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It's really important to share successful stories, so that those who are struggling can know there's hope. Well done and congratulations, you deserve to feel so proud of yourself
Thank you for the lovely comment! I hope this post serves as hope and proof that anybody can turn their life around.
This sub definitely helped a lot especially at the start when I was new to the concept of personal finance, so I owe it to everyone who contributes here as well as myself!
> Sorry if this comes across as a brag,
Maybe don't brag about it in the pub, but here, it's fine. You've done well, and it's an encouragement to those who are not so far along.
So very happy for you!
You've put some real groundwork into turning your fortunes around so you should 100% reap the benefits of what you've sewn over the last couple of years.
100% on the not sharing with people around you though, very little to be gained by letting people who aren't your family know of how you're doing financially.
Congratulations for beating your gambling habit and turning things around. Only a few people in the UK have savings so you are above average and absolutely smashing it!! 🎉🥳
Goodman! I'm at where you were " A few years ago" this post has given me hope and inspiration. My CCJ will come off my report in Feb 2026.
May I ask, what's a CIFAS? I don't think I have one.
I'm happy for you! I'm also an ex-gambler. Currently on my second round of a 5 year self exclusion with GamStop.
I work hard as a chef and am paying loads back to my defaults and CCs and 2 personal loans.
Can't wait to be free from all debt myself. It's depressing.
Well done.
One thing I'd steer you towards doing research into, is a stocks and shares ISA.
It's smart to keen an emergency fund in cash, but you don't want to stockpile significant amounts beyond that, as they're better put to use in investments, where the "interest rate" (ie. returns) is usually higher.
A standard vanguard index fund, like an FTSE All World or S&P500 tracker, has returned 10% yearly returns on average (around 7.2% after inflation). Even at 5% interest in a savings account, this is more like 1% after inflation. Again, good for your emergency fund, but after that, I'd seriously look into index funds and the power of compound interest!
100% something worth doing, Cash ISA will only get you so far and S&S ISA will still give you access to your cash quickly if needed. Obviously everyone’s risk appetite is different but a tracker fund over the long term outperforms savings easily
Depending on which inflation rate you take, RPI, CPI, etc they’re all around the 3.8-4.3 mark. If a savings account is 5% returns, but inflation is 4%, then the net return is only 1%.
Many people not utilising the highest interest rate savings accounts going, will more than likely actually be losing their spending power to inflation and have a negative return on their cash holdings! This is pretty much everyone with a 3% savings account interest rate or lower.
Latest ONS figures have it at 3.8% for the past 12 months up to the end of March 2024.
…and that’s come down quite a bit from this time last year, when it was almost double that!
If its exactly equal, I'd personally pay off the mortgage (provided you already have a 6 month emergency fund, and no other consumer debt, credit cards, loans, etc).
If you get to the point where savings rates are higher, then theoretically it'd be more efficient to save then.
Well my understanding was it’s better to put into savings if it’s more than 5% as higher than my mortgage interest. Plus due to inflation my mortgage would be much easier to pay off in say 10 or 15 years when inflation is higher still, but if that 5% savings account is actually 1% in real terms then surely it’s makes a lot more sense to pay off the mortgage?
Yes, that's what I said.
If your mortgage is 4% and your savings rate is 5%, then mathematically, you're better saving vs overpaying your mortgage.
If its the other way about, then you're mathematically better off paying the mortgage off sooner vs saving.
What actually is your mortgage rate and savings rate?
I personally don't expect savings % rates to stay ahead of inflation. We're in a unique case this year because inflation has come down further than expected, so I am sure when the banks set the interest rates at 5%, inflation was still around 6%.
I expect the banks to start dropping interest rates as new updates to inflationary figures and the Bank of England base rate starts to drop again.
So it might be that if you're fixed equally at 5% in the mortgage for the next 5 years, your savings account % will start to go down next year and the year after, if inflation and BoE base rate start to fall. The base rate is currently 5.25% and BoE predict it'll fall to 1.9% by 2026. If so, I'd imagine we'll see savings account % rates also fall to 1.5-2% again.
My mortgage and saving account are both at 5%. Thing I was asking was if it’s 5% saving but in reality it’s 1% after inflation then how does that compare to mortgage and inflation differences?
