Category Archives: Weekly Debt Stats

Week 26 – Spend and expense update

So, FINALLY got rid of credit card #2 last week. This means I can no longer rely on my credit card for back up cash to make purchases. At the start of this blog, I questioned whether or not I should have an emergency fund saved before I started paying off debt. I opted not to, and got right into the debt repayment – and had been using my 2nd credit card (in July particularly)  to cover any extra expenses. Obviously this was not ideal and it did see a few steps forward and quite a few steps back in debt smashing over a 6 week period.

Now I do not want to put a cent on my credit card. I still have 1 remaining card active (with zero balance) as I need to have it for work expenses when I travel. The other card I have closed off.

I have very little in the bank account at the moment to act as any buffer. So my plan is to put some coin into my savings to ensure that I will not touch that card for expenses. It means however, holding off on big payments towards the loan for maybe the next 2 pay dates. But I think it will be worth it.

Next pay date I need to pay $290 towards accommodation on a girls weekend away in November, and also  $385.00 for flights for a trip to New Zealand in February 2014. The trip to NZ was not something that was on my radar but the opportunity to go came up recently and I’m really excited about it and by Feb next year will be certainly looking forward to a trip!

They are 2 fairly big payments I need to make from my next pay, so I figure I will also put some towards a buffer in my savings account. I’m calling it a buffer fund, rather than an emergeny fund as I’m not planning on saving enough for an emergeny fund in the true sense of the word in the world of debt repayments. Its just $400 – $500 to act as a buffer between me and my credit card. I know for a proper emergeny fund, people save thousands or 3 months expenses etc.

So basically, it means my debt smashing will likely be rather uneventful over the next few posts. However, I will still contribute to my loan repayments even if only in small amounts.

Right, so here are my week 26 stats

Monday: $3.50 coffee, $6.50 health and beauty purchase

Tuesday: $3.50 coffee, $23.60 groceries, $29.00 loan insurance, $178 loan repayment

Wednesday: $8.40 coffee

Thursday: $3.90 coffee, $30 ON TRAVEL CARD

Friday: $20 on travel card

Saturday: $40.50 drinks, $35.00 dinner

Sunday: $4.90 coffee, $12,95 paint and paint brush, $2.90 health / beauty purchase

Total spending: $402.62

Debt summary

Credit card #1 – $0.00

Credit card #2 – $0.00 – WOO HOOOOOOO!!!!!

Personal loan: $6808.64

Total debt remaining: $6808.64

Total starting debt: $14,744.12

Debt reduced by week 25: $7,935.48

Week 23 – Debt & Expense Update (credit card #2 under $1000!)

Woo hoo!

Credit card #2 is under $1000! Only JUST. But I’m taking it as a win! When I started this blog that card was maxed at $5k.

This week I did have a HUGE expense – I paid to have my household items currently stored interstate to be delivered to my parents home. It cost $1870 for the delivery and $140 for the remaining storage for September. While this was a big outlay, it means I will no longer be paying $180 per month like I have for the past almost 2 years.

Now my committed expenses are as follows:

$280  per month – rent

$360 per month – travel

$178 per month –  loan

$25 per month –  internet

$30 per month – phone

$44 per month – gym

$29 per month – loan insurance

 

My expenses this week looked like this:

Monday: $25.00 groceries, $3.90 coffee

Tuesday: $3.10 personal care, $100 concert ticket, $40.00 put on travel card

Wednesday: $8.95 earrings, $3.95 snack, $4.00 groceries

Thursday: $12.00 personal care, $18.00 drinks, $100 put on travel card, $23.90 gym fees, $2010.00 storage and removal fee

Friday: $3.90 coffee

Saturday: $30 drinks, $40 sports nutrition bars, $22 dinner

Sunday – $12.00 second hand book, $8.00 coffee

Total spend for Week 23: $2, 468.70

Debt summary

Credit card #1 – $0.00

Credit card #2 – $932.00

Personal loan: $6893.69

Total debt remaining: $7825.69

Total starting debt: $14,744.12

Debt reduced by week 23: $6,918.43

 

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Week 21- Debt stats update

Happy Sunday guys!

