Ok the fact that I am starting no spend February on 3rd Feb means I am a bit on the back foot. Yesterday we went to the pub for a drink as we had been snowed in and just needed to get out. 2 pints and some chips (to keep the toddler happy) was £18! Today we went swimming which was £5 but still… let’s start again tomorrow… PMA!
No spending months are a bit like dieting. You really have to visualise why you are doing it in order for it to work. For me, I want to be debt free as it would give me options. I don’t want to feel trapped. I actually like my job but if I didn’t, I would like to know that I am not totally dependent on earning the same money.
I have set myself a target of getting as least credit card debt free this year. Getting the car paid off is my second target. After years of leasing brand new cars I decided it made no financial sense for me and took out a loan to buy a second hand car. I long for the day when that car is paid for and as long as nothing goes wrong with it, I will be able to, for the first time in my adult life, look forward to not having £350 taken out of my account every month for a car! And let’s remember, this is a depreciating asset! So half of that monthly payment is just going down the drain.
In an ideal world then with what I am paying off my credit card and car loan, this can then go into the mortgage, meaning I don’t have to work until I am 70 to pay it off.
It is slightly trickier for me at the moment as I am investing a lot of money in starting a business. It is exciting though and I am confident that this will actually help with the goal to be debt free. It is a lot of work but I am a true believer that for what you put in, you get out.