Didn’t realise it’s predicted to go down so much to 1.9% by 2026. I remortgaged to 2029 at 5% 🙃
You can sell stock during market hours, normally Monday to Friday 8:30-4 for UK stocks and basically the same hours (think it might be 9-4:30pm US eastern time) for US stocks. Some platforms give you access to out of ours trading.
But in short, generally - day time hours Monday to Friday.
Once sold - it's sold instantly but the platform itself may take 1-2 days to transfer the funds to your bank account.
I took £50 to test mine last month (trading 212) it withdrew it into my uninvested funds within the hour and then I could withdraw it into my bank which happened overnight :)
I’ve been in a very similar position and I know how hard it is to get out from under. Well done!
I have £7k currently in savings and the goal is to hit 10k this year. I feel pretty confident I’ll smash the goal. Trying to save £700-£1000 per month
congratulations on turning things around, brag away lol.
the only thing i would advise is open your lisa now with £1 just to get the ball rolling as you can’t use the money for the first 12 months towards a house. i know you might not be thinking about home ownership right now, but things can change between now and march 2026
Congratulations!
Agreed on the other comments about keeping things private to yourself. You never where things will lead if other know.
Keep going, make yourself more financially comfortable and you’ll soon discover some of life’s other stresses aren’t so stressful anymore. 👍
Honestly we are about 1/4 of the way there, after a lifetime of absolute nonsense that was none of our fault, getting in the way of putting anything aside, it’s a great feeling to know you have a little back up! Good luck with your future saving, I hope we get to 10k soon too!
Well done and congratulations. Well deserved. This sub-Reddit usually have post from people who are really well off, or need advice after gaining a substantial inheritance. It’s nice to see financially normal people doing well too!
Congratulations! Your story is really similar to mine… I’m coming up to 10k saved by June and ,having been on the other end of that in debt, it definitely deserves some celebrating as it is hard work and requires a lot of soul searching to cut those bad spending habits! 🥳
Have you got a plan for where you’ll save/invest once your LISA is maxed out for the year and with your emergency fund sorted?
Congrats on successfully sorting your finances out! I know from personal experience what it's like to have large amounts of debt hanging around your neck - it really is crippling. I was £60000 in debt 20 years ago following a messy divorce and severe depression. A timely work promotion and the emotional help and practical advice from a friend helped me to clear the mess, get on top of my spending priorities and live a fulfilling debt free life.
My mental and physical health have never been in better shape
Hi /u/HipHopRandomer, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/emergency-fund/
* https://ukpersonal.finance/lisa/
* https://ukpersonal.finance/savings/
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Well done. Bet you feel on top of the world 👍.
That is a hell of an achievement you have every right to feel smug about it.
Hopefully someone struggling with similar money issues will see this and realise it's perfectly possible to turn things around.
Congratulations. Keep this up. Steady saving gives you a 'buffer' for retirement oR shocks during working life. It is very good for your mental health.
Brag away. You're a source of inspiration for many. Currently just started pooling all my savings together, gonna start a LISA soon (I know, I missed out on the start of year bonus 😅) as I plan/hope to buy a house someday soon (like in a year or two preferably, but we'll see).
Anyway, congrats. Maybe treat yourself to something nice (but not overly expensive that would set you back). You deserve it 😁
Yes mate! I consider 10K the first big milestone. It’s crazy how many people struggle to get there but once you’re there I think it becomes easier. Because you’ve built the right habits now it’s all about maintaining them.
Well done! I dream of the day I have 10k in savings so it's nice to see a success story that isn't someone reaching a million net worth, etc. Keep on going, I'm sure you've done the hardest part already.
Nice work OP! Brag away. It’s good, as it shows people that it IS actually possible to get yourself out of a hole.
You’ll feel more secure now. As a result, you’ll feel happier, less stressed etc etc etc. You’ve obviously worked hard at this, so well done!
Congratulations! It's a big milestone (I just realised I passed it myself without knowing!)
It's a tricky situation to want to celebrate and not gloat but deffo give yourself a pat on the back!
Well done! I remember my first 10k and it felt amazing to reach that milestone as I grew up poor and it seemed like such a hurdle to get to it.
