Monday, 2 June 2008

The Ugly Truth – Day 276

The Ugly Truth

  • Personal Loan: -$22,750
  • Credit Card 1: -$7,000
  • Credit Card 2: -$9134
  • Credit Card 3: -$5,970
  • Credit Card 4: -$11,351
  • Credit Card 5: (paid in full)
  • Credit Card 6: -$3,860
  • Credit Card 7: (paid in full)
  • Emergency Fund: +$1,508
  • Goal Fund: +$351
  • Car Fund (Maintenance & Registration): +$126

Total: -$58,080
Debt reduced from last month: +721
Debt reduced from Sep 2007: -$1,308

May was an expensive month.

I had car registration, pink slip and green slip to pay, which came to just under $1000 – that included the two new front tyres required to get my pink slip, which wiped out my Car Fund and then some. I’m determined to prepare better for these expenses for next year so I’m adding $125 to the car fund each month to cover those expenses next year, plus servicing and my NRMA membership as required. I just want to have the cash on hand as the expenses come in throughout the year.

I've also added a Goal Fund to have money to buy those bigger ticket items as they come in, I really need a new bed for example, so that has to be saved up for, not charged to a card.

Still knocked a smidge over $700 off the total of my debts though, the seemingly ever increasing interest rates on my cards are killing me! Looks like my prediction of being back under my original debt of $56,772 by June was accurate though.

Roll on payday.

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13 comments:

  1. Great going! I love reaching those little goals - it makes you more determined to reach the bigger goals! Yay for you!

    Cars are so expensive!

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  2. @ugly debty - thanks! I'm hoping June will be a very productive month, I get my annual bonus on the 13th and I had a really good review this year. Here's hoping it's enough to make a serious dent!

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  3. Congrats on the small gain. Something is better than nothing. I noticed you don't have a mortgage to worry about. Just wait until you get one of those!!!

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  4. Hey there!

    Good job on the small gain on your debt. Keep up the good work. Soon enough my friend, soon enough.

    tony

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  5. Wow, you are doing well. I'm cheering you on all the way from England.

    Can I add you to my blogroll?

    YES the cupcakes were YUM!!!

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  6. Could be worse you know... at least now your actually doing something about it.

    HS

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  7. your doing great! good idea about the car and goal fund. are you paying them off in order of interest rates or lowest balances?

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  8. Hi, I think you are doing great. Just keep it up. It's all about the little steps you make to reduce your debts.

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  9. I'm impressed...$700 is quite a dent in just a month and with car registration. YEAH YOU!!

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  10. Love the name of your Blog! Also, listing all of your debts reminds you to be accountable.... good going on knocking some of it down. Good luck!

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  11. Track your expenses using the Money Tracker at my blog http://foongpc.blogspot.com/2008/06/whats-your-junk-crap.html

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  12. Just to let you know, I have written a review of your blog here:
    http://jeflin.net/2008/06/07/top-entrecard-droppers-1/

    Cheers!

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  13. All I have to say is keep it up. I just found your blog and I will look forward to reading about your progress. Being debt free is definitely a personal choice and takes a lot of determination and self control. Good luck.

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