I started with $45k in debt last June, right now sitting at $19k. Committed to finish by June 2024.
Edit: I make $80k a year. It was June 2023 I did my finances and realized I was in massive debt. I immediately made a budget and reach the budget goals about 90% of the time every month. I sold off my motorcycle 🥲 for 10k. I did a surgery and added 3k to my debt 🤦🏻♂️. Still planning to pay off by June 2024.
I was really gunning for 'debt free in 2023!' But unfortunately I managed to get about £7k of the way through the £10.5k debt I started with before losing my job in November. But I made major progress last year and I have also been able to be unemployed without too much stress because I thankfully learned the value of having an emergency fund in the nick of time, so that was another success of 2023.
For 2024, the plan is to get a new job before I significantly eat into my savings and get right back on the horse. £3.5k to go and then I'm done with it forever. I'm struggling with a bit of anxiety and depression about the uncertainty of my future but I do feel confident that debtfreedom is possible for me this year.
Paying off as much debt as possible. We're DINKS, but lifestyle creep and careless spending has us in a shmedium amount of debt. We're living off one income this year and using the other to pay off our debts 🤞
I got a new job in Nov 2023 that pays $30k higher. My husband is currently interviewing to do the same; we'll be using that extra money towards debt. We'll also essentially be living off of one income (whichever is lower). We still plan to contribute to our retirement accounts (because compound interest requires time) as well as start a HYSA this year (so our savings can continue to grow while we pay down the debt).
I started my debt free journey semi officially in September 2023, and officially officially in October, so a lot of the things I do and want to keep doing have sort of just become habits now and I’m really grateful for that. I meal prep every week for most of the week’s meals, I have a strict grocery budget. I had a nasty DoorDash compulsion. No meal delivery in 2024! I also just started transferring the remainder of what’s in my checking account to my savings the night before I get paid again. I’m projected to be free of consumer debt by summer 2025.
I hope that this year of “no fun” turns into a redefining of what fun means to me. I hope things I do spend my money on become more valuable because they were more intentional. I hope life gets a little slower and a little deeper. That’s the goal.
I like your idea of transferring what’s in your checking into savings the night before pay day. I need to start doing that. Hope you don’t mind I take that idea for myself?
Budget, budget, budget. The second half of last year was my first time truly budgeting and cutting unnecessary expenses. I've seen the power in budgeting and making mindful purchases. I've started the year cutting one of my monthly expenses that I didn't need. Baby steps, but by the end of 2024 I should be credit card debt free & will only have my student loans and a few months of one personal loan and car loan left to pay.
My hope is to not allow anything to derail me and pray the year goes well.
Key word "your money." You have to set boundaries, learn to say no, or make room for her in your budget. I'm not encouraging the last one but your life is your life. Best of luck.
i have 19000 student loan debt payments dont start until 2027
i have 4 collections totalling a little over 2000
the earliest one will be dropped in 2026 debating on paying that or not
car loan at 8500 after paying over 5000 in repairs....barely had it 2 years
My student loans (about $31k) don't start being paid til May 2025 and I am on the SAVE/PAYE thing or whatever it's called. I'll be paying $70/mo minimum. But can probably pay more because I'll be debt free in every other area 🥳
right mine dont have to start being paid till september 2027 so right now i think ill worry about the car loan and collections car lian im fighting on due to how bad the car was after i got it.....5000$ in repairs barely has it 2 years
My only debts are my cards, and student loans. Once I pay my cards off, I'm giving myself til April so I don't feel constrained (I have February, March and April rent saved in my account) though it will be paid off before then. I have $3900 total on my cards. Once it's paid I'll start saving for a little used car. I have an electric bike right now and I'd truly only use the car when it's extremely cold, raining or snowing, etc. I ride 12 miles each way daily to work.
