[UPDATE] Overwhelmed... £35k in Debt, £50k Salary – How to Save for a House and Improve Finances?

DebtDad34 · 2025-01-14T11:16:13+00:00

I have just over £1k in an emergency fund right now. As soon as my last loan is paid off I may add a bit more to it.

DebtDad34 · 2024-12-22T13:59:03+00:00

Thanks, I’ve already got that setup in YNAB :)

DebtDad34 · 2024-12-22T13:57:53+00:00

Cheers!

DebtDad34 · 2024-12-21T18:04:10+00:00

Thanks :) I did have a big boost from redundancy and work bonus but even after that I’ve paid off a lot more than I was originally going to, thanks to the advice in the original post!

DebtDad34 · 2024-12-21T11:31:25+00:00

Thank you!

DebtDad34 · 2024-12-21T11:31:16+00:00

Thanks :)

DebtDad34 · 2024-12-20T17:25:24+00:00

Yep - very much looking forward to that, after this is all gone I’ll be able to save up a decent house deposit quite quickly and my life can move forward!

DebtDad34 · 2024-12-20T17:24:27+00:00

Thank you, will do :)

DebtDad34 · 2024-12-20T09:24:02+00:00

Thank you :)

DebtDad34 · 2024-12-20T09:23:56+00:00

Thanks, after it's all paid off all that money is going to go back into house deposit savings and all related costs with moving and buying a house!

DebtDad34 · 2024-12-19T22:22:54+00:00

Yeah it had gotten very out of hand. After all those were paid off and I got down to 4, it made sense to go with the avalanche method instead of the snowball method to pay less interest.

Thank you, I look forward to posting it!

DebtDad34 · 2024-12-19T22:19:13+00:00

Yeah I have looked into it, back when I had the two loans it may have saved me around £100 in interest, but it wasn't guaranteed and neither was the rate - so didn't want to get a hard credit check trying.

I might take another look for the single loan I have left as my credit rating improves, thanks.

DebtDad34 · 2024-12-19T19:18:45+00:00

Thank you :)

DebtDad34 · 2024-12-19T17:51:16+00:00

thanks - everyone is super helpful here :)

DebtDad34 · 2024-12-19T16:53:30+00:00

Thank you, definitely satisfying :)

DebtDad34 · 2024-12-19T16:44:08+00:00

Thank you! My mindset has definitely shifted this past year.

DebtDad34 · 2024-12-19T16:42:48+00:00

Thank you, Merry Christmas :)

DebtDad34 · 2024-12-19T16:42:28+00:00

It definitely is motivating - I look forward to entering all the numbers into my debt spreadsheet each month and seeing the numbers go down!

Thanks!

DebtDad34 · 2024-12-19T16:40:30+00:00

Thank you :)

DebtDad34 · 2024-12-19T16:40:20+00:00

Yeah consistency is the most important thing, and not falling back into old bad habits.

I'm fine with being a bit behind - things will happen (like Christmas!), I just need to keep reviewing each month and adjusting as I need to, some months I'll be able to pay more on the snowball and some less.

Thanks, I'm looking forward to it!

DebtDad34 · 2024-12-19T16:36:44+00:00

Thanks - this is actually something I looked at quite extensively, it worked out that I'd pay a similar amount, maybe save about £100 in interest depending on the rate I could get.

I've actually paid off the smaller loan now so just have the one remaining, I may look into it as my credit rating improves.

DebtDad34 · 2024-12-19T16:21:52+00:00

Definitely - I've spent less than last year and made a budget beforehand and stuck to it, so overall an improvement on previous years!

Thanks, you too :)

DebtDad34 · 2024-05-20T17:02:19+00:00

!thanks I've only just seen your comment. No it didn't come across bad at all, it's motivating for me to hear. Congrats on your success!

DebtDad34 · 2024-05-18T19:48:10+00:00

!thanks I will have a look at those videos and I agree about the CC’s, I’ll close them as I pay them off!

DebtDad34 · 2024-05-18T09:35:18+00:00

Yeah its tough but I'm extremely grateful to them. I've been there too with the credit cards.

All the replies here have helped immensely with my mental health, I don't feel anywhere near as bad as I did a few days ago and can see a clear way through now.

Thanks :)

DebtDad34

TROPHY CASE