As of today my debt stands at £5997.47.
I will get this lowered and my aim is by 31st December 2017 my debt will stand at less than £5000. If my calculations are correct I can actually get my debt down to £4700 or there abouts.
I am being careful with money now to make sure I can pay off a good amount of the debt and still manage to live. I made a spreadsheet for one of the credit cards.
Every month this works out roughly how much I should be paying, and obviously the more I pay off the better. It’s not 100% accurate but I would rather overestimate the minimum payment than underestimate it.
As for CC1, well that’s 1.19% interest per month so not too bad, and only 12 payments left on the loan. Once the loan is paid that’s an extra £98.13 a month I will save, well not save as I will use it for other debts, but you know what I mean.
I even now have a spreadsheet for budgeting.
It works out how much I will have left every month. My overdraft is now increased to £750 but I don’t intend on using that, but I can keep an eye on what I’m spending every month and try not to overspend.
The above is the spreadsheet from my next paycheck. As you can see, after all debts are paid and bills I’m left with -£202.90 before buying food etc. I then plan on going up to -£350 as a maximum, and then the month after drop that to -£330 maximum and slowing bring the overdraft down also.
I have noticed some of my bills are quite high. My EE bill, I cannot change until I renew my contract next May, so that will go to a cheaper contract from then. As of 1st November 2017 I can contact Virgin Media and get rid of the TV and phone line, thus reducing the bill.
I am quitting smoking, saving money and improving my health. I vape. I need something to help me and vaping does. It can get expensive so I’m going into DIY liquids, thus saving me a fortune.