Here are my debt stats for the week:

Spending summary

Monday: $4.20 coffee, $45 groceries, $50 groceries,

Tuesday: $8.90 coffee, $11.70 groceries + haircare,

Wednesday: $4.90 coffee, $4.95 breakfast, $97.00 flowers for a gift, $23.90 gym fees, $29.00 loan insurance, $80 travel, $140 board

Thursday: $8.00 postage + packaging,

 Friday: $5.00 coffee, $12.95 postage, $20 groceries, $25 bottle of wine, $22.00 drinks

Saturday: $7.00 coffees, $30.00 dinner and drinks

Sunday :$20 groceries, $6.00 groceries, $7.00 coffees

Total $662.50

Debt summary

Credit card #1 – $0.00

Credit card #2 – $1344.88

Personal loan: $6893.69

Total debt remaining: $8,238.57

Total starting debt: $14,744.12

Debt reduced by week 21: $6,505.55

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Week 18 – Run your own Debt Race

I am running my own debt race. The last few months I have realised that the pace that I set can change from time to time, but as long as I am moving forward, I will cross the finish line. It may be later than I planned, but I will finish regardless.

In an earlier post, I compared paying off significant debt to running a marathon. I actually ran my first marathon at the start of June, and let me tell you, now I know what it feels like to run a marathon, the analogy could not be more true!

Where have I been these last few months? Ive been here, plugging away at debt, but Ive relaxed my grip on the expectations I placed on myself to meet my targets every week, and every month. If I didn’t relax, I would have given up all together.

I came out at the start of this debt breakup totally focused on clearing this debt in 8 months. I stood at the starting line of the marathon, believing I could finish by 4 hours and 40 mins. I had this time set in my head, just like I had an 8 month deadline to be debt free.

And they both started so well. But like many marathon rookies – EVEN THOUGH I KNEW THIS – I ran to fast at the start. I was excited to be there, all that training, and I just wanted to run.

When I paid my first debt repayment in February, I was champing at the bit to get this thing rolling, budgeting my way to what appears now, to be a fairly unrealistic timeframe.

And don’t we always start with a bang on any new endeavour. But where does the hard work come in? Not at the start when it’s all new and fresh and ‘Yeh baby, I can DO this!!” *high fives self*

The hard part comes in when you are in the thick of it, on the longest stretch, where it just seems there is no fcking end in sight. During the marathon, that was the 26km – 35km stretch. I’d lost sight of the 4 hour 30 min pacer – he smashed past me about 22kms. I knew then, that I wasn’t going to finish in the time I wanted. Although I felt no different physically, mentally, that realisation almost shut me down. I wanted to give up. I just told myself to let it go – run your own race.  I slowed down at that point, if I didn’t, I would have burnt out at the pace I was running and wouldn’t have been able to finish. Mid race, I adjusted my mental expectations, set a new pace and kept going.

Run your own race.

I am at that same stage with debt. I’m deep into the second card repayments – and it’s once step forward, 2 steps back. I wasn’t where I had planned to be at this stage and it was doing my head in.I wanted to give up and say fck it, everyone is in debt – why bother? Then head to the nearest mall and drop 1k on a new wardrobe 😉

But instead, I have just adjusted my expectations of myself and what I can afford to pay off, and what I do want to spend my money on. I don’t want to miss out on living my life. I don’t want to not buy a coffee everyday – yes peoples, you will hear no more griping about coffee on this blog. Ive come to peace with the fact that coffee is my little burst of morning happiness, and for $3.90 a day – I’m buying that happiness 😉

I finished the marathon in 4 hours 56mins. Longer than I expected. But I FINISHED.

I will break up with all my debt. It will take longer than I thought. But I will FINISH.

Don’t give up. Change your pace if you need to. And keep moving forward.

So peeps, here is my debt summary at 18 weeks:

Credit card #1: 0.00

Credit cards #2: $2140.00

Personal loan: $6977.00

Total debt: $9117.00

Total starting debt: $14,744.12

Debt reduced by week 18: $5627.12

Ps – I cracked the under $10,000 mark and didn’t even realise until I did the sums just now!

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Week 12 – Expense and Debt Update

This week, I set myself a $15.00 limit on coffees. Pleased to say that I did stick within that limit – exactly $15 – and it reduced the inner angst of coffee purchasing! (I found a cafe  that does ‘happy hour’ coffee for $2.50 between 10 -11am )

Here are my week 12 stats:

Total Income 

  •  $0.00 (this was not my pay week)

Spending / Expenses:

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

  • Monday: $8.20 card and postage
  • Tuesday: $15.00 vitamins, $38.85  facewash, $4.30 coffee, $6.95 moisturiser, $2.00 chocolate, $30.00 phone recharge credit
  •  Wednesday: $3.30 coffee, $29.00 loan insurance
  • Thursday: $2.50 coffee, $8.95 takeaway dinner
  • Friday:  $50.00 travel, $4.90 coffee, $4.20 celebrity magazine (these mags are SUCH a waste of money. I really need to stop!)
  • Saturday: $20.50 breakfast for me and mum, $31.57 face cream, shampoo and conditioner
  • Sunday: $178.00 loan repayment

