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 September 21st 2018 my new debt total is £15,700.20 (My starting debt total was £16,814.29)
That means that in the last three weeks (I missed last weeks post and pushed it up seven days) I have paid off £122.25. It also means that the first £1000 is officially gone. I’ll celebrate it with a glass of wine and a boogy in the living room this evening!
My new total debt payment to date is now £1114.09, which I have calculated to equate to 6.6% of my debt total.
(I should note that I have paid in more than this, however some money has gone straight to interest)
My progress has been slow with my debt free journey since I last checked in. If you read my post about debt failures on Monday you will know I have slipped up over the last couple of weeks! In my haste to pay off as much debt as quickly as possible I forgot about the fact that I am due to pay my tax bill in January. You could say, I had my debt blinkers on.
Focus is of course good when you’re on a mission to become debt free. It is your greatest priority in life and you push to clear your total as soon as possible. This does however make it very easy to forget about irregular payments. Of course, this is why a budget is so important. Sinking funds are also a great way to combat any potential surprises and I’m starting one for next year’s tax bill so I’m not caught out again.
Thankfully I have realised my mistake in plenty of time and I now have three and a bit months to set my tax money aside, although it will slow down my debt payment and that’s frustrating. The important thing, as always, is that I keep moving in the right direction with my debt total, no matter how small the payments are.
You can find my previous reports here.