October was a financial disaster!
At the beginning of each month I calculate what I have to spend and set a budget. However, somehow in October I over calculated by £200! I really have no idea how I did this but come 15 October I checked my bank account and I had £98 left. I was expecting nearly £300 to be available. To say I was shocked was an understatement. Out of that £98 I had to pay £49 for my credit card minimum repayment and £45 for my phone bill. I had no money left.
I had to cash in my change jar (£48) and dip slightly into my overdraft (only £20). I am starting to see the benefits of an emergency fund (albeit this was sloppy maths rather than a real emergency)
My debt is now as follows:-
Credit Card 1 - £2,989.11
Credit Card 2 - £4,814.28
Credit Card 3 - £1,871.02
My landlord has informed me that they wanted to increase the rent by £100 per month. Given that our rent is already stupidly high, we have decided to move. We are still looking but will hopefully secure a property with lower rent. The problem in terms of debt repayment is that we now have to find money for a removal van (we have looked into just hiring a van but it only works out a little cheaper compared to hiring a removal firm and quite frankly I think a professional will move things quicker), a professional cleaner (its in our lease), letting agent fees and a deposit. I, sadly, expect my credit card will be used this month and my debt will increase.
On the plus side I have purchased nearly all my Christmas presents and have lucked out in obtaining deals so am under budget. I only have two presents left to buy and I am done!
I don't normally set goals, but I thought I would this month. So my goals are as follows:-
- List at least 10 items on Ebay each Sunday.
- Practice yoga x 2 a week.
- Go swimming x 1 a week.
I hope your debt repayment is going well. If you are paying off debt check out Money Smart Guide's Debt Pay Off All Stars.