Total Expenses / spend: $438.22

Week 12 Summary

Income $0.00 + bank balance $640.75  – expenses $438.22

$202.53   in bank account

Week 12 debt status

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

Credit card #2 – $4318.05   (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 : $11,463.85

Initial Debt: $14, 744.12

Debt reduced by week 12:  $ 3280.27

86 days has past since I started my Debt Smashing Mission – on average, I’m paying off $38.14 of debt per day. That doesn’t really seem like much, considering I earn $159.50 per day? It certainly FEELS like Im paying more than that for all the effort ha. Interesting…

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Week 11 – Expense and Debt update

Week 11!  Wow, can’t believe ‘been capturing and posting all my expenses for almost 3 months. I must say this blog has been a highly useful tool when it comes to keeping oneself accountable.

So a few points about my expenses this week. Yes, I won $105.00 from playing the pokies. NO I am not a gambler and I hardly EVER put money in the pokies as it is such a waste. However, I had a few drinks with just my youngest brother on Friday eve, which was nice but he does like to play the pokies, so I put some money in too, and, surprisingly, won. Anyhoos debt busting friends, that was a rarity and I certainly do not endorse gambling as a viable way to ‘earn’ money!

Secondly, I also spent quite a bit on vitamins and protein drinks this week. I am closing in on the last 1.5 months of training for the marathon and must ensure, at whatever cost, my body is healthy and receiving all the stuff it needs to stay energized and complete the training required so I can run my best race on the day.

Lastly, I will be following the advice of my fellow blogger Healthful Saver and giving myself $15 per week for coffees, which equates roughly to 3 coffees. Ive had my 3 for this week 😉  Im sick of fighting myself for something that I do really enjoy – if you haven’t noticed that already! – so a coffee  ‘pocket money’ allowance has been given.

oh – and this week I paid off my first ‘over and above the minimum repayment’ for my 2nd credit card. Felt great to whack that balance with a nice big $500 😉

So here are my week 11 stats:

Total Income 

  •  $1595.00 + $105.00 won

Spending / Expenses:

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

  • Monday: $10.00 travel
  • Tuesday: $40.00 travel, $4.90 coffee, $20.00 groceries
  •  Wednesday: $2.00 sausage roll, $240.00 board / electricity, $80.00 donation, $500 debt repayment to credit card 2, $120.00 entry fee for marathon, $190.00 flights
  • Thursday: $4.20 coffee, $15.00 notepads, $100.00 travel
  • Friday:  $3.90 coffee, $5.95 maccas, $20.00 pokies, $45.00 drinks
  • Saturday: $4.00 coffee, $51.65 vitamins / protein drinks
  • Sunday: $0.00

Total Expenses / spend: $1456.60

Week 11 Summary

Income $1595.00 + bank balance $397.35 + won $105.00 = $2097.35 – expenses $1456.60

$640.75   in bank account

Week 11 debt status

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

Credit card #2 – $4318.05   (Goal to pay off in total by 8th August 2013)

Personal loan – $7,229.72 (Goal to pay off in total by 31st October 2013)

Total Debt : $11,547.77

Initial Debt: $14, 744.12

Debt reduced by week 11:  $ 3,196.35

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Week 10 – Expense and Debt update

Pretty boring week in terms of Debt Busting. No change to debt stats since last week. I get paid on Wednesday and plan to whack Credit Card #2 with a big fat $500 repayment! That will be my first big repayment from that card. Looking forward to it *rubs hands together with glee*

 

Total Income 

  •  $0.00

Spending / Expenses:

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

  • Monday: $29.30 vitamins / protein shakes, $30.00 phone
  • Tuesday: $0.00
  •  Wednesday: $4.90 coffee, $5.95 card
  • Thursday: $0.00
  • Friday:  $4.20 coffee, $2.00 burger, $10.00 travel
  • Saturday: $25.00 gift, $52.50 groceries for mothers day BBQ
  • Sunday: $0.00

Total Expenses / spend: $163.85

 

Week 10 Summary

Income $0.00 + bank balance $561.20  = $561.20  – expenses $163.85

$397.35   in bank account

 

Week 10 debt status

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

Credit card #2 – $4818.05  – includes interest charged for April $82.65 (Goal to pay off in total by 8th August 2013)

Personal loan – $7,229.72 (Goal to pay off in total by 31st October 2013)

Total Debt : $12,047.77

Initial Debt: $14, 744.12

Debt reduced by week 10:  $ 2696.35 (no change from week 9)

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Week 9 – Expense and Debt Update

The exciting thing about this week was paying off my first Credit Card! I feel much more motivated than I did this time last week 🙂

Given that my next credit card is almost 5k, I think my next milestone will be paying debt down to get under 10k.

