I’m feeling very happy and positive today as I post this debt total update! This month has seen us make really good progress in terms of paying off debt!
We’ve managed to make our biggest payment so far of £1,048 in just one month. This includes our minimum payments of £400 and a substantial overpayment onto my credit card.
I’ve managed to hit my ambitious target this month of paying at least £749 off my credit card in order to eliminate it by Christmas – hoorah! What an amazing feeling to actually be on track. If someone had said to me 6 months ago that I would be able to find over £1000 to pay off debts, I would NOT have believed it.
Here’s how the bigger debt picture looks currently:
- Overdraft from old bank account –
£80.43 - Credit card no. 1 –
£179 - Credit card no. 2 –
£5,519.89£3,645.50 - Debt management plan consolidated debt:
£35,905.83£34,471.00
A new debt total of £38,116.50 down from £39,165 last month – so far this year we’ve paid back a total of £3,568.65. Obviously we have a long way to go, but we’re happy! 🙂
We got lucky
It’s been a struggle to get this amount of money together but we managed it by taking advantage of some extra hours at work (me), a one off bonus of £100 (the hubby) and a rebate on some home insurance that we took out a couple of years ago (how lucky was that?).
My hubby can hardly believe that we’ve managed to pay so much off this month considering that our earnings have literally halved from a few years ago when we were both on good salaries. It just goes to show what can be achieved with a little hard work, focus and luck.
I’m self-employed and my earnings forecast for next month is looking to be a few hundred pounds lower than this month. Nevertheless, I’m hoping we will be just as focused because we have some stuff to sell on ebay and we’re hoping to do a car boot sale. Fingers crossed that we will be able to keep on track and we will have another exciting debt total update next month.
Are you happy with your July finances? What have been your financial highs or lows this month?
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27 Comments
With hard work and determination, so much can be done. Good job!
Michelle recently posted…Does your budget suck? – Budget Categories
Thanks so much Michelle! It’s great to be making progress at last!
Great work! All you need is the motivation and you can accomplish anything. I hope next month is just as good. My online income for July has been kind of down but I think thats because of the summer slowdown. Hopefully next month will be much better
Debt and the Girl recently posted…Why I am Motivated to Succeed
So true! Motivation is key to succeeding. I think if you really want something so badly, somehow you will make it happen! And I really want to be debt free.
Good job its awesome, your hard work is paid, keep it up. congrats
Rita P @ Digital Spikes recently posted…How to save money with coupons
Thanks so much Rita! Really appreciate your support! 🙂
Great job!!
Keren recently posted…Bartering
Thanks Keren for stopping by and for your support! I really appreciate it. 🙂
That’s great…good job! It definitely motivates you to continue when you see progress.
Andrew@LivingRichCheaply recently posted…Changing Your Money Mindset is the Key
Thanks Andrew for your kind comments and for visiting!
Keep pushing! You two are doing great with paying off the debt. Before you know it they all will be gone. July and this whole year has just flown by. July was a lot better on the grocery front but then we ended up having to spend more money than planned for back to school shopping for the kids and getting used to paying daycare. Other then that everything is going great need to focus on paying off these student loans.
Thomas | Your Daily Finance recently posted…How to Curb Impulse Buying Habits
Thanks Thomas. 🙂 Back to school shopping can be expensive! Sounds like you’re on track though overall. Looking forward to hearing your progress on your student loans.
Ahhh! That’s so awesome! You guys are rocking it! July’s been a pretty rough month for us. It always gets better, though.
femmefrugality recently posted…Help us plan our wedding: iPod Playlist
Thank you! I’m sorry to hear you had a rough month though! I really hope next month is better for you.
Well done you! 🙂 That’s a lot of money to put towards debt repayment and you should be proud! I can’t wait to make my next payment tomorrow, I am putting quite a bit aside for my flight to South America, but since I’m getting a bonus payment at work I’ll still be able to make a substantial payment towards my debt. One more day to go 😉
Thank you GCP! Congratulations on your bonus at work! I get really excited about making payments off my debt now, it sounds like you do too!
That sounds really great. Congratulations that you were able to manage to clear so much debt in a month. Your hard work has really paid for you
Thank you Rita! It’s really spurred me on to try to do the same next month. At the moment, I’m not sure how we’ll get the money together but I think where there’s a will, there’s a way.:)
Awesome job! I love seeing people so excited about their debt payoff, makes me more motivated. Unfortunately this month was a slow one as I had to pay for a trip I am taking next month, but I am hoping August will be better.
E.M. recently posted…Do You Brown Bag It To Work?
Thank you for your support E.M. 🙂 I’m keeping my fingers crossed that August will be a great month for you. Bet you’re looking forward to your trip?
Great job! You’re definitely keeping your eye on the prize!!!
Holly@ClubThrifty recently posted…Five Ways to Successfully Slack Off at Work
Thanks Holly! One day that prize will come!
Great progress on paying down your debt. I don’t blame you for being thrilled! It’s pretty impressive that even though your salary is so much lower, you can still make payments that large. Good job.
Daisy @ Prairie Eco Thrifter recently posted…On Environmentalism Becoming Consumerism
Thanks so much Daisy! I really appreciate your support. 🙂
This is fantastic news. It is so inspiring to read that people are managing to pay back a lot of their debt even when their earnings are down. It shows that goal setting, determination and hard work really pay off – congratulations and good luck with continuing to get that debt paid off.
turn one pound into one million recently posted…Thoughts on July Earnings
Congratulations on the progress! I think it’s a blessing in disguise to learn to make big progress when your income is lower. When your income grows (and I think it will) you’ll be used to living on such a small amount, that your debt payment & investment progress can skyrocket.
Done by Forty recently posted…Produce Haul
Thank you for your kind words of support! I can’t wait for the day when we start earning more and can really make an impact on our debts and in the future towards some investments!