When making extra debt repayments, I usually try to pay off as and when we find any spare cash, however this month I’ve waited until today to make an overpayment. This is because I wanted to make sure every bill has been accounted for this month before paying extra on the debts – last month we ended up in our overdraft and I didn’t want a repeat performance of that!
So I’ve been glued to my budget and expenses spreadsheet every day and the result is that we’ve not gone into our overdraft at all! I feel totally in control for once! The only downside is that I’ve been getting impatient waiting until the end of the month to make our extra debt repayment! Oh what an amazing feeling it is paying off debts online and knowing that another chunk of it has gone for good. 🙂
In terms of extra cash we’ve put towards the debts this month, overall it’s a good figure! We managed to pay off £905 including our minimum payments and taking into account interest charged on my credit card. This takes our total debt figure from £36,177.12 down to £35,272.09!
We are so close to being under the £35K debt bracket! Next month we will be definitely be hitting below the £35K mark at last, so that will definitely be time for a celebration of sorts!
This year since January, we’ve paid off £6217, which is around 14% of our total debt. It’s a great feeling to see these figures coming down and makes me more confident that our current path is the right one with regard to debt repayment!
Extra payments this month were made from squeezing the budget even tighter, giving up alcohol and making a little extra money. Yes I actually made some extra money!! Are you ready for this….? I made 20 whole earth pounds (£20). Not from the blog I might add but from some freelance writing. I admit it’s not a lot, but it’s a start!
In relation to my credit card, the one that I’ve been striving to pay off for the last year, the balance on this is now down to £1299 from almost £6K in January. As you may know my goal is to pay this off by Christmas but I have to say that this is looking rather unlikely because the hubby and I have decided to take a long holiday over December to spend time with our relatives! We haven’t had a break of sorts all year (except for going camping one weekend) so staying with family for a while will be really relaxing and much needed!
The only slight issue here is because I’m self employed, if I don’t work I don’t get paid. So during December, I need to work hard on saving up enough to cover some of our bills for the month ahead before we both take some leave from work.
With this in mind, the chances of paying my credit card off this side of Christmas are slim. Not impossible, but slim! It might well be January before I can make that final payment, however, I’m going to try really hard to make more money than expected in order to make an extra payment in December.
Either way, I’m pleased with the progress that we’re making and with every debt repayment, the hubby and I feel the burden of this debt lifting ever so slightly!
How was October financially for you? Are you pleased with how it went?
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Editor’s note: Please check back tomorrow for a special guest post from Lyle at The Joy of Simple. Lyle has this amazing ability to inspire others with his writing so I’m sure you will enjoy his post!
If you’d like to be kept updated with future posts from A Disease Called Debt, please consider subscribing by email or RSS to make sure you don’t miss them!
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Related posts:
- September 2013 Debt Repayment Update
- August 2013 Debt Repayment Update
- July 2013 Debt Repayment Update
Image © A Disease Called Debt
23 Comments
Wow Hayley…you’re doing great at reducing your overall debt…congrats!! 🙂
Also, yes, a nice holiday is in order for you all I’m sure. And if there’s ever a good time for such things, Christmas is it!
Also, thanks for the kind words above in regards to my guest post tomorrow. I look forward to connecting to your readers if some grace my post with a comment or two 🙂
Take care and my best to all.
Lyle
Lyle @ The Joy of Simple recently posted…On How David Coverdale of Whitesnake Inspired Me To Live The Life I Wanted!!
Thanks Lyle! I do love reporting back at the end of each month! I actually can’t wait to make those debt repayments. It’s a highlight for me at the moment! Your post has now ‘gone live’ by the way! 🙂
Well done on making another big payment towards your debt, Hayley! I am so happy for you guys and I am keeping my fingers crossed that you will get your credit card paid off in December! 😛
I will definitely check back tomorrow, I agree that Lyle has an amazing ability to inspire others and I can’t wait to read his blog post!
