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The Seven Month Challenge
Redthirteen
Posts: 1 Newbie
I have been living in debt for years which has meant I've not saved anything at all. I have a £2000 overdraft which I constantly use, and I never leave. I have a credit card which I have debts of £1400 on. I also owe my parents £2300.
That's:
I currently earn £18556 a year or £1546 a month. After tax, pension, gym membership (from work) is £1210 a month or £14520.
My debts equal 27% of my take home income.
I aim to severly cut these debts over the next 7 months.
I have two major options: one is to save more money. A second, less feasible option is to increase my income but that is more difficult. My biggest problem is not managing what I currently earn.
My plan will run from December until June. 7 months to dramatically reduce debts.
Overall Goals
1. To be fully accountable in my expenditures
2. To stop paying any interest on debt
3. To have a plan to repay credit debts in 7 months
December Goals
1. Plan a December budget and stick to it
2. Track EVERY expense made during December
3. To decrease my debt by the end of this month by £200
4. To get my Superfund back
I will update this diary twice weekly to make sure that the goals are being met and that I am on course to reach my monthly and overall goals.
Next post: I will have a budget in place by tomorrow for the forthcoming month.
That's:
- £2000 overdraft
- £1400 credit card
- £2300 parents
I currently earn £18556 a year or £1546 a month. After tax, pension, gym membership (from work) is £1210 a month or £14520.
My debts equal 27% of my take home income.
I aim to severly cut these debts over the next 7 months.
I have two major options: one is to save more money. A second, less feasible option is to increase my income but that is more difficult. My biggest problem is not managing what I currently earn.
My plan will run from December until June. 7 months to dramatically reduce debts.
Overall Goals
1. To be fully accountable in my expenditures
2. To stop paying any interest on debt
3. To have a plan to repay credit debts in 7 months
December Goals
1. Plan a December budget and stick to it
2. Track EVERY expense made during December
3. To decrease my debt by the end of this month by £200
4. To get my Superfund back
I will update this diary twice weekly to make sure that the goals are being met and that I am on course to reach my monthly and overall goals.
Next post: I will have a budget in place by tomorrow for the forthcoming month.
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