Making a promise to the world: My debt-free date

debt chart

I’m ready. It’s time. Let’s commit.

I’ve been paying off my debts for years, but I’ve nearly got them down to £5,000 now, and the end is in sight. So I want to publicly set a target debt-free date. Making a public pledge means you, good reader, will keep me accountable along the way.

So, I’ve got to choose a date to aim for. To get me started, I took a quick look at my progress so far, which I’ve charted in the table above.

Now, this table tells you quite a few things. Firstly, you can pretty much guess when I got married, because my debts stagnated for about a year while I saved up for that instead.  Secondly, it shows I’ve been paying off an average of £194 a month from my total debt pile since November 2011. God, that sounds a long time ago.

Thirdly – and perhaps most importantly for this post – if I carry on at this rate, I’ll be debt-free by around April 2018.

So this will be my debt-free target date, right?

Well, I’m going to go one further. I don’t want to be in debt for another 28 months. I’m ready to step this up a gear and get that bastard debt out of my life for good.

So…(drumroll)… I pledge to be debt-free by June 2017.

I didn’t pluck that date out of thin air. Looking back at my progress, I have had spurts of energy in this long, drawn-out battle where I was paying off debts at a faster rate. I’ll just have to do this all the time. I also want to set an ambitious goal to act as the kick-up-the-arse I need.

Wish me luck, people. I won’t let you down.

8 thoughts on “Making a promise to the world: My debt-free date

  1. Mary says:

    This post is exactly what I need to motivate myself to get debt-free. I will be making a deadline date based on my payment plans and get started with this goal in mind, and I thank you for providing the motivation I needed. I wish you very good luck in achieving your goals, and hoping you do! Thank you.

  2. Hi Claire

    When you’re in debt, not being in debt can seem almost unattainable at times, but it absolutely can be done. And you’ve got the right idea too, by setting a goal (a public one no less) you’ll get there no matter what!

    Also, I’m not sure if it’ll be of any use to you, but I wrote a blog post for the Penny Pincher about how downsizing helped us take our finances from red to black:

    If we can do it, anyone can. Go for it!

    Ang 🙂

    1. Thanks for the link to the post. I definitely agree that not buying stuff (and questioning every purchase) is absolutely key to getting out of debt. Far better not to buy in the first place, than to buy and then sell it later at a fraction of the cost price. Great post.

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