After payday this month my debt total should be £9,622.77 all in one place on my last outstanding loan.
I've been playing around with the figures on the snowball calculator to see if I am on target to clear the loan by December 31st. For the calculations I used a snowball figure of £800 a month and together with the set payment of £194.23 means I'll be paying £994.23 a month. The interest rate is 9.9% (ouch).
Month - Debt - Interest
April: £9622 £70
May: £8692 £65
June: £7757 £55
July: £6812 £49
Aug: £5861 £40
Sept: £4902 £32
Oct: £3934 £25
Nov: £2958 £16
Dec: £1974 £8
Jan: £982
As you can see from the rough figures I'm short £982 and my debt won't be cleared until January. I could take the easy option and reduce the amount I pay into the joint account, but I don't want to do this. I need to think of ways to increase my snowball to £900 a month, which is not going to be easy.
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If anyone can find money it would be you, how exciting to be under 10K, I can only dream of that at this stage.
ReplyDeleteCongratulations on reaching this milestone, I hope you can come up with the extra little bit to make this years goal. I'm pulling for you!
ReplyDeleteHi there-good luck with coming up with an idea to raise that extra cash my dear!
ReplyDeleteI had close to the same amount last year and we are almost done paying our debt, the key is determination, any extra money you find you send to this loan and trust me, magic things will happen...
ReplyDeleteHS