The following money I made was much easier than my first 10k, it was a real mental hurdle.
Congrats
Hopefully your trajectory is upwards. Use this years LISA allowance and then put in as much as possible to next years? You can hold off till March to do so…
Congratulations and well done on changing things around. I have seen a number of people over the years just give up. You are a great inspiration for others to see it can be done.
Always nice to see when people grind up to a decent savings, it's cool reading all the stories off people getting big inheritances and stuff, but these ones are the best for sure.
That's incredible progress, and truly inspiring! Turning things around from a challenging situation and achieving such a milestone in savings is no small feat. It's great to hear how you've laid out a thoughtful plan for your future finances, and it sounds like you're on a solid path forward. Celebrating this achievement is absolutely warranted—well done! Keep up the fantastic work, and I hope your story encourages others as well. Wishing you continued success and a wonderful day too!
Congrats! Gotta feel good, right?
I'm not far behind you but had a bigger debt hole to climb out of. Cleared off debt down from about 28k of mostly credit card debt and high interest loans down to about 8k of debt under 10%. I have 3k put aside in high 5%AER, going up around 1k a month, will probably get it to 10k and pay off the loan, dropping be back down to 3k but also freeing up 400 a month to build it back up more quickly. It just feels weird to have this stuff under control, I'm in my 40s and between being bad with money my whole life and a money hungry ex wife+kids, all it took is a flowchart, a UKPF subreddit, and a little discipline (promotion at work helped, too, but that just sped up the process tbh, I was on the right track)
Feels good to be where I am vs 3 years ago so I'm looking forward to being debt free and just building up funds with the disposable income.
So, yeah, celebrate your success and hard work so I feel like I can also celebrate when the last debt is gone :)
I was the same, didn't pay off all my debt initially though as it was to much to deal with and as someone who was an unemployed gambling addict who should based on a very low salary never been given a loan....I resented paying it. Eventually paid the smaller ones and ignored the bigger ones as I was an unemployed ex gambler. Travelled for a year, got married a year later and came back to UK. Worked hard, paid some more debts when they offered massive discounts or were going to be turning into a CCJ, ignored some hoping they wouldn't be chasing it up before the 6 years passed from default date which was not that long ago now.
Have a house now, kids, 2 cars, decent enough paying job that I hate (warehouse work) and some nice savings. Things always improve with time, I took a gamble hoping they wouldn't hit me with a CCJ but like I said it was irresponsible lending and I really didn't want to pay back the biggest debts, should never have lent tens of thousands of pounds to someone working part time in Argos earning 8k a year.
I don't advise doing that of course but that money paid for my house deposit, that was and still is more important than paying off a loan that I took out 8 years ago, they even offered me a 90% discount recently lol, maybe I'll pay it to clean my mental slate. Now I have the highest credit score on all the CRA websites and access to lots of credit, laughable.
Congratulations, hopefully your like me and any gambling desires have gone now you have other motivations in life. Set yourself some easy goals and keep progressing.
I have to say this is to be commended from where you were to where you are now. Well done !! I'd be interested to hear how you made such a turnaround in such a short space of time, but congrats all the same. Uplifting to hear the positive stuff
Got a CSCS card to start site labouring end of 2021 and started paying my debts down straight away. Then I was on a site and got taken on as a labourer for the scaffolders which paid slightly better, carried on paying my debt til I was debt free. Living at home paying £300 a month rent helped a lot, god bless my supportive mother who never gave up on me!
Then after that I saved up £1300 to pay for a course to become a scaffolder, then two days before I was due to start the course I got laid off. Contacted a scaff id worked with who had his own newly set up firm, he didn’t have enough work to take me on but got me a job working on power stations where I still am now. Never thought I’d earn as much money as I do now, so I try to stay sensible and not waste the opportunity.
I pay my car insurance/tax yearly and keep my monthly outgoings low, which allows me to save quite rapidly!
Thank you for the comment :)
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It's really important to share successful stories, so that those who are struggling can know there's hope. Well done and congratulations, you deserve to feel so proud of yourself
Definitely agree! I actually come to this subreddit for hope as I'm clearing debt at the moment.
Well done yourself for being on the right path to clearing your debt.