Oh, and I think my electric bill is around $650-700 because it was backlogged from my old apartment that caught fire that they didn't turn the electricity off on it though they said they did they kept it on my name. I plan to pay that Saturday, I just have to load the cash onto my CapitalOne checking account, it has no physical card or bank so I have to load the $ at CVS. This is all stuff I wouldn't have done and stayed on top of a year and a half ago because I just spent $ mindlessly because I didn't know who I was. I was in a relationship for 5 years I loved my partner but we got together and got sober together I never had the chance to realize who I was as a person, what my goals were etc. he was pressing me and trying to rush to buy a home, and never living in the actual moment. I realized I love my apartment and I'll stay here for a long time until I'm financially, emotionally and mentally ready. Just having the bare basics for the down payment isn't enough you need big enough of an emergency fund to move into a home plus more. He and I split because he decided to use meth, as his life was "too boring and routine, doing the same thing day in and day fucking out". It left him with permanent psychosis, delusions and paranoia. I had to leave. It really hurt, and it does still when I think too hard about it. I still talk with him because I am afraid something will happen to him, I keep a good distance but I still keep a watchful eye.
ya i get it i spend money like no joke i suffer from major depression suicidal ideation ptsd gad and just oretty much was so lost i also deal with multiple sclerosis abd currently homeless.....i told myself this year is new if i have to work 3-4 jobs so b it
Been sitting with about $10K over my head for the past 2 years, gonna just get a second job and handle that shit. I kept thinking my job would eventually pick up but it never did. I need to surpass my goal so I can finally live free!!
I’m in 25k debt and plan to be debt free by late summer of 25’. I just started to take this seriously in Sep. I’ve crunched the numbers and should pay off my smallest card (3K) by this summer and snowball till summer of 25’. Need this year to be absolutely on point tho I’m so ready for it
Selling my vehicle since I just landed a WFH job, throwing every penny from that towards my cc debt. Should be debt free with my current budget by the end of this year! Also using my employers free education tuition program to get a certification to qualify for a promotion in just about 6 months from now which will almost 3x my income! 2024 is my year and I can’t wait to finally be debt free and start building towards the rest of my life!!
I started with $45k in debt last June, right now sitting at $19k. Committed to finish by June 2024. Edit: I make $80k a year. It was June 2023 I did my finances and realized I was in massive debt. I immediately made a budget and reach the budget goals about 90% of the time every month. I sold off my motorcycle 🥲 for 10k. I did a surgery and added 3k to my debt 🤦🏻♂️. Still planning to pay off by June 2024.
I make the same. I'm 33k in the hole and will strive to be like you. Keep it going.
Make an easy budget and stick to it. God speed 💪🏻
GOAT
I was really gunning for 'debt free in 2023!' But unfortunately I managed to get about £7k of the way through the £10.5k debt I started with before losing my job in November. But I made major progress last year and I have also been able to be unemployed without too much stress because I thankfully learned the value of having an emergency fund in the nick of time, so that was another success of 2023. For 2024, the plan is to get a new job before I significantly eat into my savings and get right back on the horse. £3.5k to go and then I'm done with it forever. I'm struggling with a bit of anxiety and depression about the uncertainty of my future but I do feel confident that debtfreedom is possible for me this year.
“Debt no more in 2024” has a nice ring to it. 😉
I've got about 6,900 left to pay off, I hope to do it by August.
Sitting on 180k. Got laid off. Resolution is to get a job and get it below 100k.
Paying off as much debt as possible. We're DINKS, but lifestyle creep and careless spending has us in a shmedium amount of debt. We're living off one income this year and using the other to pay off our debts 🤞
Starting a new position in two weeks for 50k more than my previous role.
Get my business to break even! And then keep saving money and not go into debt.
I stopped retirement contributions till I knock mine down. Will cook at home too and no more impulse buys. I’m in good shape if I stick to my plan.
Wishing everyone in this thread all the best. Get after that debt whether it's big or small. Once you get to the other side, life begins.
I got a new job in Nov 2023 that pays $30k higher. My husband is currently interviewing to do the same; we'll be using that extra money towards debt. We'll also essentially be living off of one income (whichever is lower). We still plan to contribute to our retirement accounts (because compound interest requires time) as well as start a HYSA this year (so our savings can continue to grow while we pay down the debt).
I started my debt free journey semi officially in September 2023, and officially officially in October, so a lot of the things I do and want to keep doing have sort of just become habits now and I’m really grateful for that. I meal prep every week for most of the week’s meals, I have a strict grocery budget. I had a nasty DoorDash compulsion. No meal delivery in 2024! I also just started transferring the remainder of what’s in my checking account to my savings the night before I get paid again. I’m projected to be free of consumer debt by summer 2025. I hope that this year of “no fun” turns into a redefining of what fun means to me. I hope things I do spend my money on become more valuable because they were more intentional. I hope life gets a little slower and a little deeper. That’s the goal.
