Ok! How did we go in the first month of this financial fast??
Personal loan started at $36,927.63 and is now $36,917.80. We paid off $900 but we got slugged with $410.97 interest urgh. Still it is down by $9.83
That doesn't really work? Ill look into that.
ETA: The starting amount I had there was before the first lot of interest came out, the second lot was $410.97. Next month it will be more clear.
We have made good progress with the credit card. It started at $3,659.84 and is now $2,513.43. We paid off $1,653.43. With interest and the internet bill coming out of it the difference is $1,146.41.
Im really happy with the rate we are paying off the credit card. The sooner we get that one gone the sooner we can start to make an actual difference to our personal loan. $410 of interest is crazy. No wonder we have hardly made a dint in the balance after all these years!
Thursday, 14 March 2013
Wednesday, 13 March 2013
13/3/13
Based on how we are currently going, it will take us approximately 15months to become completely free of debt - give or take a month.
In some ways it feels amazing to see the light at the end of the tunnel finally, in other ways it feels like a really long time till we reach the end of this debt journey.
We have paid over a grand off the credit card this month, Ill have final amounts on the 15th when Dan gets paid.
The personal loan accrues so much monthly interest that we hardly have any downward movement at all. We wont have any significant changes in that amount until the credit card is paid off.
Dan and I were discussing what our money should be allocated to the other day.
My pay goes like this - total weekly amount - 10% (private savings account) - $200 weekly groceries = remaining amount goes onto the credit card.
Dans pay pays our bills, $900 personal loan and $300 credit card.
Before I started working there was nothing left in the account for the last week of the monthly pay cycle. Now we have about $500 left.
Dan wanted to put the left over money into a savings account, but that doesnt make sense to me at all.
Whats the point of having a savings account when we are still accruing interest on the credit card (LOTS) and a lot of interest on the personal loan?
It makes more sense to just put the left over money onto the credit card until it is paid off then onto the personal loan.
If we get stuck financially we will be able to use the credit card so its kind of like savings....well not really but its better than having money sitting in an account doing nothing while we are trying to pay off 2 large debts.
I just want this over and done with already. No mucking around.
Anyway, Dan puts some money into his ING account and I put 10% of my pay into my personal ING account. That is plenty of savings for now.
So we will be putting more money onto the credit card on the 15th and I will have final end of month totals to report then.
In some ways it feels amazing to see the light at the end of the tunnel finally, in other ways it feels like a really long time till we reach the end of this debt journey.
We have paid over a grand off the credit card this month, Ill have final amounts on the 15th when Dan gets paid.
The personal loan accrues so much monthly interest that we hardly have any downward movement at all. We wont have any significant changes in that amount until the credit card is paid off.
Dan and I were discussing what our money should be allocated to the other day.
My pay goes like this - total weekly amount - 10% (private savings account) - $200 weekly groceries = remaining amount goes onto the credit card.
Dans pay pays our bills, $900 personal loan and $300 credit card.
Before I started working there was nothing left in the account for the last week of the monthly pay cycle. Now we have about $500 left.
Dan wanted to put the left over money into a savings account, but that doesnt make sense to me at all.
Whats the point of having a savings account when we are still accruing interest on the credit card (LOTS) and a lot of interest on the personal loan?
It makes more sense to just put the left over money onto the credit card until it is paid off then onto the personal loan.
If we get stuck financially we will be able to use the credit card so its kind of like savings....well not really but its better than having money sitting in an account doing nothing while we are trying to pay off 2 large debts.
I just want this over and done with already. No mucking around.
Anyway, Dan puts some money into his ING account and I put 10% of my pay into my personal ING account. That is plenty of savings for now.
So we will be putting more money onto the credit card on the 15th and I will have final end of month totals to report then.
Tuesday, 5 March 2013
6/3
Another few glitches in our plans! Dans bike got stolen - hopefully our insurance will pay for that and we will only be out of pocket $100.
And today I had the first of a few dental appointments. $615 worth of dental work today ouch.
And today I had the first of a few dental appointments. $615 worth of dental work today ouch.
Saturday, 2 March 2013
2/3/2013
Hmmm a slight hiccough happened this morning. My beautiful and only doona cover bit the dust. It seems that 3 years of weekly washing and drying took its toll. So I had to buy a new one.
I dont love the new one, but it hasnt got a horrid print on it so it will do. $99 though ouch.
Restraint was shown though, I could have also splurged on a new sheet set but I decided to wait till the current sheet set also dies then I will spend the money on a really good and long lasting set made from bamboo.
The every day expenses like magazines and take away food arent too hard to resist, but its these unexpected expenses that keep cropping up like the doona cover, the car repair, and the dentist that is impacting our efforts.
Hopefully there wont be too many more of them.
I dont love the new one, but it hasnt got a horrid print on it so it will do. $99 though ouch.
Restraint was shown though, I could have also splurged on a new sheet set but I decided to wait till the current sheet set also dies then I will spend the money on a really good and long lasting set made from bamboo.
The every day expenses like magazines and take away food arent too hard to resist, but its these unexpected expenses that keep cropping up like the doona cover, the car repair, and the dentist that is impacting our efforts.
Hopefully there wont be too many more of them.
Friday, 1 March 2013
1/3/2013
Finally, finally I am starting to feel as though we are heading in the right direction.
Dan and I sat down and had a chat about what to do with my weekly pay. Gosh its a great feeling to get paid weekly!
So Ill be transferring 10% of my weekly pay after tax into my private ING account. Then Ill withdraw $200 to put in my purse for groceries, then what is left over goes onto the credit card.
When the credit card is paid off that extra money from my pay and the money we have been paying regularly on the credit card will get put onto the personal loan which should then decrease rapidly.
Even with more dentist bills looming and the $550 excess for our car repair looming Im feeling more positive about our finances and I am really looking forward to seeing our monthly total this month.
Which reminds me...I need to withdraw $225 for the car...
Dan and I sat down and had a chat about what to do with my weekly pay. Gosh its a great feeling to get paid weekly!
So Ill be transferring 10% of my weekly pay after tax into my private ING account. Then Ill withdraw $200 to put in my purse for groceries, then what is left over goes onto the credit card.
When the credit card is paid off that extra money from my pay and the money we have been paying regularly on the credit card will get put onto the personal loan which should then decrease rapidly.
Even with more dentist bills looming and the $550 excess for our car repair looming Im feeling more positive about our finances and I am really looking forward to seeing our monthly total this month.
Which reminds me...I need to withdraw $225 for the car...
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