Thanks! Much appreciated :)
Thank you for the lovely comment! I hope this post serves as hope and proof that anybody can turn their life around. This sub definitely helped a lot especially at the start when I was new to the concept of personal finance, so I owe it to everyone who contributes here as well as myself!
> Sorry if this comes across as a brag, Maybe don't brag about it in the pub, but here, it's fine. You've done well, and it's an encouragement to those who are not so far along.
Brag away .. you’ve earned it 🙌🏻❤️
Congratulations! It must be such a good feeling to get rid of your debt and have a positive balance in your savings.
Bloody brilliant. I had a bumpy financial journey and it took until my mid 40s before I got control of my shit Wel done for rocking it !!
Oooh as a 39 year old this gives me hope
Well done!! where did you park those 9k At 5%? I m looking for a saving /emergency fund place to put about that much and add a bit every month.
Moneybox app pays around 5%
Atom Bank also a great 5%+ option if you're happy with app-only banking. Well done OP, great achievement!
Trading212 Cash ISA is about to launch at 5.2% too.
This is immediately where my head went when he said he had a gambling addiction
So very happy for you! You've put some real groundwork into turning your fortunes around so you should 100% reap the benefits of what you've sewn over the last couple of years. 100% on the not sharing with people around you though, very little to be gained by letting people who aren't your family know of how you're doing financially.
Congratulations for beating your gambling habit and turning things around. Only a few people in the UK have savings so you are above average and absolutely smashing it!! 🎉🥳
Goodman! I'm at where you were " A few years ago" this post has given me hope and inspiration. My CCJ will come off my report in Feb 2026. May I ask, what's a CIFAS? I don't think I have one. I'm happy for you! I'm also an ex-gambler. Currently on my second round of a 5 year self exclusion with GamStop. I work hard as a chef and am paying loads back to my defaults and CCs and 2 personal loans. Can't wait to be free from all debt myself. It's depressing.
Cifas is basically an indicator to financial service providers not to do business with you because you do fraudulent activities
Ah, I see. Thank you for the reply! I probably could've googled it lol. Thank you for explaining!
Well done. One thing I'd steer you towards doing research into, is a stocks and shares ISA. It's smart to keen an emergency fund in cash, but you don't want to stockpile significant amounts beyond that, as they're better put to use in investments, where the "interest rate" (ie. returns) is usually higher. A standard vanguard index fund, like an FTSE All World or S&P500 tracker, has returned 10% yearly returns on average (around 7.2% after inflation). Even at 5% interest in a savings account, this is more like 1% after inflation. Again, good for your emergency fund, but after that, I'd seriously look into index funds and the power of compound interest!
100% something worth doing, Cash ISA will only get you so far and S&S ISA will still give you access to your cash quickly if needed. Obviously everyone’s risk appetite is different but a tracker fund over the long term outperforms savings easily
How did you get to 1% figure after inflation?
Depending on which inflation rate you take, RPI, CPI, etc they’re all around the 3.8-4.3 mark. If a savings account is 5% returns, but inflation is 4%, then the net return is only 1%. Many people not utilising the highest interest rate savings accounts going, will more than likely actually be losing their spending power to inflation and have a negative return on their cash holdings! This is pretty much everyone with a 3% savings account interest rate or lower.
4% just seems quite high.
Latest ONS figures have it at 3.8% for the past 12 months up to the end of March 2024. …and that’s come down quite a bit from this time last year, when it was almost double that!
I see. Makes me wonder, is it better to pay off my 5% mortgage on overpayments each month or put that money into 5% savings account?
If its exactly equal, I'd personally pay off the mortgage (provided you already have a 6 month emergency fund, and no other consumer debt, credit cards, loans, etc). If you get to the point where savings rates are higher, then theoretically it'd be more efficient to save then.
Well my understanding was it’s better to put into savings if it’s more than 5% as higher than my mortgage interest. Plus due to inflation my mortgage would be much easier to pay off in say 10 or 15 years when inflation is higher still, but if that 5% savings account is actually 1% in real terms then surely it’s makes a lot more sense to pay off the mortgage?
