As it’s nearing the end of the August, the hubby and I thought we should assess our debt situation again to see where we stand in our mission to become debt free. I’m pleased to report that we’ve made really good progress again this month!
We slightly exceeded last month’s debt repayment of £1048 to pay off £1083.50 this August! This includes our minimum payments on debt and a large overpayment onto my credit card again.
Here’s how our debt looked at the start of our journey and how it looks currently:
- Overdraft from old bank account –
- Credit card no. 1 –
- Credit card no. 2 –
- Debt management plan consolidated debt:
Last month, our debt total was £38,116.50 and this month, it’s now a total of £37,033.73. Our running total amount that we’ve paid back since the start of our journey (from January) is £4,455.49.
How did we pay this hefty sum off this month?
With great difficulty! My self employed income was a few hundred pounds lower than in previous months, but I anticipated this and so we managed to sell some stuff to make extra income as well as scraping together every penny as usual.
We sold our old stuff at a local car boot sale and also sold a couple of big items on Ebay (the hubby’s old bike and my professional make up artist’s kit which I no longer have a need for)! I received a little birthday money too which all went towards the debts. 🙂
The hubby and I are obviously really pleased with our debt repayment this month, but I somehow feel a little deflated. It’s just felt really difficult to get the money together this month and our bank account has been left very tight from time to time this month. It usually is anyway, but it’s just felt like a really hard slog!
Although I can see the debt coming down at last, I know that we have such a long way to go. 🙁 All we can do is stick at it! Maybe a celebration is in order when we get to the £35K mark?
Are you happy with your August finances? Have things been hard or easy for you financially this month?
*Photo credit: Stock Photo Tortoise – Stock Xchng