Me Made May and a debt update

Me-Made-May is keeping me busy, as I realise that my me-made wardrobe is probably not as strong as it could be, particularly for cold weather!

My lovely daughter bought me a Mothers Day gift which was so very thoughtful - a $50 voucher to Spotlight, a big box fabric and craft store. 

So we went along to see what was about, and as it turned out, the store was in the process of moving locations, which meant that there were some super specials on the apparel fabrics in store.

I picked out three crepes suitable for work tops, and a scuba knit suitable for a dress / skirt. When we got to the counter, I was delighted to find that the fabric (which was already over 50% off) was further reduced by another 50%. So the fabric which was over $20 retail per meter originally, I was getting for $5 per meter or less. But wait! I'm a member of the VIP Club (free to join, additional discounts) and it bought the total down even further.

In all, my four cuts of fabric - enough to make two tops each from the crepe and a skirt, a top and a dress from the scuba knit - came in at just $19.  I could not be happier! 

I've made the dress and skirt from the scuba knit - both turned out really well and have been worn to work already. All of the top fabric is laid out ready to be cut, I just need to find some time to get that done. I'm really happy with my choices, in that I thought carefully about what I had in my wardrobe and what would add value to what I already owned, and what would effectively mix and match. Once the tops are made up, they'll add some real versatility to my wardrobe, at very little cost. Yay!

Now, on to the debt update! New debt numbers as of today, with regularly scheduled payments of $150 towards the TV debt and $350 towards the family loan:

Starting Net Worth (28 April 2017)

-$35,513

Current Net Worth 

-$33,113

Total Debt Paid to date:

$2,400

That brings the TV debt down to $1,885 and the Family Loan down to $31,228.

I'm not sure exactly whether it is best to put the extra against the Family Loan or the TV debt. I guess if I was being completely risk averse, I'd put it towards the TV debt, because its the only one that has the possibility of future interest. Plus, if I can kill it earlier, I can snowball those funds into the Family Loan... but somehow putting the extra to the Family Loan makes me feel happier. Hmm. Something to consider.

I do still hope to make a larger payment this fortnight, and will transfer that across later in the week if I'm able to manage it... and when I decide which one its going to!

Everything has changed

So big changes around here.

My husband and I separated.

That was... hard and expensive.

He had signed my daughter up for a phone plan, and with the separation that bill now comes to me. I'm annoyed about that, but there's not much I can do about it.

We'd also purchased a large TV together, and because its staying in my home, that bill is also now mine.

I basically got nowhere for a few months. So frustrating.

Then my parents agreed to go guarantor on a house loan for me, so I could get my own place.

And then they changed their minds. Which is fine.

Dad instead suggested that they could pay out my existing loans, and I could repay them at 0% interest and so get ahead a bit quicker and into my own place without help.

That was very, very kind of him, and I took him up on that offer.

So, as it stands today:

I owe my Dad $32,178.

I owe $100 on my credit card (which has been put away and will not be used unless I can immediately transfer cash to pay off whatever purchase I'm making - therefore making it a cash purchase).

I owe $2335 to the TV debt. (also at 0% interest)

My Dad has asked that I pay him back in lump sums. So I'm saving the payments to him in a separate bank account and tracking my payments using NetWorthIQ.com

My net worth, when I started it last week was -$35,513

My current net worth is -$34,113

Its annoying that I'm higher again than when I started, but I've gone back to basics again and I've also done some tweaking to my budget to free up some extra cash.

I have been really distracted with the ending of my marriage and some family crises but I am absolutely determined to get out from under this debt as soon as humanly possible.

I think I'll try and say something every day about debt and debt reduction... to keep me accountable and motivated.

Debt update - 30 January 2016

I had a lot of issues getting the insurance removed from my loan, and the balances have only just been adjusted. 

I actually under calculated the insurance costs (GST maybe?) so the loan balance is currently sitting at $31,145 - I had calculated it as being closer to $31,900. 

Payments will go to the loan on Wednesday of this week (four days) and I'm planning on putting the full $600.  

I am still considering whether or not to start an emergency fund. 

Psychologically, I think I'd like to get a few more payments under my belt on this loan, and get the balance down below $30,000 before I start directing funds away from debt and into savings. 

This will also give me time to get the medical expense paid off, which would be great. 

I have used my credit card twoce this fortnight, to purchase items for a special project I'm working on. I immediately transferred the funds from my savings though - and so the card is still at $0. 

I feel like things are going well.