...at the end of February. I put the credit card money into a savings account to help boost my ISA. Stu had been giving me £100 every week or so during February and March and between the two of us, we squirreled just shy of £1000 into the ISA. Once the ISA finished at the beginning of April, we used the interest and the £1k saved away to bring the credit card down to £1400, then used Stu’s tax rebate to bring it down to £650 and then the last installment of this year’s student loan to completely pay it off. Yes, it is a little like borrowing off Peter to Paul by using the student loan, but the terms and conditions are much better on the loan than the credit card.

Long story short: we’re paid off! 2 weeks ago

Pay 20 dollars every paycheck 3 months ago

Make minimum payment every paycheck 3 months ago

Paid off odd with the money from my job just wait for dads money to pay of the £1000 keep on top of the odd if it goes up with interest ect…. 3 months ago

I’ve implemented the changes that I talked about in my last post and taken the first major chunk i.e. £387.50 rather than the 1% minimum payment, off the RBS credit card. Here are some cool numbers:

Starting balance: (23/05/2012) £3236.39
Current balance: (01/02/2013) £2612.16
19.29% paid off.

The expected ‘debt free’ date changes a lot at the moment, but we’re still looking at being ‘credit card debt free’ by the end of the summer. 3 months ago

First, I need to figure out the exact balances after Christmas and start budgeting. Looking at YNAB or Mvelopes to budget, but I definitely need something to keep up with it. 4 months ago

This afternoon, one thing led to another and before I knew it, I was examining my incoming wages vs. my outgoings and accepting that something has to give.

So I worked out that if I stop putting the £160 into the joint account (while Stu continues to fund £256 a week), I can still pay the £387.50 a month required to keep on track with my goals and not go overdrawn every month. Of course, there are things in the joint account that have to be pruned back if I were to do that and I’ve looked at those tonight. Basically, provided that I’m really on top of the food side of things, we can do it, but it’ll be tough.

When Stu came in from work, we sat down with a cup of tea and I explained the plan and said that, as long as he was in agreement, I’d stop funding the joint account. Naturally, if I get paid over £600 in a given month, I’ll add the excess money into the joint account; if not, I’m not going overdrawn and we’re still on track to have all the debts paid by December 2013.

He is supportive and he’s in agreement, but he said something that made me feel really guilty – that he’s tired of not having any money and it’s getting to him a little. I feel like I’m inflicting this on him, that I’m being selfish by wanting these debts gone by December, that I could do a lot more by being more organised with my studies and thus being able to go out and work overtime. And I do understand where he’s coming from – having lived the last few months just paying for my diesel, phone and debts. It does get to me – I can’t afford to have a coffee with friends in university or go to the cinema. I have resented him going out to play squash with his club, but then I remind myself that he works full-time, pays the bills and he can do whatever he wants with his money. I chose to study and drop my hours, so I can’t complain.

Anyway, I’m making progress, but I’m not. 4 months ago