Hey budgeting people!
It is that time, where I share my debt snowball numbers, and my favourite part, the trackers!
As I am just starting, the snowball isn’t as exciting as it could be. I am not someone who can put hundreds toward my debt each month. Hopefully it will get more exciting for you as it gains momentum.
I am excited, even if it is only £1 less debt from when I started.
The first debt I am tackling is an overdraft. At the beginning of July, it was at £1,812.21 and I paid £106.23 towards it. My current balance is now £1,705.98.
For my personal loan, I started with a £5,119.89 balance. After paying the minimum of £100.39 I was able to get it down to £5,019.50.
Next month; I will be under £5,000 for this debt, which makes me incredibly happy as it’s under a milestone number.
For my third debt, I am not currently paying is my student loan. The balance is still at £37,306.69 as the interest rate has not been applied yet.
For some reason the company has not been publishing my updated amount. Until they do, I will be working using the £37,306.69 figure.
To be completely honest with you all, I will be happy to just pretend that it is only that, although I know that they will be slamming on the interest when they can.
A calculator I have states it is accruing £125 per month, which will only grow as time goes on.
However, I cannot afford to pay all three right now, and due to the way, the student loan is set up, it can wait.
In total, I have paid: £206.62.
It is £200 less that I don’t have to pay ever again to them, so I am happy with my progress so far.
This is only this month’s debt payment; I didn’t include the money I paid to the debt with last month’s paycheck.
Below is my July trackers all coloured in. I am super excited to see the colour slowly overtake the white.
What have you paid towards debt?
What was the highest you’ve paid?
And what was your lowest?