Friday, 1 August 2008

The Ugly Truth – Day 336

The Ugly Truth


  • Personal Loan: -$21,173
  • Credit Card 1: -$6,704
  • Credit Card 2: -$8,482
  • Credit Card 3: -$5,466
  • Credit Card 4: -$11,197
  • Credit Card 5: (paid in full)
  • Credit Card 6: (paid in full) - Hurrah!
  • Credit Card 7: (paid in full)


  • Emergency Fund: +$2,012
  • Car Fund (Maintenance & Registration): +$1
  • Short Term Goal Fund: +$1,006 (Current goal is new bedroom furniture)
  • Home Deposit Fund ($60,000 Goal): +$1,000
  • UK Tour Fund ($10,000 Goal): +$500

Total: -$53,022 – nearly under $52K!
Debt reduced from last month: +$1,412
Debt reduced from Sep 2007: +$3,750

Not a bad month all up, a smidge over $1400 of my debt reduced. Had a few expenses here and there, including getting my car serviced, nothing major to speak of though.

Paid off credit card number 6, which was a great feeling. That meant the UK Tour Fund didn't see any love this month though, maybe next month I’ll be able to add something.

My pay increase kicked in; as did the tax cuts we were given as part of the last Federal budget, so that’s made a nice change to my take home pay.

A couple of my credit cards increased their interest rates yet again, in fact Card Number 3 jumped 2% in one go! Lucky that’s my focus card now, and I’m still confident I’ll be able to have it paid off entirely by December 31.

That means I’ll hit 4 out of 5 of the 2008 financial goals I’d set myself, which I’m more than OK with.

Roll on payday.

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  1. Anonymous1/8/08 20:29

    Good on you.

  2. I love that you are getting yourself out of debt and yet have the security of an emergency fund and are saving for all sorts of other reasons too. You are doing a fantastic job and continue to inspire me :)

  3. Great job! You are on your way!

  4. that emergency fund is looking good and I like the idea of different accounts for specific goals. You are making great progress!

  5. Actually your ugly truth looks pretty good. I've been following along as I do my e-card drops and you have been doing well paying down your debt!

  6. I understand your need for an emergency fund, but since I imagine that your credit card interest rate is higher that savings interest rate, why not use a credit card as backup for emergencies and use the $2000 to pay off some of the high-interest debt. You will pay it off faster.

    You may consider that for your other savings accounts as well if they are not earning you at least the interest that you pay in credit card debt.

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  8. I wonder if they'll paint you for free?

    Anywho, good for you!! All those cards paid off and all that money saved - way to go Sista'.

  9. Congrats on your progress.

  10. Congrats on your progress!

  11. You are making great progress! You are better off now than you were a year ago, keep up the good work!

  12. Hey there. I just found your site and have been having a look around. You have paid off a LOT of debt in the last year, good on you! That's a really great achievement!!

  13. This looks like your best month yet! You can do it!