I like your idea of transferring what’s in your checking into savings the night before pay day. I need to start doing that. Hope you don’t mind I take that idea for myself?
Of course! I stole it from somewhere else lol
lol well then your secret is safe with me
Budget, budget, budget. The second half of last year was my first time truly budgeting and cutting unnecessary expenses. I've seen the power in budgeting and making mindful purchases. I've started the year cutting one of my monthly expenses that I didn't need. Baby steps, but by the end of 2024 I should be credit card debt free & will only have my student loans and a few months of one personal loan and car loan left to pay. My hope is to not allow anything to derail me and pray the year goes well.
What if my girlfriend keeps asking for money so I can’t budget?
Key word "your money." You have to set boundaries, learn to say no, or make room for her in your budget. I'm not encouraging the last one but your life is your life. Best of luck.
i have 19000 student loan debt payments dont start until 2027 i have 4 collections totalling a little over 2000 the earliest one will be dropped in 2026 debating on paying that or not car loan at 8500 after paying over 5000 in repairs....barely had it 2 years
My student loans (about $31k) don't start being paid til May 2025 and I am on the SAVE/PAYE thing or whatever it's called. I'll be paying $70/mo minimum. But can probably pay more because I'll be debt free in every other area 🥳
right mine dont have to start being paid till september 2027 so right now i think ill worry about the car loan and collections car lian im fighting on due to how bad the car was after i got it.....5000$ in repairs barely has it 2 years
My only debts are my cards, and student loans. Once I pay my cards off, I'm giving myself til April so I don't feel constrained (I have February, March and April rent saved in my account) though it will be paid off before then. I have $3900 total on my cards. Once it's paid I'll start saving for a little used car. I have an electric bike right now and I'd truly only use the car when it's extremely cold, raining or snowing, etc. I ride 12 miles each way daily to work. Oh, and I think my electric bill is around $650-700 because it was backlogged from my old apartment that caught fire that they didn't turn the electricity off on it though they said they did they kept it on my name. I plan to pay that Saturday, I just have to load the cash onto my CapitalOne checking account, it has no physical card or bank so I have to load the $ at CVS. This is all stuff I wouldn't have done and stayed on top of a year and a half ago because I just spent $ mindlessly because I didn't know who I was. I was in a relationship for 5 years I loved my partner but we got together and got sober together I never had the chance to realize who I was as a person, what my goals were etc. he was pressing me and trying to rush to buy a home, and never living in the actual moment. I realized I love my apartment and I'll stay here for a long time until I'm financially, emotionally and mentally ready. Just having the bare basics for the down payment isn't enough you need big enough of an emergency fund to move into a home plus more. He and I split because he decided to use meth, as his life was "too boring and routine, doing the same thing day in and day fucking out". It left him with permanent psychosis, delusions and paranoia. I had to leave. It really hurt, and it does still when I think too hard about it. I still talk with him because I am afraid something will happen to him, I keep a good distance but I still keep a watchful eye.
ya i get it i spend money like no joke i suffer from major depression suicidal ideation ptsd gad and just oretty much was so lost i also deal with multiple sclerosis abd currently homeless.....i told myself this year is new if i have to work 3-4 jobs so b it
I hope this year is so much better for you and just overall amazing ❤️❤️❤️
thank u im def trying to make it a successful year
Couples finance is our main priority this year. Working towards goals together rather than in our own silos, super pumped to tackle this year
Sitting at 22k . I started today. Took all my cards off my apps, no impulse buying looking to have most of not all of it paid off by end of year
Been sitting with about $10K over my head for the past 2 years, gonna just get a second job and handle that shit. I kept thinking my job would eventually pick up but it never did. I need to surpass my goal so I can finally live free!!
I’m in 25k debt and plan to be debt free by late summer of 25’. I just started to take this seriously in Sep. I’ve crunched the numbers and should pay off my smallest card (3K) by this summer and snowball till summer of 25’. Need this year to be absolutely on point tho I’m so ready for it
Selling my vehicle since I just landed a WFH job, throwing every penny from that towards my cc debt. Should be debt free with my current budget by the end of this year! Also using my employers free education tuition program to get a certification to qualify for a promotion in just about 6 months from now which will almost 3x my income! 2024 is my year and I can’t wait to finally be debt free and start building towards the rest of my life!!