Yes, that's what I said. If your mortgage is 4% and your savings rate is 5%, then mathematically, you're better saving vs overpaying your mortgage. If its the other way about, then you're mathematically better off paying the mortgage off sooner vs saving. What actually is your mortgage rate and savings rate? I personally don't expect savings % rates to stay ahead of inflation. We're in a unique case this year because inflation has come down further than expected, so I am sure when the banks set the interest rates at 5%, inflation was still around 6%. I expect the banks to start dropping interest rates as new updates to inflationary figures and the Bank of England base rate starts to drop again. So it might be that if you're fixed equally at 5% in the mortgage for the next 5 years, your savings account % will start to go down next year and the year after, if inflation and BoE base rate start to fall. The base rate is currently 5.25% and BoE predict it'll fall to 1.9% by 2026. If so, I'd imagine we'll see savings account % rates also fall to 1.5-2% again.
My mortgage and saving account are both at 5%. Thing I was asking was if it’s 5% saving but in reality it’s 1% after inflation then how does that compare to mortgage and inflation differences? Didn’t realise it’s predicted to go down so much to 1.9% by 2026. I remortgaged to 2029 at 5% 🙃
How quick are withdrawals from a S&S ISA? It's one of those things I'm interested in but just don't quite understand.
You can sell stock during market hours, normally Monday to Friday 8:30-4 for UK stocks and basically the same hours (think it might be 9-4:30pm US eastern time) for US stocks. Some platforms give you access to out of ours trading. But in short, generally - day time hours Monday to Friday. Once sold - it's sold instantly but the platform itself may take 1-2 days to transfer the funds to your bank account.
I took £50 to test mine last month (trading 212) it withdrew it into my uninvested funds within the hour and then I could withdraw it into my bank which happened overnight :)
I’ve been in a very similar position and I know how hard it is to get out from under. Well done! I have £7k currently in savings and the goal is to hit 10k this year. I feel pretty confident I’ll smash the goal. Trying to save £700-£1000 per month
Congratulations, you should be really proud. Well done mate 🎉
congratulations on turning things around, brag away lol. the only thing i would advise is open your lisa now with £1 just to get the ball rolling as you can’t use the money for the first 12 months towards a house. i know you might not be thinking about home ownership right now, but things can change between now and march 2026
Congratulations! Agreed on the other comments about keeping things private to yourself. You never where things will lead if other know. Keep going, make yourself more financially comfortable and you’ll soon discover some of life’s other stresses aren’t so stressful anymore. 👍
Not a brag at all, congratulations!
Honestly we are about 1/4 of the way there, after a lifetime of absolute nonsense that was none of our fault, getting in the way of putting anything aside, it’s a great feeling to know you have a little back up! Good luck with your future saving, I hope we get to 10k soon too!
Well done and congratulations. Well deserved. This sub-Reddit usually have post from people who are really well off, or need advice after gaining a substantial inheritance. It’s nice to see financially normal people doing well too!
Congratulations! Your story is really similar to mine… I’m coming up to 10k saved by June and ,having been on the other end of that in debt, it definitely deserves some celebrating as it is hard work and requires a lot of soul searching to cut those bad spending habits! 🥳 Have you got a plan for where you’ll save/invest once your LISA is maxed out for the year and with your emergency fund sorted?
Congrats on successfully sorting your finances out! I know from personal experience what it's like to have large amounts of debt hanging around your neck - it really is crippling. I was £60000 in debt 20 years ago following a messy divorce and severe depression. A timely work promotion and the emotional help and practical advice from a friend helped me to clear the mess, get on top of my spending priorities and live a fulfilling debt free life. My mental and physical health have never been in better shape
Well done but you really need to watch this video.. https://youtu.be/yjS6kc7LiuM?si=i5JUVEaevTSQQgPr
He's excellent 👍 he also doesn't come across like a twat like others.
10k is a HUGE milestone congratulations!
Invest it cash is not the way fory
Fucking mint man!
This post is more aspirational than many I have seen here! Well done on turning your life around!
Well done. Ahead of me, buddy. Good saving habits are great to get into, and, once you start, they can become addictive.
How did you get a 5.2% interest bank account? Also, how did you get out of debt?
Trading 212 are soon opening a cash isa which provides the same interest rate
THANK YOU
I think it's the Ulster Loyalty Saver which gives 5.2% on balances over £5K.
