Debt free timeline

Hey, budgeting people,

Today is the day we talk about debt free dates and debt free timelines.

Knowing your starting debt free date to be an incredibly useful tool in incentivising yourself to keep to your budgets. It is also motivating so you “find” more money in the budget to speed up the process.

If you don’t already know your debt free timeline and you are paying off your debts, I would strongly encourage you to find out.

This post is the first debt free timeline, however, as my debt free timeline evolves, I will make sure to keep you all updated!

To calculate these figures, and timelines, I use a website called undebit.it. It is an incredibly easy to use site, which tells you:

  • your debt free date,
  • your individual payoff dates
  • makes creating debt payoff scenarios easy.

So, as you all know, I have three main debts, and one “minor” debt. The three main debts are what I inputted into undebt.it and that is why my numbers are £1,500 off.

They are currently as follows:

  • My overdraft is £1,705.98 with £75 minimum payment.
  • My personal loan balance is £5,019.50 and it is a £100.39 payment.
  • My student loans are £37,306.69 and I am currently paying £0.

So, my total debt is £44, 032.

My debt free date is March 2072.

This is terrifying and I felt sick when I first saw it. If I stick to my current plan, I will be paying these debts off until I am over 70 years old.

No, just no. That is unacceptable.

Of course, if I never pay, I will be in debt until I die, and never reach my goals, which is worse.

I do realise that paying £0 to my student loans isn’t helpful and main reason my debt free date is really far away.

However, I need to get rid of the overdraft, and then I plan to begin to chip away at the student loans. Unfortunately, it is the case of, I can quite literally not afford to pay them.

Thankfully, the student loans company, doesn’t force payment if you are under a specific threshold of income.

For those wondering, with my current occupation I will be able to find £150 in my budget, before I reach the income threshold.

I anticipate that I will be able to reduce some of my spending, in the next couple of months. This will allow for some extra cash to be put to my debt. Allowing for my shovel towards my debt get bigger.  

Please chat to me in the comments. Let me know if you have any questions. Also, answer some of these if you feel inclined:

What do your debt free timelines look like?

Does anyone else have a super small shovel compared to their debt?

Does anyone also have a super long debt journey? Let me know!

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