It’s my favourite time of the month again as I get to report back on how the hubby and I have been getting on with repaying our debts. We haven’t paid as much off this month as we did in the last two months, but we’re feeling really positive about our progress because at the end of the day, it’s going the right way!
During the month of September, we paid £872.50 off our total debts. This includes our minimum payments and an extra payment onto my credit card. I did however get charged interest this month on my credit card balance as the 0% interest deal I had going on expired.
I’ve decided I’m still going to stick with this credit card and not swap the balance over to another card because I’ll only be paying this for a few more months (at least I hope so)! If I moved the balance elsewhere, I’d have to pay a balance transfer fee which I think would be more than the interest on my current credit card. Looking at the estimated interest due next month, it’s decreasing rapidly anyway.
Anyway, taking the interest charge into account, the actual debt repayment this month was £857.
And now for the big picture figures!
Last month, our debt total was £37,033.73 and this month, it’s now a total of £36,177.12. I really wanted to get our debt under £36K this month but it wasn’t to be as we had a quite a few extra things to pay out for plus I slipped a little with our budget – more on that later! Next month though, it definitely will be under £36K! Our running total amount that we’ve paid back since the start of our journey (from January) is £5312.49. That’s 12.8%!
My original goal still stands – that is to clear my personal credit card by Christmas, the balance at the moment is £2201. I’m not sure if I’m going to be able to achieve this but I’m going to give it my all! The only way I will be able to achieve this is if I somehow earn some extra income. Selling on eBay is one thing, but I need to sort out something a bit more regular. I’m considering freelance writing if I can get any work and a couple of other avenues but ultimately, it’s a case of thinking about what I can fit in around my day job and looking after my daughter. And it’s got to be something that I actually have the skills to do!