March 2014 Debt Repayment Update

I was really  looking forward to my payday in March. I wasn’t very impressed with my January and February debt repayment progress since my focus had shifted slightly. I was still making over payments, but in my eyes it was not nearly enough. This is the reason why I could not wait to get paid and throw as much cash on my debt as possible.

My spending in March was a bit out of control. Although I tried to keep it to the very minimum, I am a little sad to admit that I failed miserably. I didn’t spend a fortune or anything like that, but my average spend was in the region of £80 per week, and that figure does not include the money I spent on travel (I booked my flights to Croatia & Montenegro in May as well as my flights to the south of France in June). I will be watching my spending very closely in April because I am not happy with my spending at the moment. I think it is a bit excessive and it has got to stop! Once my debt has been paid off, I will be able to relax my budget a little bit but it is most certainly not  that time yet. Must. stay. focused!

I have also moved. Again. I will talk more about it in the coming posts. I have been staying in my new flat for just under a week and so far I am absolutely loving it! My new place is not as spacious but my rent has gone down significantly. By moving into my new flat, I have saved myself £2,000 a year! The best part? I am now living with my good friends too! 😛

Okay, back to my debt repayment update. Here are the figures for the month of March –

Personal Loan
End of February Figure -£7,370
End of March Figure -£6,390

In March, I put a total of £1,088.86 towards my debt, including interest. This converts to approximately 1,815 USD and 2,000 CAD. I am another step closer to debt freedom, isn’t this the best feeling ever? 😉 I can honestly say that I can finally  see the light at the end of the tunnel. Around £7.5k paid off, £6.4k left to pay off and then… it’s debt freedom and hardcore money saving!

I have saved additional £100 in my travel fund as my best friend and I are planning an Easter weekend getaway. We are not sure where we are off to yet, but we will most likely go to Edinburgh for three days/two nights. I have got some points to redeem on accommodation which will save us some money. Always a bonus!

How did you do with your debt repayment/saving goals? Please share in the comments below.

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  1. Hot damn, girl. I want to make what you are making. You are doing a fantastic job at paying off debt, even when you “overspend”. What you put towards debt is what I make a month, without side hustling. 🙁 something I’m trying to change, obviously. Keep up the good work!
    Melanie@Dear Debt recently posted…Show me the moneyMy Profile

    1. Thanks Melanie, your comments are always so supportive! I wouldn’t be able to survive in London on £1000, my rent alone cost me that much not so long ago. I’ve obviously reduced it by half since then but still. Best of luck finding a better paying job and the one that you will enjoy too! 😛
      Eva @ Girl Counting Pennies recently posted…March 2014 Debt Repayment UpdateMy Profile

  2. That’s really good progress for a month in which your spending was a little higher than normal. We had a similar March, and need to refocus in April. Frugality focus!

    1. Thanks Alicia! 😛 I moved for two reasons: 1) My friends got a great deal on this amazing house (they have redecorated it and everything is brand new) in a great location. I’ve known my friends for years and I didn’t want to miss out on the opportunity for all of us to live under the same roof. It’s fun! 2) I’m paying less in rent than I was before. I will write more soon and may even include some photos of my room and the neighbourhood, we’ll see 😉
      Eva @ Girl Counting Pennies recently posted…March 2014 Debt Repayment UpdateMy Profile

  3. Oh gosh, I love Edinburgh. It’s one of my favorite places. And those freaking underground tunnels are terrifying. Maybe one of the scariest places I’ve ever been.

    Way to pass the halfway mark with your debt! That’s always an awesome feeling. And living with friends and saving rent sounds pretty fantastic too.
    Mel @ brokeGIRLrich recently posted…Financial Lessons from the Kitchen SinkMy Profile

  4. Awesome job with your debt repayment, almost $2000 USD and that is even in a month where you overspent?! I would say that is great, especially the fact that you are aware of when you are spending more than you should be. Being able to save on your housing and moving into a better situation is a plus too.

    A few more months at that pace and you will be debt free!
    Debt Hater recently posted…March 2014 Budget ReviewMy Profile

    1. I hope to be debt free by December 2014! Thanks for the encouragement! 😛

      Well, to some people a spend of ~£80/week may not seem like a lot, but I consider it excessive for one person. I also purchased two sets of flights with the total just under £200, so yes, it was another expensive month for me. I am planning to have a financial detox in April! 😛
      Eva @ Girl Counting Pennies recently posted…March 2014 Debt Repayment UpdateMy Profile

  5. You may have overspent, but I’m seriously jealous of all your traveling. But in any case, hope you can reel in your spending a bit. I can’t keep track of where you live anymore. lol! How many people do you live with?

  6. Hello there, new reader here and I’d like to say well done you for choosing to tackle your debts now in your 20s! Unlike you, I left things late (had no focus and too distracted in my 20s!) as I was still in debt (credit cards) in my early 30s and didn’t become free of these debts until my mid-30s. Been pretty much debt-free since then, not including mortgage or car loan that is, but there’s a plan to pay those off! Good luck!

    1. Thank you for stopping by, Weenie! It’s always great to hear from my new readers! I started tackling my debt last year when I was 29, I turned 30 not so long ago. I’m planning to get out of debt before I turn 31, so my early 30-ies will be debt free indeed, I can only imagine what debt freedom feels like! I can’t wait to find out though 😉 Good luck with your mortgage and car loan pay off plans!
      Eva @ Girl Counting Pennies recently posted…March 2014 Debt Repayment UpdateMy Profile

  7. I am so jealous! You make great debt repayments and still have money left over to go on awesome trips! And good idea moving in with friends, saving 2K in a year will help a lot. In Canada even travelling within Canada is ridiculously expensive so getting to travel around Europe is amazing. Enjoy and congrats! 🙂
    Morgaine recently posted…Monthly Goals Review – March 2014My Profile

    1. Saving £2k a year will definitely help. Plus I hate being tied up in contract (it’s common here to keep renewing rental contracts every 6 months or so, which means you are tied up in a contract all the time) and here I don’t have any since I live with friends. So I can pretty much leave when I want without any financial repercussions.

      It’s a shame travelling in Canada is so expensive. It’s very easy to travel within Europe. We’ve got some low cost airlines (EasyJet, Ryanair, etc) with a hub in London that fly everywhere (and I mean *everywhere*) within Europe, north Africa (Morocco, for example) and Middle East. It’s cheap as chips if you book in advance which is what I normally do, and I barely ever pay over £100 for a return flight.
      Eva @ Girl Counting Pennies recently posted…March 2014 Debt Repayment UpdateMy Profile

  8. Hey Eva! Nice work on your repayments for March! Don’t beat yourself up too much for overspending, you still smashed out some great repayments 🙂 your trips sound fab!! How exciting 🙂
    It’s really lovely of you to treat your mum too – I’d love to take my mum on a trip – one day! In the meantime I treat her by taking her to breakfast and coffees etc:)

    I can finally see the light at the end of the tunnel as well, and it is so exciting. I really can’t wait ti start putting the debt money towards TRAVEL SAVINGS!! Wahoo!!

    Great job on reducing your rent too…you’ve got to do what it takes huh…I’ve started walking home from work each day (about 4kms) to save on transport costs…in these last stages, every little bit counts! Good luck for April! 🙂
    Elesha recently posted…March – A glance at savings and debtMy Profile

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