Real Life Debt Stories – Nikki from The Female Money Doctor

debt, debt free, saving, money saving, budgeting, personal finance, nikki ramskill, the female money doctor

Welcome to my series of 'Real Life Debt Stories'. The series is dependent on you sharing your stories, so if you are interested I'd love it if you'd complete this questionnaire. There are just 10 questions.

Nikki Ramskill - The Female Money Doctor

This week's Real Life Debt Stories is from Nikki, a 'real life' Doctor AND blogger over at The Female Money Doctor.  Using her own financial experiences, it is Nikki's mission to help women make more empowered decisions about money.  Today, she shares her story with us.

What was your Lightbulb moment?

Sitting in a hammock in Fiji realising how bad my debt had become, and promising myself to sort it out when I went home!

How much did you owe at the time of your Lightbulb moment?


How did you feel when you had your Lightbulb moment?

I had always known the debt was bad, but not that bad! I felt sick, ashamed, scared, panicked. I wouldn't say it ruined my time travelling, but it definitely made me grow up!

What/who were the circumstances which caused your debt?

Medical school, credit cards, exams, loans from a previous relationship, travelling!

What were the first steps you took in taking control of your debt?

I cut up all my credit cards except one and hid it so I wouldn't be tempted to use it. Then I used the snowball method to pay down as much as possible when my salary was good, then I consolidated a larger chunk to reduce the monthly payments, and I'm paying this off monthly. Now I'm saving an extra pot to throw at the debt later on to get it paid off quicker!

Where are you now in your journey to being debt free? Do you have a target ‘debt free’ date?

I want to be debt free within the next three years. I don't have a date specifically, but certainly within 3 years.

Are there any debt repayment ‘methods’ that you would recommend? What has worked for you?

The snowball- so good I wrote an e-book on it!

What advice would you give to someone who has just had their ‘lightbulb’ moment?

Use that momentum to drive you into action- not to beat yourself over the head!

How do you stay motivated?

I use a colour chart in my journal, and I keep a spreadsheet tracker of my networth. Watching that improve every month is so amazing! I share this with my readers too.

Thank you so much, Nikki, for sharing your story.  I can certainly think of much worse places to have your lightbulb moment!  It is good to see you are another advocate of the Snowball Method for debt repayment.

Some great ideas for staying motivated and I love your 'advice'.  That is brilliant.

Would you like to Share your Story?

My aim is to feature ‘Real Life Debt Stories’ from people who have experienced debt. This could be debt of any size, type or reason. Debt that has been paid off, debt you want to start paying off or debt that you are currently in the middle of paying off. I want to share failures as well as successes including the reasons why you found yourself in debt in the first place – as everyone’s story is different.

It is important to show people that they are not alone. I also want to highlight that different methods of getting debt under control work for different people and that there is not a ‘One Size Fits All’ solution.

This is where you come in. I am looking for anyone who is willing to share their story with my readers. I have developed a questionnaire for you to complete and this can be completely confidential and names will not be shared OR if are happy for your name to be used, I can use it. If you also have a blog, I am happy to link to your blog too, alongside your story.  I will then email you to let you know when your story will go live.

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debt, debt free, saving, money saving, budgeting, personal finance, nikki ramskill, the female money doctor, Real Life Debt Stories - Nikki from The Female Money Doctor