debt stats : July ’12

Hi y’all – and I hope that life has been treating you all well.

So, my last stats were in mid-June, and here’s a reminder of what was achieved:-

June 2012

  • CC2 = £ 1,715.66 : new balance = £953.56
  • CC3 = £7,568.63 : new balance = £7,499.09
  • Loan = £4,223.49 : new balance = £4,223.49

So there you have it, people.  In April I was £20,103.23 in debt.   However, by June I’ve managed to reduce it to £12,676.14

Well, here we go for July – let’s do it. (background):-

I managed to transfer a good amount of CC3 and the majority of CC2 to a 0% balance transfer (2.9% fee for transfer was added to the overall bill – twice, for both transfers).

July 2012

  • CC2 =  £953.56 : new balance = £0.00
  • CC3 =  £7,499.09 : new balance = £245.46 
  • 0% balance transfer = £7,314.91
  • Loan = £4,223.49 : new balance = £4,243.49

So the grand total outstanding is £11,803.86.  This equals £872.28 deducted from last month (excluding the monthly interest which has been added above).  Now, I’ve been pumping like crazy to slay this debt-monkey.  The benefit which I have going forward is the following:-

– £7,499.09 with 0% interest
– £4,243.49 with 8% interest  
This amount is for my loan (kitchen which i got installed nearly 2 years ago).  Stupidly I got charged a £20.00 late-payment fee when I cancelled the direct debit by mistake (got it mixed up with another DD).  So, an extra £20.00 was added to the full amount which makes me so mad 😦

I get paid in the next few days, and my tactic will be to avalanche all of my extra payments to the £4,243.49 which has the 8% interest.  I’ll keep the 0% account to the minimum payment.  However, I have to make sure everything is paid off this by October 2013, otherwise they’ll hit me with the interest.  No-way, jose!  I’m also going to say ‘goodbye’ to the crazy interest charges on CC3, which is now down to £245.46.  That is so gone, already…

The amount of ‘extra’ money I was able to scrimp and save on this month came up to £458.00.  That was £300 from the ‘ex’ and £158.00 I transferred straight away as ‘extra’ money when I got paid on June 26 (I had to do that, as I knew I would spend it otherwise).  So the full amount I paid on everything came up to a whopping £1,296.94.  Man, that is ‘sick’ money…

Emergency fund:

I’m proud to say that I’ve also managed to save £350.00 in my emergency fund, which is in a separate bank account.  I’m determined to get up to the magical £1,000 and hold onto that for any real emergencies which may come my way.  Hopefully nothing will happen, however you never know, right?  Again, this was through ‘extra’ money I got during the last 30 days, digging deep…

Budgeting: http://ynab.me/chrissie

Guys, when I say that this budgeting system is changing my life, it really is changing my life!  I’ve done some extra spending this month, what with a family christening and an out-door festival event I went to during the appalling UK weather, so waterproofs/Hunter wellingtons had to be bought, however I’m STILL in my budget – just!  I’m not overdrawn due to this software.  Guys, if I’ve said it once, I’ll say it a thousand times, this system ROCKS!  The way you manoeuvre your money you’ve already budgeted so that you’re only spending what you’ve allocated really does work!  My buffer has been hit, but that’s OK – as long as it’s the buffer and not my overdraft, I’m happy with that!  Over £170.00 was taken through this, though.  I have to say, the concert was well worth it – Swedish House Mafia are the bomb!

Roll on pay-day – I’ve got some serious slaying to do.  Debt-monkey – your days are numbered!

We need a revolution people. Let’s go get it!

btw: my maths is CRAP!  I get mixed up with money that I pay in, and percentage deductions etc.  Basically the end result is from my statement.  How I get there each month is beyond me.  All I know is that I’m chucking money like crazy, so I might be a bit off with what’s gone out, however the ‘final’ amount per month is correct – you get my drift?  Good… There is a method to my madness – always!

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