“I’ve run out of money, but I need cash quickly! What do I do?”
This was the central theme of 2024 for me. For most of the year, I was drowning in debt, my salary barely covering my mountain of bills, which only seemed to grow larger each month.
Now, a month into 2025, I’m finally debt-free. I’m not rolling in cash, but I can breathe again. As I reflect on the series of poor financial decisions that trapped me in a seemingly endless cycle of debt, I realise how much I’ve learnt from the experience.
Before my finances gave me sleepless nights and anxiety, I was just a regular person—living by myself in Colchester, working at a supermarket, and saving up for a business studies course. I had no idea that 2024 would turn out to be the hardest year of my adult life.
But as luck would have it, I did manage to wriggle my way out of it. Let me be honest, it was not easy, and it took all of my strength and determination to do what I did in a short span of time.
Here’s my story of triumph over sudden personal debt. Make sure to read all the way through; you might learn something useful.
How 2024 Began
Like every other person influenced by the obligatory New Year resolutions, I made a few financial resolutions myself. One was to make sure I saved enough money to finally enrol in a business course and complete my education. The second was to find ways to invest and grow my hard-earned money.
I knew I was not very good with finances, so I started reading financial blogs and listened to podcasts to learn more about personal finance. I put my needs before my wants, followed professional advice, and kept to a budget for the first few weeks. I also saved enough money to enrol in the University of Essex’s Autumn session of the Business Management course.
Things were looking great and on track until a friend approached me with what seemed like a “lucrative investment opportunity”.
If It’s Too Good to Be True…
My friend spoke excitedly about how he made a £1000 profit in 1 week. I sensed he was pulling my leg, but when he explained how he did it, I was convinced.
Suddenly, I was sure about investing in penny stocks, which are priced as low as £1. It seemed like a good opportunity to invest in, following my New Year’s resolution. I was already thinking about the profit I was going to make and how I could kill two birds with one stone—following my goal of investing money and saving for my business management course.
To start with, I invested £200 to buy 200 shares to test the waters. Nervous and excited at the same time, I was overjoyed to know my chosen stocks rose and converted my £200 investment into £300 overnight!
Greed Is Never Good
My initial investment showed promise, and I quickly became hooked on the potential for big returns. Though hesitant, I decided to take a bigger risk and invest more the next time. Convinced that luck was on my side, I went all in—putting down £5,000.
Then, the stock market crashed. I lost everything.
Disappointed and heartbroken, I realised I had made one costly mistake that wiped out two opportunities at once. Caught up in the excitement, I had completely forgotten to pay my credit card bills. As if losing £5,000 and missing payments weren’t enough, my old refrigerator broke down beyond repair, forcing me to max out my credit card to buy a new one.
With a huge dent in my savings, overdue credit card bills, and spending beyond my limit, my financial situation had spiralled into a full-blown crisis.
Rising Like the Phoenix
By mid-2024, my situation was desperate, but I knew that dwelling on my misfortune wouldn’t change anything. I needed a way out—and fast—if I didn’t want to miss my chance to enrol in my dream course.
I turned to my dad for advice, and he reassured me that all was not lost. He encouraged me to stay focused, assuring me that I could rise from this setback like a phoenix from the ashes.
To help me get back on my feet, he loaned me some money as a temporary safety net. With his support, I reset my priorities and tackled my debts one step at a time.
My first move was dealing with my credit card debt. I spoke to my employer and arranged to work extra hours beyond my usual schedule. The additional earnings helped me scrape together a few hundred pounds, allowing me to start chipping away at my financial burden.
With my pending bills taken care of, I repaid my dad the money he loaned me. I knew I owed him one. Surviving a mini-financial crisis was not easy and had taken a toll on my budget, so I reworked my budget to save more. I cut down my pub visits to once every three months and skipped my daily trips to the coffee shop.
In the End
By the end of 2024, I had paid off all of my debt and was looking forward to steadily increasing my college savings. The temporary sacrifices I made paid off, and now in 2025 I don’t owe anything to anyone but myself.
To tell you the truth, it was not easy, and I wish I could turn the clocks back and make better choices. Instead, I see this experience as a lasting life lesson. Come 2025, I am on my way to learning business management after saving long and hard for my education.
After a rollercoaster of 2024, I’m glad 2025 is going the way I want.
