Tuesday Chats, Debt Update!

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So back in September when I said I was going to do monthly updates on how we were going to pay off our debt and save and all that stuff.  Well ya know…mmmm stuff


So back in the post about saving money, I mentioned our holiday to the Maldives that we were saving for, unfortunately as I mentioned in the redundancy post we had to cancel that.  It was just too much to deal with.  We did get all except for the deposit back – so about £2000.  We have instead put that towards a snowboarding holiday, this was a bit of a last minute decision but it’s something we both wanted to do – I’ve never been.  So this was a great opportunity to take something positive from it all.

Debt

So let’s talk actual debt.  I personally have £4226.85 left of debt – not including my student loan.  So technically I’ve only cleared £369.15 of debt.  It’s a bit depressing actually to see it written down.  I have closed one account that was a debt, so that was one win.  Sadly though I’ve had Christmas and my husband’s birthday since my last update.  Plus I got lazy and spent money when I shouldn’t have at all.  So that’s just added back to anything I’d paid off.   I’ve also added a large chunk toward snowboarding instead of debt repayment.  So it’s not the end of the world.

Lesson Learnt?
 
As so many people say, this is real life.  So I’m getting back on it and I’m already a bit happier about it all.  I’m going back to packed lunches more often again – now that I have a regular schedule sorted!  I just need to keep myself moving forward.  I’ve taken a fair sized pay cut sadly, which I will really notice at the end of Feb as I managed to overlap my pay a wee bit.   Add in that we’re going snowboarding in March…well it’s going to be interesting.  We are staying in an apartment so we can at least prep some of our own food while we’re there!

Once the holiday is over with I will can focus fully on the debts again.  Hopefully my pay will go up – but I shouldn’t be reliant on that to be honest, fingers crossed though.  I’m going to sit down with my husband and figure out where we are debt wise and start prepping more.  We both need to get on board better to make life that bit easier – plus if we’re both in the same boat, we can keep each other going!

Goal Refocus
My personal goal is to get £2000 of my debt cleared by August.  That’s about 6months in pay terms after taking off the holiday stuff.  That’s averaging paying off at least £350 a month, preferably more, we mustn’t forget those nasty interest payments!  I want this very much though.  I actually want more of it paid off by my birthday but I’d be pleased with almost half.  I’m not sure if I will continue saving after our holiday, I think it would be better to focus on snowballing our debts – I’ve been listening to Dave Ramsey again!  So I’m going to work my rear off to sort this out.

It is going to be hard, but I’m going to plan things as much as I can and just keep my head down.
I will do more of an update in a few months, after this holiday!  Are you trying to sort out your finances?  I’m forever reading things on pinterest and following finance blogs for inspiration and to remind myself why I am doing this.  To one day be able to say I’m debt free is an incredibly exciting prospect!

For now, head down.  Good luck on your journey!
Thanks for reading

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