It’s taken a while but I’ve finally hit £10k in savings!

[audioholic]

Afternoon everybody! Just wanted to share something positive as I don’t want to seem like a gloat to all of my friends considering the COL right now.

A few years ago I was £9k in debt, jobless, a gambling addict who ended up with a CIFAS marker for fraud and a CCJ. Something had to change. I had to change.

After paying off my debt at the end of 2022 I finally began saving, which was exponentially helped in April 2023 when I got a new job with an industrial services company (I’m a self employed scaffolder).

I’ve just crunched some numbers and between my savings account and my bank I have just over £10k to my name.

£9k is earning 5.2% interest, I’ve got another £1000 to put in and that’ll leave me with £1000 spare in the bank for any short term emergencies plus my budgeted money for my weekly expenditure.

The plan is to wait until March 2025 when I will max out my LISA for this tax year, then the rest of my savings will go into a Cash ISA and I’ll leave £5k in easy access savings for my emergency fund.

Sorry if this comes across as a brag, I’m just excited and I don’t really have anyone to tell other than my mum! Have a great day everyone

Edit: just had a look on here after getting back from work and wanted to say thank you all for your comments! To answer a common question: due to my cifas marker not expiring til the end of 2026 I keep my savings in my trading212 account because they pay 5.2% on uninvested cash.

 

[cbond007]

@audioholic It's really important to share successful stories, so that those who are struggling can know there's hope. Well done and congratulations, you deserve to feel so proud of yourself

 

[grumfan]

@cbond007 Definitely agree! I actually come to this subreddit for hope as I'm clearing debt at the moment.

 

[franciscovelasco]

@grumfan Well done yourself for being on the right path to clearing your debt.

 

[grumfan]

@franciscovelasco Thanks! Much appreciated

 

[audioholic]

@cbond007 Thank you for the lovely comment! I hope this post serves as hope and proof that anybody can turn their life around.

This sub definitely helped a lot especially at the start when I was new to the concept of personal finance, so I owe it to everyone who contributes here as well as myself!

 

[thickandthin]

@audioholic

Sorry if this comes across as a brag,

Maybe don't brag about it in the pub, but here, it's fine. You've done well, and it's an encouragement to those who are not so far along.

 

[wolfclaw]

@audioholic Brag away .. you’ve earned it

 

[segunglorious]

@audioholic Congratulations! It must be such a good feeling to get rid of your debt and have a positive balance in your savings.

 

[atlkate]

@audioholic Bloody brilliant. I had a bumpy financial journey and it took until my mid 40s before I got control of my shit

Wel done for rocking it !!

 

[ericdeleon]

@atlkate Oooh as a 39 year old this gives me hope

 

[kpmasonry]

@audioholic Well done!!
where did you park those 9k At 5%? I m looking for a saving /emergency fund place to put about that much and add a bit every month.

 

[resjudicata]

@kpmasonry Moneybox app pays around 5%

 

[seahawk22]

@kpmasonry Atom Bank also a great 5%+ option if you're happy with app-only banking. Well done OP, great achievement!

 

[trannguyetnga66]

@kpmasonry Trading212 Cash ISA is about to launch at 5.2% too.

 

[jennyf]

@trannguyetnga66 This is immediately where my head went when he said he had a gambling addiction

 

[patty157]

@audioholic So very happy for you!

You've put some real groundwork into turning your fortunes around so you should 100% reap the benefits of what you've sewn over the last couple of years.

100% on the not sharing with people around you though, very little to be gained by letting people who aren't your family know of how you're doing financially.

 

[iscah]

@audioholic Congratulations for beating your gambling habit and turning things around. Only a few people in the UK have savings so you are above average and absolutely smashing it!!

 

[archhumanmichael]

@audioholic Goodman! I'm at where you were " A few years ago" this post has given me hope and inspiration. My CCJ will come off my report in Feb 2026.

May I ask, what's a CIFAS? I don't think I have one.

I'm happy for you! I'm also an ex-gambler. Currently on my second round of a 5 year self exclusion with GamStop.

I work hard as a chef and am paying loads back to my defaults and CCs and 2 personal loans.

Can't wait to be free from all debt myself. It's depressing.

 

[mc25]

@archhumanmichael Cifas is basically an indicator to financial service providers not to do business with you because you do fraudulent activities