https://www.theguardian.com/lifeandstyle/2017/dec/31/quitting-smoking-getting-out-of-debt-guardian-readers-resolutions-kept"Cassie, 25, London: ‘I cleared my debt as one day I’d like to buy my own place’
On New Year’s Day 2017, I made the resolution to get myself out of the £5,000 credit card debt I had accumulated. I made a strict budget which involved going back to basics: I wrote down my weekly allowance and limited spending to food, travel and the gym. I decided to eat out only once a week and stopped having takeaways. I stopped kidding myself I could afford everything London has to offer and set the ultimate goal of one day owning my own place. Twelve months later, I’m a step closer.
I felt tempted to spend more all the time – it was like having a little devil on my shoulder. I’m a real foodie, so I think it’s good I’ve been able to hold back from eating out all the time or trying new restaurants. I did keep my one holiday a year and treated myself while I was away. It was the same with Christmas – I wanted to enjoy being with my family and not have any restrictions on the time we spent together.
For anyone trying to save money, it’s good to come up with a weekly budget rather than a monthly one as otherwise you’ll spend the whole lot in one go. Decide what’s really important and don’t completely cut out something you know you can’t do without – you’ll just find another way around it.
Not feeling the strain of debt on my shoulders every day has given me a lot more hope and focus than I thought it would, and it’s actually made me feel quite proud. I think 2018 will be the year of savings."
The good thing is: she did get out of debt and plans to save in 2018. Even though at this rate it will probably take until 2040 before she has a London-sized downpayment.