April 2014 Debt Repayment Update

It has been a while since my last post.

Just under two weeks ago I received the most devastating news. My father has passed away unexpectedly. Naturally, I flew back home the following day to be with my family and our family’s friends. I am not going to write anything else about my Dad’s passing, it hurts too much and there are no words to explain how lost I feel…

I will, however write about financial implications an emergency like this can cause. I have always been a believer that if you are aggressively paying off your debt, you should not have a huge emergency fund. Why would you have thousands of pounds set aside in your emergency fund if you are drowning in thousands of pounds of debt? However, I do believe that if you are  paying off debt, you should still  have a small emergency fund at around £1k (for a single person).

Well, my emergency fund was sitting at £500 which, unfortunately, was not enough to cover all expenses associated with my unexpected trip back home. I spent quite a bit of money on my last minute flight home as well as incurred other expenses while at home. I was lucky that my employer paid me in full for the days that I was away from work on compassionate grounds. I did not care about it a tiny bit at the time as naturally I had more important things to think about, but I was glad to learn that my employer is so generous and understanding.

My emergency fund has depleted and I have also used some of the cash I was supposed to put towards debt repayment in April to pay for some expenses that could not be covered by my emergency savings. Let’s look at my debt repayment numbers for April –

Personal Loan
End of March Figure -£6,390
End of April Figure -£5,930

I put a total of £564.00 towards my debt, including interest. This converts to approximately 950 USD and 1040 CAD. This is not a huge payment for me, but you know what they say – every little helps. I am not entirely sure when my debt total was under £6k last time, but something tells me it was a good three-four years ago. It’s great to see my overall debt total reduce little by little every month.

I am still aiming to clear my debt by December 2014, but I will not be too hard on myself if I do not meet this deadline by a month or two. As long as I am moving in the right direction (and I totally am), then it’s all good. I will also start rebuilding my £1k emergency fund in May.

I hope you have been well. How did you do in April with your debt repayment/saving goals?

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  1. I am so sorry to hear about your loss I cannot begin understand how you must be feeling. I sent my sincere condolences to you and your family.

    My debt repayment hasn’t been the best this month. An emergency cropped up so I had to give my nan my whole debt repayment so I was only able to make the minimum payment. This is because I don’t have an emergency fund. Bad I know.

    We also had to put down our family dog last week. We’ve had her 14 years and it just feels like there’s a huge hole in our family. I really do miss her. She’s in a much better place now.

  2. I’m so sorry to hear about your loss Eva. My thoughts are with you and your family.
    I’m impressed that you were still able to think about repaying your debt under these circumstances. I would have charged the whole trip and dealt with the ramifications when the haze lifted. Keep your chin up.

  3. So sorry for your loss. I lost my Dad unexpectandly in 2009 so I have an idea of your feelings right now. Please do not be hard on yourself, making any repayment of debt this month is amazing and no one else would blame you if this puts your repayment a bit behind, family is more important. Prayers for you and your family.
    Morgaine recently posted…Weekly Spending: May 5-11My Profile

  4. I’m terribly sorry to read about your loss, I hope that everything is going OK with you. Thoughts and prayers for you and your family. Spending money on loved ones when needed, especially a parent – always takes priority over everything else.

    You are still moving in the right direction like you said, and that’s the important part.
    Debt Hater recently posted…Student Loan Rates Set to Rise Next YearMy Profile

  5. Eva, I’m so SO sorry to hear about the loss of your Dad. I’ve only just seen this post. I cannot imagine how devastated you must be feeling. I’m so sorry.

    Might seem like a random offer from well, a random fellow PF blogger, but if you ever need to talk to someone feel free to hit me up on email – I’ve included my personal email addy in this message.

    Take care of yourself ok.

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