Here are my week 9 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: $2.00
  • Tuesday: $35.00 travel
  •  Wednesday: $35.00 deposit for festival accom, $300.00  debt payment on Credit Card #1, $140.00 board, $186.25 electricity, $183.00 storage
  • Thursday: $100.00 travel, $25.00 internet
  • Friday:  $3.50 soap, $5.00 coffee, $3.95 lunch, $12.95 movie rental
  • Saturday: $7.00 coffee (me and dad)
  • Sunday: $55.00 buffet breakfast for me, mum and dad (to say thank you for driving me to the airport so much in the last month!

Total Expenses / spend: $1093.67

Week 9 Summary

Income $1595.00 + bank balance $59.87  = $1654.87  – expenses $1093.67

$561.20  in bank account

Week 9 debt status

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

Credit card #2 – $4818.05  – includes interest charged for April $82.65 (Goal to pay off in total by 8th August 2013)

Personal loan – $7,229.72 (Goal to pay off in total by 31st October 2013)

Total Debt : $12,047.77

Initial Debt: $14, 744.12

Debt reduced by week 9:  $ 2696.35

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Week 7 – Spend and Debt Update

Another interstate trip this weekend for a good friend’s Hens Night 🙂 As I write this update I am extremely fuzzy headed and hungover from waaaaaaay to many cocktails last night. My liver is taking an absolute beating in April with all these events!

Here are my stats for the week – Im quite excited to say that next pay date I will be able to smash the balance on Credit Card 1 – HECK YESSSSSSSSSSS!!!!

Total Income 

  •  $1595.00

Spending / Expenses:

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

  • Monday: $0.00
  • Tuesday: $47.50 drinks
  •  Wednesday: $4.50 coffee, $3.70  lunch
  • Thursday: $460.00 debt repayment to credit card 1
  • Friday:  $4.30 coffee, $19.00 gift, $140 board
  • Saturday: $10 breakfast at airport, $10.80 lunch, $2 travel, $17.00 airport shuttle, $50.00 ‘Hen’s night’ payment.
  • Sunday: $33.00 cab to airport, $11.20 breakfast, $10.90 lunch

Total Expenses / spend: $823.90

Week 7  Summary

Income $1595 +  $9.37 = 1604.37 – expenses $823.90 = $780.47

Week 7  debt status

Credit card #1 – $299.00

Credit card #2 – $4615.45

Personal loan – $7309.87

Total Debt : $12, 224.32

Initial Debt: $14, 744.12

Debt reduced by week 7:  $ 2519.68

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Week 6 – Spend and Debt update (I increased my debt ..nooooooo!!)

I’m late on my weekly update – it was a big weekend interstate! I had a great time with friends I hadn’t seen in awhile and celebrating the engagement of 2 very dear friends of mine.

Debt busting wise, it wasn’t such a great week. For the first time since starting my Debt Breakup, I have had to use my credit card. But I have said before that April for me is a huge month (3 trips interstate) so although it is disappointing to have added too, and not reduced, my debt this week, its not surprising.

The main reason I did ‘no spend week’ in week 5 was to keep some coin in my account for the week just gone. So I figure if I hadn’t put in the hard ‘no spending’ yards in week 5, I’d had to have put even more on my credit card – so that is one good thing.

Total Income 

  •  $0.00

Spending / Expenses:

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

  • Monday: $0.00
  • Tuesday: $4.40 coffee, $7.10 health and beauty items
  • Wednesday: $91.00 gift ($70 put on credit card), $10 gift cards
  • Thursday: $0.00
  • Friday: , $2.00 donation, $4.30 coffee
  • Saturday: $35.00 taxi (put on Credit card) $4.40 coffee, $15.90 train travel (put on Credit card), $9.00 coffees, $5.00 travel, $30 lunch, $20 taxi, $66.60 taxi
  • Sunday: $32 (put on credit card) $4.95 magazine, $10.oo dinner, $7.50 snacks (put on credit card), $15.90 travel

Total Expenses / spend: $375.05 + credit card interest $16.00 =$391.05

Week 6  Summary

Income $0 +   $208.35 (bank balance at start of the week) – expenses $375.05 = $9.37 in bank  account (not all my expenses were paid with cash, hence still a small balance in my account)

Week 6 debt status

Credit card #1 – $759.00

Credit card #2 – $4615.45

Personal loan – $7309.87

Total Debt : $12, 684.32

Initial Debt: $14, 744.12

Debt reduced by week 6:  $ 2059.80

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