Week 13 – Expense and Debt Update

Here are my week 13 stats:

Total Income 

  •  $1595.00

Spending / Expenses:

(Amounts in italics are included in my regular monthly expense budget as listed in this previous post)

  • Monday: $4.50 coffee, $20.00 groceries
  • Tuesday: $10.00 travel, $3.90 coffee
  •  Wednesday: $2.50 coffee, $100.00 travel, $12.00 wine, $700 debt repayment to Credit Card #2, $140 board, $100.00 travel
  • Thursday: $3.90 coffee, $66.00 makeup /clothes /shoes, $2.20 sushi, $76.00 moisturiser
  • Friday:   $29.00 dinner, $10 stationery, $10.00 lunch
  • Saturday: $16.95 video rental + chocolate (includes late fee from last rental!)
  • Sunday: $0.00

Total Expenses / spend: $1304.75

Week 13 Summary

Income $1595.00 + bank balance $203.53  – expenses $1304.75

$493.78   in bank account

Week 13 debt status

Credit card #1 – $0.00!!!! (Goal to pay off in total by 2nd May 2013COMPLETED ON TIME!!!!!!!!!!)

Credit card #2 – $3618.05   (Goal to pay off in total by 8th August 2013)

Personal loan – $7,145.80  (Goal to pay off in total by 31st October 2013)

Total Debt : $10,763.85

Initial Debt: $14, 744.12

Debt reduced by week 13:  $3980.27

3 thoughts on “Week 13 – Expense and Debt Update

  1. How do you decide which card to pay off first? Smallest balance for fewer monthly bills, or largest debt and then bring all cards down equally as they tie for largest debt? Lots of potential strategies…

    • Hello! I paid off the smallest debt first and largest last. I didn’t base it on interest because I am aiming to clear all 3 debts in 8 months. If I was looking at a longer time frame, I might have based it on interest, but over 8 months, its much of a much-ness 🙂 Knocking out the smallest debt first gave me a good ‘winning’ feeling and the motivation to keep going!

      • Cool, yea my goal is to change my way of life. To live below my means continuously. More immediately it’s to save up $1,600 for the move to Seattle (this will pay bills and such for about 3 months or so, until I can find employment. After I set aside that much in a separate checking account I’ll be ready to throw paychecks at my debt.

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