-If I only paid the minimum amounts on my loans (£500) it would take me 48 months to clear the debt and would cost me £3,811 in interest.
-To clear the debt by the target date, which gives me 20 months, I need to pay off £1,100 a month. The interest payments in this time will cost me £1,491.
-Currently I can snowball £400 a month into the loans from my salary however the other £200 needs to be snowflaked. The snowflaking will save me £385 in interest and 5 months in loan payments.
I failed to achieve my monthly extra income earned snowflake challenge of £200 in April, I only made £136.76. I need to get serious about this now, I will not allow myself to have any consumer debt after December 2009.
Ways I currently make more money:
- Blog income (small amount)
- Selling my stuff, eBay, Amazon, car boot sales
- Cash back (GPT) clickthroughs
- Mystery Shopping
I'll also be starting up a part time business this month, which I already have a client for, and I'm hoping that this will start to bring in some extra money.
If I can do this any sooner I will. I'm aiming to work, work, work for the rest of this year and reassess my progress at Christmas.
Happy snowflaking!
Further Reading:
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