Eva @ Girl Counting Pennies recently posted…Frugal Feast #2
Thanks Eva – I’m looking forward to reading your October update too! I’m sure you will enjoy Lyle’s post! 🙂
I think once you hit below the £35K, a celebration is definately needed. Celebrate the small victories so the journey doesn’t seem so long and tedious! Congrats on another great debt repayment month Hayley! And making money freelancing too – Yipppeeee!!! 🙂
Girl Meets Debt recently posted…A Decade Long Affair with Student Loans
Thanks GMD! I think celebrating in £5K increments is a good way to go. Not sure how much of a celebration it will be though – maybe we’ll go out for once for a few drinks! Looking forward to reading your update shortly! 🙂
Congrats on the big debt repayment! That’s great to see so much progress! 🙂
Steve recently posted…Asset Allocation Basics
Thank you Steve! 🙂 I must say that at one point I never thought any progress would happen but now I feel like we’re on a roll!
Nice job!!!! You’ll be done before you know it! My Oct was expensive again but mainly because of fincon. I need to recoup some costs and soon!
Budget and the Beach recently posted…Spending Money is Worth the Peace of Mind
Thanks Tonya! FinCon must have been well worth the expense though. I would love to attend one year. How’s freelancing going, has it picked up a bit for you?
Congrats on your progress! I really respect things you have given up to squeeze out those extra payments.
Blair@LifeDollarsandSense recently posted…Cozumel Crusin
Thanks Blair! 🙂 We are on a pretty basic budget right now, buying only necessary items like food and groceries and paying for bills. It’s worth it though and it won’t be forever!
Congrats on the pay down, October was expensive because my wife went on vacation without me. 35K will b a good benchmark to get under.
Charles@gettingarichlife recently posted…How To Make $140,000 In Real Estate And Legally Save $46,200 In Taxes
Thanks Charles! Vacations do put a strain on the budget at the best of times! I hope your wife had a nice time though and that you get to go on the next one!
Fantastic job!
Keren recently posted…Fall Garden and Yard Preparation
Thanks so much Keren, I really appreciate your support!
You’re doing so great~
Sometimes you need a little break. We haven’t taken any vacation this year and I think my hubby’s burning out from school and new job. We might have to take a mini vacay soon.
Good luck with the rest of the year. I’ll be following your journey as I’ve been doing so far.
Michelle’s Finance Journal recently posted…Expensive Weekend
Thanks Michelle! I can see how not taking a vacation at all could lead to burn out! I hope you and your hubby manage to get away too for a break. Thanks so much for keeping posted with my progress, it really means a lot to have your support! 🙂
Congrats on paying more off! I definitely understand the challenge with Christmas, it’s always the hardest time for me to stick to my re-payment plan! Keep it up!
Keenyn recently posted…A minimalism game – Update
Thanks Keenyn for stopping by! It is so hard to pay off extra in December isn’t it! This year though, I’m being super strict with myself about presents for others. I will be more generous when I can afford it in the future! (Yet I still feel a bit like Scrooge right now!)
You’re doing a great job paying down the debt! I would say if you can, try and make some extra money to pay down that debt, if not before Christmas, then before the end of the year. You’ll feel great getting that goal accomplished! Around Christmas is the best time to find part-time work, I’ve done it a few years (and got an employee discount to boot on Christmas gifts, win-win!)
Morgaine recently posted…Weekly Spending: Oct 21-27
Thanks Morgaine! I really would love to get that credit card paid off by Christmas. That’s a very useful point about more part time work becoming available at this time of year. I’ll definitely be keeping my eyes open for opportunities which I can fit in around my daughter.
Sometimes it’s tricky because the hubby works away so much and then I’d have to pay for childcare which could mean I don’t actually earn anything. But there might be an opportunity locally that suits perfectly when the hubby is around!
Awesome! You’re so close to that 35K mark – you deserve a little reward!