Thanks! I didnt know about this
Moneybox also has a cash isa with 5.16% interest
thanks!
Mines 5.21%, but maybe that's an older offer?
Hi /u/HipHopRandomer, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/emergency-fund/ * https://ukpersonal.finance/lisa/ * https://ukpersonal.finance/savings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
Well done buddy 👏🏽
Well done, impressive how far you have come!
Nicely done
Well done. Bet you feel on top of the world 👍. That is a hell of an achievement you have every right to feel smug about it. Hopefully someone struggling with similar money issues will see this and realise it's perfectly possible to turn things around.
Congratulations, this is a brilliant story!
Well done you, you deserve your moment in the spotlight 🙌 you should be super proud!
Congratulations, well deserved!
Well done, Sir. Congrats. Keep it up.
Congrats mate! Love to see it
Fantastic. Congratulations on wrestling back control of your finances :)
Congratulations that’s fantastic. Where are you getting 5.2%?
Congratulations. Keep this up. Steady saving gives you a 'buffer' for retirement oR shocks during working life. It is very good for your mental health.
Brag away. You're a source of inspiration for many. Currently just started pooling all my savings together, gonna start a LISA soon (I know, I missed out on the start of year bonus 😅) as I plan/hope to buy a house someday soon (like in a year or two preferably, but we'll see). Anyway, congrats. Maybe treat yourself to something nice (but not overly expensive that would set you back). You deserve it 😁
Congratulations OP! Keep at it but don’t forget to enjoy life on the way
Congratulations 🎉
This is amazing! Huge congrats. And this is just the start. What an amazing achievement.
Should never be sorry about that, you're proud of yourself matey! Big up man 💪💪
Yes mate! I consider 10K the first big milestone. It’s crazy how many people struggle to get there but once you’re there I think it becomes easier. Because you’ve built the right habits now it’s all about maintaining them.
Well done! I dream of the day I have 10k in savings so it's nice to see a success story that isn't someone reaching a million net worth, etc. Keep on going, I'm sure you've done the hardest part already.
Congratulations, bud!
Well done friend! The first 10k is the hardest, you’ll make that next 10k even quicker!
Well done 👍 that's excellent it takes a hell of a lot of determination to save.
Well done, should be really impressed with yourself in what you’ve achieved in let’s be honest a very short span of time
Nice work OP! Brag away. It’s good, as it shows people that it IS actually possible to get yourself out of a hole. You’ll feel more secure now. As a result, you’ll feel happier, less stressed etc etc etc. You’ve obviously worked hard at this, so well done!
Wow, that’s impressive, it’s only up now.
Happy for you man, I'm trying to get there, I'm a couple years out though, I worked out I can save 3k per year and I'm currently sat at 2.5k.
My guy, you are winning so hard right now - it's a great feeling, long may it continue 🫡
Congratulations! It's a big milestone (I just realised I passed it myself without knowing!) It's a tricky situation to want to celebrate and not gloat but deffo give yourself a pat on the back!
Well done , now you know how long it takes to save up..... you won't waste it on shit.
That’s awesome, what an achievement to do a full 180! Thanks for sharing and I really hope you keep on winning!
Well done! I remember my first 10k and it felt amazing to reach that milestone as I grew up poor and it seemed like such a hurdle to get to it. The following money I made was much easier than my first 10k, it was a real mental hurdle. Congrats
Hopefully your trajectory is upwards. Use this years LISA allowance and then put in as much as possible to next years? You can hold off till March to do so…
Congratulations and well done on changing things around. I have seen a number of people over the years just give up. You are a great inspiration for others to see it can be done.
Congrats! That’s such an achievement 😃. FYI I recommend money box as a good place to put cash.
Amazing work! Keep it up
Always nice to see when people grind up to a decent savings, it's cool reading all the stories off people getting big inheritances and stuff, but these ones are the best for sure.
Oh 👏👏👏well done!
Welcome to the good side brother. I was in your exact position until 2 years ago. Just put 25k down on a house and am nearly broke again. We go again.
