Thursday, 31 May 2012

June's Debt Repayment

Today is a good day. Today is Pay Day. You know I love a Pay Day!

I made some commission this month, not enough for a round the world cruise, just some. Plus I got an expenses cheque for just a touch over £100.

This lunchtime I really went for the debt. Whooo Hoooooo!

Here is the breakdown.

Credit Card 1
Was £80.71         Paid £80.71      New Balance £0.00 Another debt down!!!

Credit Card 2
Was £582.00       Paid £319.29    New Balance £262.71

Was £300            Paid £0           New Balance £300.00

Car Loan
Was £0.00           Paid £0           New Balance £0.00

I am so delighted, £400 is more than I have paid off before and means that over 6 months I have paid off two of my debts that had a starting total of £980.94.

The End is Nigh Kids!

Starting Debt in January - £1990.80
Debt By the End of May - £962.71
Debt Paid This Month - £400.00
New Total Debt - £562.71
Percentage of Debt Paid May – 20%
Percentage Paid to Date – 72%

Plus I managed to put £200 into my savings account. I really need to try and increase my savings going forward, but that might be at the expense of debt repayment.

I need to have a think about that.

£562.71 left to pay seems really achievable and so today I am over the moon!

Frugally yours


  1. Wonderful to read ... Credit Card 1 ??? huh? what is that? history!

    It is terrific to carry no debt. I have none & have NO credit cards.

    Anne in Cambridge

    1. Not long until I can say "yes me too"!

  2. Congratulations - now - are you brave enough to cut it into little chunks and dispose of it altogether?

  3. Good work! As for saving while paying down debt, my husband and I always put aside a little each month, even though we had debt, and we looked at it this way. If we weren't saving at the same time as paying off debts, we might run into an emergency that we wouldn't be able to easily pay for, and then need to put it on a credit card, and have even more debt. Plus, putting money in savings, and paying debt, meant even less discretionary spending. We got better at spending on only what we really needed. And now, years later, we have a tidy little amount to cover just about any emergency or other spending we could need.

  4. Well done you! It is not easy to manage financially in these expensive times. It is a really good idea to keep saving while you continue to pay off your debts. Even at my most broke, I put a little something away towards my car insurance and tax, to ease the burden when the bills came in. Not quite so broke now but I continue to put the money aside. When I left home, I started to calculate my monthly budget so I could pay the rent AND eat! The habit has stuck and many years later I still start the new month with a list of what has to be paid first!


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