January 2014 Debt Repayment Update

Good morning, blogging friends!

So… the first debt repayment update of the year. Could I be more excited to share the numbers? πŸ˜‰ Most of you know that debt repayment updates are my favourite types of posts. After all, this is what I am here for – to document my journey to debt freedom and share my progress.

I have previously mentioned that my January debt repayment will not be as impressive as it has been for the last six months. I have celebrated my 30th birthday with my family and spent a lot of cash in just five days (it felt awesome, by the way πŸ˜‰ ).

I have still got two birthday celebrations to budget for: one in Istanbul with my mother and one in London with my friends. The company I work for paid for my flights to Istanbul for five days which is great, but I still need to pay for our accommodation in Istanbul and it’s not going to be cheap (I am budgeting for a 5* hotel since this is where I will be on the day of my actual birthday and it hasΒ  to be awesome). I have already taken care of my spending money – luckily, I have received generous birthday gifts from my family, mainly cash since this is what I have requested.

I am also throwing a bit of a birthday party in London with my two very close friends in attendance when I get back from Istanbul. I have booked a room in a lovely hotel in Knightsbridge using my points so technically I have not paid for it in cash (although I could have converted my points to cash, oh well). I will arrange for champagne in the room or in the lobby bar before we head out to dinner – I have a table booked at Mari Vanna, the best Russian restaurant in London (you all remember I am Russian, right? πŸ˜‰ ). I still need to find a dress for this occasion but I am not planning on spending much on it. I may actually dig out an old dress, but really how acceptable is it to wear an old dress to your big birthday dinner? I am not sure.

All in all, I have budgeted Β£1,000 (not including gift money) for these two birthday parties. This may seem like a lot, but I am happy to spend this money celebrating my big 30. All in cash too which makes me less anxious to spend πŸ˜‰

Anyway, enough about my birthday. Here are the numbers for January –

Debt #1

Paid off in full in December 2013!
No more credit card debt!

Debt #2
End of December Figure -Β£8,210
End of January Figure -Β£7,795

Debt Total
End of December Figure -Β£8,210
End of January Figure -Β£7,795

I have put a total of Β£525 towards my debt in January, including interest. This converts to approximately 865 USD and 960 CAD. Although this is not nearly as much as I put towards debt in November or December, I am still very happy with this amount and I am very grateful that I am able to still make an overpayment AND have not one, not two but threeΒ  birthday parties. Really, I am not allowed to complain!

In the next four weeks I have budgeted a total of Β£40/w to spend on groceries and personal care/make up items. This budget is separate from my birthday budget. I want to make sure I don’t spend more than Β£40/w so I have decided to try “envelope budgeting” (is that what we call it?). I will take Β£160 out of my bank account and divide this amount between four envelopes (Β£40 in each envelope). In one given week I will only spend money from one envelope; this is also where I will keep any change. My grocery bill should not be big in the next few weeks as I am trying a new mono-diet; I want to look my best in my birthday pictures and eating a lot in the next two-three weeks is not part of the plan! I am still exercising daily… okay-okay, I may have skipped yesterday’s workout and had a glass of champagne after work with a friend. I have to say, I loveΒ  working out. I love to see positive changes to my body and I feel oh-so-good after a great work out. I also want to try doing yoga at home (one of my goals for February).

Next week, I will be reviewing my 2014 goals. I know I have said I will write a review every 3-4 months, but there have been (and will be) some changes and I’d like to write about them.

This is it from me. I hope you all have a wonderful weekend! Please share your January debt repayment/savings progress in the comments below. πŸ˜›

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  1. Wow that’s quite the extravagant celebration of your 30th! It’s awesome that you have the cash to pay for it though, so no harm done. You still managed to put a lot toward your debt, which is great!

    My January savings goals worked out pretty much as I planned. Good luck in Feb!
    Jordann recently posted…How Being a Young Professional > StudentMy Profile

  2. Your 30th birthday celebrations sounds awesome! If there is ever a reason to spend some cash and treat yourself, it’s for the bug 3-0!
    I turned 30 in Jan 2013 and spent the weekend in Melbourne – my fav city in Oz πŸ™‚

    My starting debt in Jan was $6184.34AUD on my personal loan and finished with $5925.05AUD so fairly small difference of $259.29 , although I did make additional payments onto of my scheduled amount. My total amount of repayments was $343.00 so the extra was sucked up in interest πŸ˜‰ boo!

    Good luck with your Feb goals and have a fabulous celebration!!

  3. Happy many birthdays πŸ˜‰ Sounds like you’ve had a great time set up, and lots of celebrations.

    My month was good – I put $1315 towards debt, but after interest it only decreased by $1150 after last month. I will definitely take it as a win, but man do I want that interest gone quickly πŸ™‚
    Alicia recently posted…Financial Update – January 2014My Profile

  4. Eva, I think it’s great that you’re really having a great time for your birthday – sometimes we just gotta celebrate and spend some cash. πŸ™‚ $40 for the next four weeks for groceries – super impressive!! Do you know exactly what you will be eating? I’d love to get our grocery budget down more.
    Laurie @thefrugalfarmer recently posted…What Do You REALLY Want?My Profile

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