June 2014 Debt Repayment Update

Has it really been nearly a month since I last posted on the blog? I cannot believe it has been that long! July has so far been an extremely busy month for me, both at work and in my personal life. Work has been non-stop. My weekends were quite busy too. I got to go to Brussels for work and Paris with some friends of mine. Both trips were awesome and I am a little sad I won’t be going anywhere any time soon.

I still  have not posted my end of June debt repayment update but since it is almost August, I did not want to delay it any longer. Let me start by saying that although my priorities have not changed and debt repayment is still my number one priority, I managed to get a little distracted (which is pretty natural I guess as I have been on this mission for quite a while now) and spend some of my spare cash on things that I wanted. I know, I know… but it happens and I am okay with this. Naturally, this has impacted my debt repayments but I am happy my debt is decreasing… slowly but surely! 😉

Let’s look at the numbers for June –

Personal Loan
End of May Figure -£5,570
End of June Figure -£4,975

My goal was to get under £5k in June and I am so happy I did (just  about but still)! I put £697.00 towards my debt in June, including interest. This converts to approximately 1190 USD and 1275 CAD.

Although I am overly happy to be under just under £5k in debt (I was £14k in debt one year ago!), I am a little sad I will not be able to make another payment at the end of July. The reason for this is that I am taking two unpaid weeks off work to visit my sister and her newborn baby (yes, I am an auntie now! 😛 ). I will not be paid in full at the end of August and I have decided to save any extra cash from my July salary just in case. Once I get paid at the end of August (I am yet to find out how much I will get), I will then decide how much I can afford to throw towards my debt. My aim is to reach £4,5k mark by the end of August. This is not a huge decrease in two months but I knew this was coming when I agreed to have two unpaid weeks and visit my sister and my niece. Family comes first!

I will then have four months to pay off £4,500 if I want to be debt free by 31 December 2014. Plus interest. I am not giving up by any means but it is going to be challenging. Time will tell. My focus is 100% on debt repayment (this means no more trips until 2015) and I am excited to see what the future holds.

I am also hoping to get back to blogging (to me this means posting at least once a week) and catch up on all your blogs too. I try to keep up with my favourite blogs but I’d also like to start commenting again and being more involved. Since I won’t be going out or travelling much until I am debt free, this seems like a great way to spend some of my evenings! 😛

See you around! 😉

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13 Comments

  1. Ditto Nicola – that’s an amazing achievement! To come so far from the £14k a year ago is fantastic. Would love to hear your tactics for the remaining £4,500, will you be trying something different for the next few months?
    Nats recently posted…How to get out of debtMy Profile

    1. Thank you for leaving a comment, Nats! I don’t have any new tactics for the remaining £4,5k really and I will just keep doing what I’ve been doing all along: keep watching my spending, stop traveling until 2015 and stop going out as much as I do these days. Hopefully, this will have a positive effect on my debt repayment and I will be debt free by the beginning of 2015. That would be so amazing! 😛
      Eva @ Girl Counting Pennies recently posted…June 2014 Debt Repayment UpdateMy Profile

  2. Glad to see an update from you. Ok, so you may have barely made your goal, but you made it. That’s a win in my book! Good luck on being debt free by the end of the year!

    1. Thank you for your comment, Daniel! I’m not posting as much as I used but you will keep seeing occasional updates every now and again 😛 Thanks for your support, it means a lot! I don’t think I would have been able to pay off as much of my debt as I did had it not been for the amazing PF community and constant support!
      Eva @ Girl Counting Pennies recently posted…June 2014 Debt Repayment UpdateMy Profile

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