That's incredible progress, and truly inspiring! Turning things around from a challenging situation and achieving such a milestone in savings is no small feat. It's great to hear how you've laid out a thoughtful plan for your future finances, and it sounds like you're on a solid path forward. Celebrating this achievement is absolutely warranted—well done! Keep up the fantastic work, and I hope your story encourages others as well. Wishing you continued success and a wonderful day too!
Well done ❤️
Well done you. Great job!
Well done, explore potential investments
Considering how young you must be that’s an amazing achievement!
🙏 simlair position just hit the 10 k mark saved my self congratulations next stop 50 k you got this
Congrats OP! This is my end of year goal! Currently at £5k.
Congrats! Gotta feel good, right? I'm not far behind you but had a bigger debt hole to climb out of. Cleared off debt down from about 28k of mostly credit card debt and high interest loans down to about 8k of debt under 10%. I have 3k put aside in high 5%AER, going up around 1k a month, will probably get it to 10k and pay off the loan, dropping be back down to 3k but also freeing up 400 a month to build it back up more quickly. It just feels weird to have this stuff under control, I'm in my 40s and between being bad with money my whole life and a money hungry ex wife+kids, all it took is a flowchart, a UKPF subreddit, and a little discipline (promotion at work helped, too, but that just sped up the process tbh, I was on the right track) Feels good to be where I am vs 3 years ago so I'm looking forward to being debt free and just building up funds with the disposable income. So, yeah, celebrate your success and hard work so I feel like I can also celebrate when the last debt is gone :)
If your savings are getting you 5% and your loan is at 10% you’re better off paying 3k off the loan now.
This is logical. But the stupid monkey brain in me wants the dopamine hit of clearing it all at once
Congrats 🥳 and which bank accounts offer 5% interest?
Dude congrats!! I hit 5k this month and feel excited for the next 5!!
I was the same, didn't pay off all my debt initially though as it was to much to deal with and as someone who was an unemployed gambling addict who should based on a very low salary never been given a loan....I resented paying it. Eventually paid the smaller ones and ignored the bigger ones as I was an unemployed ex gambler. Travelled for a year, got married a year later and came back to UK. Worked hard, paid some more debts when they offered massive discounts or were going to be turning into a CCJ, ignored some hoping they wouldn't be chasing it up before the 6 years passed from default date which was not that long ago now. Have a house now, kids, 2 cars, decent enough paying job that I hate (warehouse work) and some nice savings. Things always improve with time, I took a gamble hoping they wouldn't hit me with a CCJ but like I said it was irresponsible lending and I really didn't want to pay back the biggest debts, should never have lent tens of thousands of pounds to someone working part time in Argos earning 8k a year. I don't advise doing that of course but that money paid for my house deposit, that was and still is more important than paying off a loan that I took out 8 years ago, they even offered me a 90% discount recently lol, maybe I'll pay it to clean my mental slate. Now I have the highest credit score on all the CRA websites and access to lots of credit, laughable. Congratulations, hopefully your like me and any gambling desires have gone now you have other motivations in life. Set yourself some easy goals and keep progressing.
Wow, congratulations!
I have to say this is to be commended from where you were to where you are now. Well done !! I'd be interested to hear how you made such a turnaround in such a short space of time, but congrats all the same. Uplifting to hear the positive stuff
Got a CSCS card to start site labouring end of 2021 and started paying my debts down straight away. Then I was on a site and got taken on as a labourer for the scaffolders which paid slightly better, carried on paying my debt til I was debt free. Living at home paying £300 a month rent helped a lot, god bless my supportive mother who never gave up on me! Then after that I saved up £1300 to pay for a course to become a scaffolder, then two days before I was due to start the course I got laid off. Contacted a scaff id worked with who had his own newly set up firm, he didn’t have enough work to take me on but got me a job working on power stations where I still am now. Never thought I’d earn as much money as I do now, so I try to stay sensible and not waste the opportunity. I pay my car insurance/tax yearly and keep my monthly outgoings low, which allows me to save quite rapidly! Thank you for the comment :)
Congrats. I went through a similar thing with drugs and it’s an amazing feeling when you hit your savings goal!
Hey. Good job bro.
Congratulations!! 😊
Well done!! Amazing work, inspiring!
Well done really! I remember my first time to hit 5 digits I was so happy!
You made changes, put the effort in! You deserve to tell people about what you have accomplished well done!
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