Goodbye debt!

Odzon

Hey everyone.

I'm joining the debt conquering world, and have took a little time to
set out the state of my finances as below - hopefully it's easy enough
to follow. I plan to reduce the overdraft by £125 each month, so that
in August both the loan and overdraft are paid off, allowing me to
focus solely on the credit card debt.

I will throw whatever extra I have per month at the credit card debt,
and update the balance accordingly. I'll also create a new "Monthly
Income" and "Monthly Outgoings" chart at the beginning of each month,
to gauge how much I'm actually spending, as the values at the moment
are just an estimate. I'll start this at the beginning of March, so a
little time to wait on that.

For this month, I'll be preparing more than anything. I have very
little money to survive on for the remainder of this month, so I'll be
living well within my means. I'll also use this month to brainstorm
some money making ideas. Feel free to offer your comments /
suggestions / encouragement or the kick up the backside I might need
at any given time. It's going to be a tough journey, but I always did
enjoy a challenge!



Overdraft £750 BALANCE

February £750
March £625
April £500
May £375
June £250
July £125
August £0


Loan £2077.72 (8.8% APR) (6 INSTALMENTS TO GO)

March £368
April £368
May £368
June £368
July £368
August £368


Credit Card £5200 BALANCE (27.9% APR)

February £5200
March £
April £
May £
June £
July £
August £



Monthly Income

Salary £1040
Second Salary £220 (fluctuates)

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Total £1260

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Monthly Outgoings

Sky £25
Phone £35
Contact Lenses £15
Food £100
Petrol £30
Account Fees £10
SIM Protection £3
Travel £90
Haircut £7
Going Out £120

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Total £435

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