.s. sorry for the excessive exclamation points, I am SO EXCITED

 

 

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