Monday, 1 February 2016

Progress Report - 14 February 2016

All my loan repayments were made at the start of my pay fortnight, and my new budget is going well. At the end of the first fortnight I'm within budget. I'll give a full report at the end of the month. 

So - debt balances as of today:

$30,235 - personal loan

$0 - credit card (woohoo!!)

$800 - medical 

Total debt: $31,035

Starting debt (19 January 2016): $32,195

Total paid off to date: $1,160

I know that interest is going to hurt on this loan, so I'm glad to say that I've already managed to get ahead of the payment schedule already - after only one month. Having ongoing boosted payments is going to help to significantly reduce the interest that I'm paying on this loan, and reduce the length of time that I'm under the debt.

I was discussing debt with my partner a few days ago. I asked him how he was going with his loans - he seems to be travelling ok. He asked how I was going - I told him what my balance was sitting at and he was shocked. 

I'm not sure why he was shocked... he knows how much debt I carry... but I guess its not something that we discuss all that often. He made a really interesting comment about how depressed he would be if he was carrying that amount of debt.

I'm not depressed by it. I'm annoyed that I let myself get into this situation, but in the end, it was me that did it. I made choices, and I have no option now but to deal with the outcomes of those choices.

BUT - I'm on a really solid track to wiping out this debt and I feel really, really good about how that is going so far. 

I think there are other things I could be doing to squeeze even more out of my budget, to boost those payments further. Thats something I'd like to work on in the coming months. But for now, $760 a fortnight (or $1646 a month) seems like a pretty solid base payment for this single income household to manage.

That's $380 odd dollars not a fortnight than the minimum payment :)

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