Tuesday, 4 March 2008

The Ugly Truth – Day 186

The Ugly Truth

  • Personal Loan - $23910
  • Credit Card 1 - $7444
  • Credit Card 2 - $7333
  • Credit Card 3 - $6288
  • Credit Card 4 - $11382
  • Credit Card 5 - (paid in full)
  • Credit Card 6 - $4148
  • Credit Card 7 – paid in full!
  • Emergency Fund - $501

Total = $60,004
Debt reduced from last month = $1832
Debt reduced from Sep 2007 = $3232

I can’t believe I've been at this for 6 months now. It’s gone so quickly, but I've also learnt so much.

February turned out much better than the last two months, as I've settled into a routine at my new place, work got busy (but fun and challenging) and some money rolled in!

I got a nice stack of dividend cheques, which helped right at the end of February, plus I also finally got my bond money back from my old place, which will cover upcoming car expenses over the next few months.

The best news is I paid off Credit Card number 7 last month. Other than that, it doesn't feel like I've made any progress when I look at the numbers; as I’m still over $3000 worse off than when I started! Erk.

I can’t believe I was only $5 dollars off dropping back below $60,000. I know I could have just paid the extra $5 before I posted this and made a big deal of the drop, but if I can’t be honest with myself, I’m not changing any habits. It's also a really easy win for March!

I feel really different about my money now, and I'm very aware of how conscious I am about my spending and debt reducing habits these days. I think it bodes well for the future, my future in particular.

That has to count for something doesn't it?

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  1. Congratulations on paying off that CC!!

  2. nice work! can't wait till I am writing 'paid off' next to my cc debts.

  3. Thanks canadian saver & louise, it was a great feeling to get another debt off that list. These next ones are going to take a lot longer though as balances are more substantial. At least the snowball is too that's going against them.

  4. Great work!

    Paying off debt is all about mind set and yours is set right! so even though the next debts on the list are bigger you will pay them off. :)

  5. thanks no more spending, I think I'm finally getting my head around all of this & working a plan that suits my goals and needs.

  6. I dont understand how you say you reduced your debt. your beginning debt was $56,000 right? and now you owe $60K so you owe more? am I wrong?missing something?

  7. Hi Chicky & welcome. It's a bit confusing as I started out with $56+K in September 2007, but then incurred a large amount of new debt when I had to move house and had some car stuff at the end of the year.

    That why I list my debt change from the previous month and also from the beginning of the blog as two seperate numbers.