Thursday, 28 June 2012

July Debt Repayment.

Good Afternoon!

Firstly Hello and Welcome to my new follower Rainbow Child. What a wonderful name! Thanks so much for taking the time to visit little old me.x

Pay Day today and my goodness it has seemed like an eon in arriving.

This month has been slightly different to previous months in terms of debt repayment.

This month I have only paid slightly over my minimum payment as savings need to be drastically increased between now and September.

So My Debt was last month standing at a combined total of £562.71.

Credit Card 1     Was: £0.00     Paid: £0.00    New Balance: £0.00
Credit Card 2     Was: £262.71  Paid:£30.00   New Balance: £232.71
Overdraft          Was: £300.00   Paid: £0.00    New Balance: £300.00
Car Loan           Was: £0.00     Paid: £0.00    New Balance: £0.00 
Starting Debt in January - £1990.80
Debt By the End of June - £562.71
Debt Paid This Month - £30.00
New Total Debt - £532.71
Percentage of Debt Paid July – 1.5%
Percentage Paid to Date – 73.25%

This month has been very poor for debt repayment, but as I have written about before, this month I have taken the decision to concentrate on building up my savings.

So I have put £300 into my savings account and shortly will be adding my Ebay money to the funds which hopefully will pay my utilities bill and for a new garage door. (a bit of good news Ebay has now increased my allocation to 100 items per month or £3500). The selling has increased now too!.

I have now managed to clear so much of my debt I am not going to feel guilty for concentrating on my financial security for 2 or 3 months. For me having savings is just as important as being debt free.

I am also up to date as always on all of my bills.

Additionally, this month, I have allowed myself an extra £80 spending money to cover petrol to London / Surrey and for a couple of lunches out whilst I enjoy my week off work and away from home.

Thank you to those who responded either in comments or directly to yesterdays post. It is so interesting to have another point of view on this delicate matter.

I think pride plays a large part of it. I am too proud to let him pay off my debt.

Frugally yours

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