All of my debt payments have come out for the month, so here goes my end of month round-up, some good and some bad.
Balances and paid amounts
Loan: £8,948.97 / £15,792.30 (£6,843.33 paid off - 43% paid)
RESTART: CC1: £3,769.97 / £3,807 (started from scratch again here in July 18) 1.3% paid off
CC2: £4,301.14 / £5,031.14 (£780 paid off - 15.5% paid)
NEW: CC3: £899.87 / £999.87 (starting from scratch) £100 paid off - 10% paid
Total: £17,919.95 / £25,619.44 (
£7,699.49 paid off, 30% paid)
Good things:- 30% of the debt is paid off!
- I'm into the £8ks in the loan
- I'm into the £17ks of total debt (by the skin of my teeth...)
- I've made progress in clearing CC3 which makes me mad every time i look at it
Not so good things- I'm still annoyed that we added to the debt last month...
- It could be lower if we had been more careful/ kept an eye on things/ prepared!
- Spending has just been out of control this month, but not on anything dramatic, just LIFE.
Milestones to keep focus
When I'm looking ahead, there's some good milestones coming up! Our loan will be 50% paid off in October, which will be a nice peak to hit. I always visualise once you're 50% there, it's an easier decline to the finish, as if i'm on a mountain bike overcoming a mountain.
16 more payments left on our loan - when you put it like that, it doesn't seem like much at all.
Savings pots
I think its fair to say that some pots are doing better than others...
Christmas fund: £500 / £600
Credit union savings: £500
General savings: £46 (totally raided this month because of overspending)
Gifts/ clothes fund: £0 because of school uniform and big birthday month - will be replenished next month
I do have bigger plans for savings. This month, i'll have my wage increase backdated to the beginning of last month, so anything extra that I get from here will go into our savings account. Our credit union account goes up by £50 each month, so that will continue.
From September onwards, I also plan to put £300p/m away (minimum) as an emergency fund which will help towards things that we're not currently saving for i.e. if we don't get a tenant move in this month, we'll n eed to cover the mortgage, or if we haven't put enough aside for our car service, due in November etc. I still need to work out separate budgets for car-related items.
Anyway, i'll leave you with that and come back to this later for more thought !