Money & I: Our Relationship (Discussing Operation "Debt Free")

I have a debt problem. I owe approximately £3000 to the banks. I know that in the world of Personal Finance bloggers, my figure seems small, but to me in my current circumstances, it is £3000 too much. Previously, I have discussed how I got into this mess, so today I’m discussing how I plan on getting out of it.

You’ll note that I’ve taken care of about half the sum I owed initially. The remainder is scheduled to be gone by late September 2009. I plan on paying down approximately £300 per month and putting any “extra” income I can towards the reduction.

The reason for this somewhat tame figure, is that I plan to continue saving and investing for retirement during the period. I understand what the implications of coming to the investing/saving game late is on compound interest. I’ve lost sometime and I don’t intend to lose anymore. I’m very sure Operation “Debt Free” (ODF) will be revisited on several occasions.

I will do my best not to get derailed by sales, comfort buy or impulse buy. In addition, if I decide to purchase something, I will apply the Theory of Concious Spending. Hopefully, I won't have any major emergencies that will require me to put off debt reduction in order to cope when life happens.