Thursday, 26 January 2012

January Reviewed

As end of the month approaches, I am on the countdown to payday - 2nd Feb with a budget of £43.11 for 6 days. I can do this!
So time to review where I am financially.

Credit card 1 has increased slightly after I did the balance transfer. I have to pay a balance transfer fee of £20.36, which is a percentage of the total balance. I paid £31.01 off it this month, but the rest got eaten up in interest. But for 16 months the card is interest free so everything I pay from now on comes off the balance without interest charged.


Car Loan            £334.00     It will be paid off by April
Overdraft           £300.00     Need to look into cost of the overdraft per month
Credit Card 1      £514.12     £3.18 in interest
Credit Card 2      £710.36
TOTAL DEBT       £1858.48

Previous total      £1990.80
Reduced debt by £132.32

A reduction of 6.65% in January 2012.

I will be paying off a larger proportion of my debt in February. In January I had bigger overheads - utilities and a double month on the service charge for W Towers.

Do not forget February and March are council tax free if you pay monthly. I pay circa £75 per month so currently I am deciding whether to save this money or pay it off my debt.

Conclusion – I need to pay off more each month to reach my target of being debt free (not inc the mortgage) by the end of 2012. Paying off £161 a month means it will take me 11.5 months – not acceptable. I need to find a way of being able to eek a little more into paying off the debt when the commission is not happening at work.

Thinking cap on.

You probably have noticed I love a list. Here was my “To Do List” for this week.
·         Put DVD on Freecycle-Both were picked up tonight.
·         Clean out kitchen cupboard
·         Prepare mushroom kit
·         Finish washing and ironing
·         Sew buttons on – Damn it, this weekend…. I promise

Here is my list “To Do List” for the weekend

·         Sort out photos from holiday in 2010!
·         Sew buttons on trousers and coat
·         Bake bread
·         Bake a lemon cake
·         Make another sausage casserole in the slow cooker
·         Clear another kitchen cupboard
·         Empty clutter from the hall.

Made do today with the coke and crisps from my jaunt to Poundland earlier this week, but will have to grab a drink tomorrow. But I did have to stop at the shop on the way home and grab some mushrooms and a garlic bulb for the  paghetti bolognaise I cooked for The Chap and I. So the  £7.50 got blown. I spent £5.11. But I did pick up some posh lamb and chilli sausages reduced from nearly £6 to £1.75. Straight into the freezer for a casserole another day.

When I did arrive home the door had been fixed, Great! Here is the before picture. Like my tarpaulin handiwork? No after picture I am afriad.

Not a bad day world!

Frugally yours



1 comment:

  1. Pay money off from your debit card with your council tax (and water?) After all, they are laughing all the way to the bank in the interest you are paying to them. Go over to Frugal Queens blog, look on the right in her labels section for debt reduction then drop down to the entry for 6th October - see if any of this helps you to decide.


I really love reading all comments. So please tell me what you think. Abigail