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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!
My new total!
As of October 19th 2018 my new debt total is £15,020.18 (My starting debt total was £16,814.29)
That means that in the last two weeks I have paid off £208.72. My new total debt payment to date is now £1794.11, which I have calculated to equate to 10.6% of my debt total. (I should note that I have paid in more than this, however some money has gone straight to interest). The following debts now remain:
- Loan One £6883.18
- Loan Two £5759.59
- Credit Card One £0 (still makes me so happy!)
- Credit Card Two £2377.41
As the weeks go by I can really feel my debt payments picking up speed. Not only have I been busier with work but as my debt total goes down my interest payments go down with it, making it easier to battle each month. It feels like yesterday that I was crossing the £16k mark and paying off my first £1000 so to be inches away from reaching £15k feels incredible.
I’ve noticed a change in myself as well as I’ve been making this progress. Firstly, mood has lifted a great deal. Being able to cover all of my payments without stress (thanks to my budget) has removed all money related stress. Of course my emergency fund helps a great deal too!
My spending habits have improved too. Whilst in the past I wouldn’t have thought twice about picking something up in the shops that was “just a tenner”, I question every purchase now and as a result I am spending a lot less. No spend days are helping this a lot too of course. You can read about these in my goals for the month if you’re not sure what they are.
When I first started my debt free journey I wasn’t too sure where to find this momentum that everyone was talking about. I didn’t get the “excitement” of paying off debt that everyone in the debt free community kept talking about. It’s debt for goodness sake, how can you be excited?!
I get it now. I’m driven with momentum and the excitement of becoming debt free and it feels wonderful!
You can find my previous reports here:
- Debt Payment Report – Starting Point
- Debt Payment Progress Report 1 – 06/07/18
- Debt Payment Progress Report 2 – 20/07/18
- Debt Payment Progress Report 3 – 03/08/18
- Debt Payment Progress Report 4 – 17/08/18
- Debt Payment Progress Report 5 – 31/08/18
- Debt Payment Progress Report 6 – 21/09/18
- Debt Payment Progress Report 7 – 05/10/18