debt payment progress

Debt Payment Progress Report 14 – 08/02/19

February 8, 2019

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 February 8th 2019 my new debt total is £14,160.07 (My starting debt total was £16,814.29)

That means that since I last updated you two weeks ago I have paid off £112.67 My new total debt payment to date is now £2654.22, which I have calculated to equate to 16% 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 £6236.92
Loan Two £5679.79
Credit Card One £0
Credit Card Two £2243.36

We’re already into the second month of the year and time is slipping away. I cannot believe how quickly the weeks are passing now. In saying that, I am please to report that so far things are going well for 2019 and I’m in line with my goals. Freelancing work has remained busier than it was at the end of last year and it looks like it might stay this way for a while yet. Of course, I won’t be getting complaisant. My intention is to find one or two more clients, ideally, to help boost my hours.

One or two small ebay sale have also helped contribute to my payments over the last two weeks. I always say that the pennies add up and small things like selling unwanted items and surveys do help me out. My listings are running low now so I’m going to go through my wardrobe and have another clear out. With any luck I can find another 10 to 20 items that I can list and hopefully boost February’s payments a bit more!

After a couple months off from goal setting I also took the time earlier this week to set myself some goals for the month. You can read them in detail here. Mostly, I just want to get my head down and push on with work but I’ve also added a “treat” in there. Like most people paying off debt I’m in it for the long haul and as motivated as I am, it can be a bit of a downer to constantly be throwing every penny at loans. In February I’m going to make a point of treating myself to something small to keep me going. Maybe just a nice lunch, that would do the trick!

You can find my previous reports here.

Debt Payment Progress Report 13 – 25/01/19

January 25, 2019

Every two weeks I share my debt payment progress report with you. I post my new debt total and some of my money making efforts. It can be so easy to get caught up in the day to day payments, especially when my total is going down slowly. These reports help me to record my journey and stay motivated as I look back over the progress I’ve made so far!

My new total!

As of January 25th 2019 my new debt total is £14,272.74 (My starting debt total was £16,814.29)

That means that since I last updated you about a month ago I have paid off £163.13. My new total debt payment to date is now £2541.55, which I have calculated to equate to 15% 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 £6399.46
Loan Two £5579.92
Credit Card One £0
Credit Card Two £2293.36

I feel like there isn’t too much to report on this week, but in a way that’s a good thing. After a very slow November and December work has picked up a bit and so most days have been spent freelancing. There hasn’t been much time left on the side for any surveys and the like, but freelancing pays more so I’m not complaining at all. I’m not quite breaking any income records but it is far more consistent than it was before Christmas so I’m really happy.

This year I’d really like to increase my income in order to allow me to pay more debt off each month (and of course enjoy more when the debt is gone!). On quieter days I’ve been spending a few hours contacting potential new clients via email and have had a handful of responses. I know from past emails that many of these will come to nothing, however two look very promising so I’m keeping my fingers crossed.

Going into February I have a few big expenses coming up which have the potential to dent my debt payments a bit, but all going well I will have some new clients sending work over which will help to counteract them. I don’t want to jinx anything just yet, but I’m feeling really positive about the coming weeks and months. Excited to update you again in two weeks and see where I am!

You can find my previous reports here.

Debt Payment Progress Report 10 – 16/11/18

November 16, 2018

Debt payment progress report – my new total!

As of November 16th 2018 my new debt total is £14,707.43 (My starting debt total was £16,814.29)

That means that in the last two weeks I have paid off £163.13. My new total debt payment to date is now £2106.86, which I have calculated to equate to 12.5% 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 £6723.67
Loan Two £5706.35
Credit Card One £0
Credit Card Two £2277.41

Although I have had another slow fortnight with regards to my debt payments, I am in no way disappointed. If you read my goals update post on Monday you will know that I had to revise my focus a bit. Whilst I would love to pay off my debt as quickly as possible, work tends to slow down for me in the winter months and I have to adjust my budget to suit.

Instead of ploughing every spare penny I have into my credit card I am choosing to be a bit more conservative with my money, keeping some aside just in case my freelancing work drops dramatically. The most important thing is that I am able to afford all of my minimum payments and bills. Then of course there’s the added cost of the Christmas period to consider!

As I have said countless times before, the amount I pay each week, month or year isn’t the focus. The important thing is that I continue to pay off my debt piece by piece. Even when progress is slow, the small payments I am making add up so quickly and make such a big difference over time. If you’re finding that your debt free journey is moving slowly at the moment, stick with it. As long as your total is going down, even by pennies, that is what matters!

You can find my previous reports here.

Debt Payment Progress Report 9 – 2/11/18

November 2, 2018

Debt payment progress report – my new total!

As of November 2nd 2018 my new debt total is £14,870.56 (My starting debt total was £16,814.29)

That means that in the last two weeks I have paid off £149.62. My new total debt payment to date is now £1943.73, which I have calculated to equate to 11.5% 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 £6723.67
Loan Two £5869.48
Credit Card One £0
Credit Card Two £2277.41

Another milestone hit as I clear the £15,000 mark!! This is has been quite a slow two weeks as both interest payments (on my loans) have been taken in this time, but none the less I have smashed through £15k and I’m so excited!

The next two months are set to be slow ones as work often dies down over the Christmas period for me and so I am prepared for slower progress. My priority, as always, is ensuring that all minimum payments are covered along with my other bills. I’m also ensuring that I budget well for Christmas and avoid borrowing money to cover it. Thankfully secret santa is going to help out a great deal there, and the fact that we aren’t hosting this year.

My plan for November and December is to spend any down time on trying to earn some extra income on the side. If you read my goals post yesterday you will know that that means a lot of ebay selling and surveys on Prolific. Any day that is quiet on the work front will be productive in some other way and my debt total will continue to go down no matter what!

You can find my previous reports here.

Debt Payment Progress Report 5 – 31/08/18

August 31, 2018

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.

Debt Payment Progress Report 3

August 3, 2018

Every two weeks I will be sharing my debt payment progress report with you. I’ll share my new debt total and all of the things I have done to make this happen. I think this is important for two reasons. It will help me record my journey and share with you what works and what doesn’t. It will also help me to stay motivated!

My new total!

As of August 3rd 2018 my new debt total is £16,243.60 (My starting debt total was £16,814.29)

In the last two weeks I have paid off £248.72. This is £70 more than I paid off in my last progress report so I’m really really happy. After a slow start to my debt free journey I feel like I’m starting to get some traction.

(I should note that I have paid in more than this, however some money has gone straight to interest. This is why the numbers below are larger than the net amount that I have paid off. I have also been putting money into an emergency fund.)

My new total debt payment to date is now £571.32, which I have calculated to equate to 3.3% of my debt total.

How have I made this progress?

Quite simply, work has been far busier over the last two weeks. I have made a very small amount on ebay and Prolific Academic, I can’t complain, but 99% has come from work. I’m so grateful to be able to say this. After a very quiet June and July it is so nice to have a regular work flow again.

Reflections for the next two weeks

Now that I’m getting into the swing of things I just want to keep going. I’m building momentum between the increase in work, small side hustles and writing the blog. My speed is picking up and I’m really getting to grip with paying off my debts. The trick now is maintaining this momentum. If you have any tips for me do leave them in the comments below!

You can find my previous reports here: