November 2013 Debt Repayment Update

Happy Friday, friends!

It’s feels like I have been away forever. I have been apartment hunting and last Thursday I finally found a place to live. There have been some major issues with the flat I moved into and I have been really stressing out about it, but I can finally say that things have calmed down a bit. Since I am no longer staying at my sister’s place, naturally my rent has gone up. I am pleased to say though that it does not exceed 33% of my take home pay which is what I was aiming for!

In the meantime, I thought I would post a debt repayment update. I could not miss it! You all know how excited I get towards the end of the month when I get paid and can make yet another payment towards my debt.

November has been a great month for me! I have been paid commission this month on top of my usual pay and because of this I have been able to throw quite a bit towards my debt which makes me really happy! Let’s look at the numbers –

Debt #1
End of October Figure -£1,885
End of November Figure -£600

Debt #2
End of October Figure -£8,730
End of November Figure -£8,600

Debt Total
End of October Figure-£10,615
End of November Figure -£9,200

In November, I have put a total of £1,528 towards my debt including interest – my highest debt repayment ever! This converts to approximately 2500 USD and 2650 CAD. My remaining debt is now reduced to £9,200 from £13,831 not so long ago! I am a happy girl today! 😉

I have not put anything into my savings account this month as I wanted to pay off as much of my debt as possible. The reason for this is that I will not be able to throw a lot of extra cash towards my debt in December and January. Naturally, I will make the scheduled payment but that could be it. My only hope is commission which means extra cash towards debt. Fingers crossed! Where will my money go in the next two months? To my New York and South America fund, and since I have not been properly saving for it, I now need to save just over £1000 in the next two months. Unfortunately, this will impact my debt repayment, but that’s okay, I knew this was coming.

My goal is to reduce my overall debt from £9200 to £8500 in the next two months while saving for my forthcoming trip and hopefully, I will make this happen. I will then go back to paying down my debt with full force in the month of February. If I am to meet my dream goal of achieving debt freedom on 31 December 2014 (a girl can dream, right? ;)), I will then have exactly 10 months to clear my remaining debt. This is quite a challenge, eh?

Okay, let’s not get ahead of ourselves and just be happy with what we have achieved so far 😛 I, for one, am very happy and extremely grateful to have been able to pay off such a big chunk of my debt in November. My day to day spending has been a bit out of control lately as I barely cook at home these days (due to flat hunting, moving my stuff into a new flat, etc). This in turn means that I don’t pack my lunch to work and buy it instead and eat out in the evenings more often than usual. My goal for this weekend is to get organised, unpack, do my usual Sunday grocery shop and start cooking at home and keep saving as much money as I can!

I hope you guys are doing great and I cannot wait to read your debt repayment updates too and catch up on your blogs! I am so sorry I have not been around lately but this will change next week. I still don’t have internet in my new flat but it should be installed next week. I can’t wait!

How has your November been? Are you getting excited about Christmas? I hope you have a great weekend! 😛

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30 Comments

  1. Whoa when did all this apt stuff happen? So you are living by yourself again? I thought you and your sis were looking for a place together. Anyway, I’m sure you’ll fill us in. Meanwhile, congrats on paying off such a huge chunk of your debt!

    1. Ah Tonya, it was a nightmare. At one point I didn’t know what to do, but luckily these issues have now been resolved. My sister has moved to Asia, she is in Cambodia at the moment. Long story 😉 I am on my own, yes. I will fill you in soon, just getting my internet broadband sorted. Thanks Tonya, I hope you’re doing great!! I need to catch up on all my favourite blogs! 🙂
      Eva @ Girl Counting Pennies recently posted…November 2013 Debt Repayment UpdateMy Profile

  2. Sorry to hear there were some early issues with the new flat but glad that everything has smooth over. Congrats on putting such a huge amount towards debt repayment this month Eva! That must feel awesome. At the rate you are going I have no doubt you will get rid of your debt by end of 2014, even with all your travels. 😉
    Girl Meets Debt recently posted…Debt Confessions: Katy’s StoryMy Profile

    1. Thanks so much, Wendy! Your support and encouragement mean so much to me! I am so glad the flat issues have been resolved too, I was really stressing out about them. I hope you’re doing great, I can’t wait to catch up on your blog! I miss reading it but things have been so hectic, I’m just so happy things are more or less back to normal now 😛
      Eva @ Girl Counting Pennies recently posted…November 2013 Debt Repayment UpdateMy Profile

  3. Eva, have a great time on your upcoming trip! I also struggle with the dilemma of paying for travel, and how it cannibalizes other financial goals. The best you can do is just say it’s worth it to see other places, and try to find other ways to cut costs. 🙂
    Done by Forty recently posted…November Net Worth UpdateMy Profile

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