Every two weeks I will be sharing my debt payment progress report with you. I’ll share my new debt total and some of the things I have done to make this happen. It will help me record my journey and it will also help me to stay motivated!
Debt payment progress report – my new total!
As of August 31st 2018 my new debt total is £15,822.45 (My starting debt total was £16,814.29)
Do you see that?! I’ve just smashed my way through the £16k point. I’m so so happy about this. Finally it feels like I’ve hit my first milestone. I’m really getting somewhere now! That also means that in the last two weeks I have paid off £273.40.
(I should note that I have paid in more than this, however some money has gone straight to interest)
My new total debt payment to date is now £991.84, which I have calculated to equate to 5.8% of my debt total.
As a result of my efforts to live more frugally and my increase in work load, this has been a very successful two weeks for my debt snowball. Even better, the high work load looks set to continue and so my efforts of paying off more each month will be possible for a while yet.
If you read my post about budgetting with an irregular income you will know that I naturally have financially strong months and financially slow months throughout the year. I expect to only pay off small amounts of money sometimes, but for now it looks like I don’t have to worry too much about that. The emergency fund always remains securely in place of course.
You can find my previous reports here.