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 –
- Credit card no. 1 –
- Credit card no. 2 –
- Debt management plan consolidated debt:
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?