Financielle community member Alyce has been on a debt free journey, she created her very own TikTok account to help stay accountable whilst paying off her debt, we interviewed her to get the inside scoop.
You’ve recently become debt free, what was the catalyst to you embarking on your debt free journey?
Friends my age were booking appointments to look at houses or wedding venues and I was shopping around looking for credit cards I could transfer my balance to. I felt really left behind and ashamed that I hid it for so long just burying my head in the sand. I honestly just got fed up of seeing the payments going out of my account but feeling like I wasn’t getting anywhere. My partner has never had debt and has been a huge motivation to stop using credit.
What was your relationship with money like growing up?
Growing up, I was one of 4 children and my family never openly talked about money but I knew they struggled. My parents were just like any other working adults and we were used to hand-me-down clothes. There were times we’d be out and my mum would say we could get something only if her card didn’t decline. I became aware of money quite early on but I didn’t really understand the value of money. When I got my first job at 16 I didn’t know how to budget and would blow all my wages that same day, although I was on £4 an hour and I got roughly £40 a week.
What’s been the biggest lesson you have learnt about yourself on your debt free journey?
The biggest lesson I have learnt is that I can manage without. It sounds silly but I think a lot of the impulse purchases I made were because I thought I needed something and was worried I would miss out, as I missed out on a lot of things when I was younger due to costs. There have been times when I’ve genuinely had a couple pence in my account and still managed to get through, so I reflect back on those times.
What helped to keep you motivated when times got tough?
Seeing the numbers go down on all 6 of my credit accounts really helped me stay on track. Times were tough when I would have to say no to a day out or a nice meal if I couldn’t afford it, but saying no at the outset caused me less stress than saying yes, putting the cost on a credit card and worrying about it later. I noticed that when I made a dent in my debt I started to sleep better and my head was in a better headspace. I’m not sure what I would have done without my partner and friends, they really helped me feel less alone.
What advice would you give to other people wanting to become debt free?
Having been in debt for 7 years, I absolutely understand the mental toll being in debt can have. Most people don’t get into debt overnight and getting out of debt isn’t an instant fix unfortunately. The first thing that helped me was opening up about my debt and facing up to the statements and just understanding how much I owed to each creditor. It seems scary at first but it takes away the fear of the unknown. Learning to budget helped me to realise how much I can put towards my debt, whilst also enjoying life and Financielle helped me to do that. The sooner you sit down and write everything out, the easier it becomes to tackle it. If you can, absolutely stop using credit cards, overdrafts and buy now pay later like Klarna. By starting to use my own money, I found it easier to separate it all out and be really mindful with what I was buying, whether that was a takeaway coffee or a food shop. If you are struggling please open up to someone, no one in debt should have to face it alone.
What inspired you to document your debt free journey on TikTok and how did it help?
When I started my TikTok account, it was meant to be a private diary and I kept my real name off the account and didn’t show myself for fear of being judged. I started TikTok as a space where I could open up and talk to people anonymously. I had seen a few accounts do budgeting videos and they really helped me. As time went on I started to care less about others judging me and the support I received was incredible. Before I knew it I had tons of messages from people also in debt thanking me for being honest about how I was struggling and being ‘real’. A little down the line I was invited to the Houses of Parliament to raise awareness with MPs about young people struggling with debt. I worked with a mental health charity and Money Super Market. By holding myself accountable and telling the internet I was paying off my debt, I really had no other choice than to do exactly that!
What’s your next big money goal?
My next goal since becoming debt free is to buy a house, I’m currently working on saving my deposit and I’m so much more mindful with where my money goes each month. I’m going to aim to save £4k until April and then max out my lifetime isa again next year. Overall hoping to save £15k altogether for a house deposit over the next 2/3 years.
Be sure to follow Alyce’s journey over on her TikTok account here