At just 23 years old, this Financielle community member couldn’t imagine staring down £19,000 of debt.
From the outside it looked like she had her “Money shit together” but the financial reality was completely different.
Find out how she plans to take back control of her money with the help of Financielle.
How would you describe your current money situation?
My current money situation is not amazing in all honesty. I have a clear plan, have used the budget section of the app and listen religiously to the Financielle podcast to try and kickstart my £19,000 debt payoff. My debt is spread across a loan, credit card and car finance.
How did you find yourself here?
When I was 18 I took out my first loan for a car and it spiralled from there, I paid the loan back no problem and then I realised how easy it was to take out loan after loan consolidation and then spend all the money again. I’m livid at the younger me who’s still paying for it at 23.
What was your relationship like with money growing up and has this had an impact on where you find yourself now?
I live in a single parent household with a mum who is amazing with money, she is always on track with her spending and never spends outside her means. My sister on the other hand has just taken an IVA (Individual voluntary arrangement) due to being in over £30,000 of debt and I will never blame her, however she did advise me to take out a further loan and I wish I’d used my brain and said no!
What have been your biggest triggers for accumulating debt?
Self conscious (I was very overweight) I would shop to feel better and gain weight then spend more. Then once I lost the weight it was shopping, shopping and more shopping, constantly living beyond my means with the excuse of “It will make me feel better” until I saw the statement which I spent months avoiding.
What have you learnt or put in place to help improve your money habits? Was there a lightbulb moment for you?
Lightbulb for me personally was realising I couldn’t deal with the mental toll of lying to everyone that I had my “Money shit” together and everybody talking about a house deposit knowing full well if I carried on there would be no way I would ever be able to afford one. I want now more than ever to be able to sit in my living room with a coffee and say “I did this!”
What advice would you give to someone navigating a debt free journey?
My advice would be, stop, breathe and write it all down. My god is it scary seeing the numbers in front of you but how will you ever know where to start if you don’t know what you’re dealing with?
What’s your plan once you become debt free
When I become debt free I plan to throw as much as I can in to a house deposit because I know I can have a heck of a lot of outgoings and still keep my head above water, I know if I put my mind to something not only can I do it, I can smash it!
If you’re feeling inspired to ditch your debt after reading this community story, check out some of our helpful tools below ⬇️.
🔨 Free Financielle Tools
🎙️ Why debt is holding you back
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