Positive Net worth in May

[martynthewolf]

So if I can keep to my strict debt paydown plan I will get positive net worth in May/2013. Seeing this is driving me on. By the end of this year, again saving at the rate I am now, I should be worth almost 2.5k though I should be able to save more once the debt is gone.

Now I feel like I'm in control.

Date	Debt	Savings	Net Worth
Feb 25th	£2,449.73	£976.00	-£1,473.73
March 25th	£2,083.07	£1,126.00	-£957.07
April 25th	£1,741.41	£1,276.00	-£465.41
May 25th	£1,399.75	£1,426.00	£26.25
June 25th	£1,058.09	£1,576.00	£517.91
July 25th	£731.48	£1,726.00	£994.52
August 25th	£472.23	£1,876.00	£1,403.77
September 25th	£255.57	£2,026.00	£1,770.43
October 25th	£147.06	£2,176.00	£2,028.94
November 25th	£80.40	£2,326.00	£2,245.60
December 25th	£13.74	£2,476.00	£2,462.26

[jonzi]

Way to work out the math!
No debt is the first step to greatness. Best of luck.

[The Taminator]

Can you save less in the short-term to wipe out that debt even faster?

[martynthewolf]

Can you save less in the short-term to wipe out that debt even faster?

I could do after April as the ISA year is almost up and I have a really good rate that I want to take advantage of as its going towards a deposit on a house for my girlfriend and I. Also it gives me a much needed morale boost to see the savings increase. It keeps me on the right track. After April I will reduce the savings rate and inject that into debt reduction.

Also those figures don't take into account for roll up of debt it's basically a monthly calculation from a spreadsheet that calculates how much I need to pay to different debts, so once one debt is paid off ill roll that payment into another debt, so ill actually reduce it quicker anyway.

In fact I'm going to calculate that tomorrow, It should reduce the debt pay down term quite a bit.

[Phoebe]

Good for you!  I also think seeing the future ahead of me is motivating.  You're going to feel so good when you cross over the zero mark!

[martynthewolf]

So it's that time of the year, when I estimated I'd be into positive net worth. I did it! Bang on schedule and I'm slightly better off than my initial calculations. I still have some debt to pay off but I'm over the hump now and in two more months I think I can have the rest of the burden removed.

Thanks to MMM and everyone on this forum the motivation has been easy to keep up. I also don't feel like I've deprived myself, of anything. I think I've just made the switch to spending money where it provides me the most enjoyment, where before, well I just spent it on anything.

Forwaaaards.....

[kt]

congrats! :)

[Milkman666]

Good work! I think if more people kept track of their net worth on an ongoing basis, they wouldn't be in such a mess. It's kind of inspiring to watch that number improve over time.

Keep it up!

[arebelspy]

So it's that time of the year, when I estimated I'd be into positive net worth. I did it! Bang on schedule and I'm slightly better off than my initial calculations. I still have some debt to pay off but I'm over the hump now and in two more months I think I can have the rest of the burden removed.

Congrats!

Initial chart makes it look like your debt won't be retired until January of next year.. two months from now means you'll be like 6 months ahead of schedule on that one, is that right?

[martynthewolf]

So it's that time of the year, when I estimated I'd be into positive net worth. I did it! Bang on schedule and I'm slightly better off than my initial calculations. I still have some debt to pay off but I'm over the hump now and in two more months I think I can have the rest of the burden removed.

Congrats!

Initial chart makes it look like your debt won't be retired until January of next year.. two months from now means you'll be like 6 months ahead of schedule on that one, is that right?

Lets just say I've been putting in a lot of overtime and I'm going to continue to do so for the foreseeable future. I might slow it down a little bit though, so I don't burn out. I might spread it over 3 months.

Also I was very conservative in the debt reduction budgeting. I found that I was able to put much more towards the debt than I initially thought.

[arebelspy]

Nice, that's awesome!

[martynthewolf]

Nice, that's awesome!

It's been an eye opening few months. It hit home how much money I'd just been wasting. It's been an enlightening journey so far.