Wednesday, March 04, 2009

End of Feb Debt Update

Another thing I should do is update at the end of the month how much has been paid off the debts! The numbers for the end of February are:

Credit Card 1: $ 73.29 (Bought food for work function and still waiting for reimbursement)
Credit Card 2: -$ 83.34(I also put $1500 on this card as wedding savings!
Credit Card 3: -$ 312.50
Credit Card 4: -$ 63.11
Credit Card 5: -$ 193.28
Credit Card 6: $ 127.86 (This is BF's card -I'm going to have to ask him about this one!!)
Store Card: -$ 75.92
Home Loan 1: -$ 154.62
Home Loan 2: -$ 746.50
Car Loan 1: -$ 261.95
Total February debt reduction: -$1,690.07
New Debt Total: $298,341.14

Some of these numbers won't make sense because the starting values aren't from a month ago, most are from mid Feb, so some of them hadn't accrued interest for the month, where as others had etc etc. But from now on, if I report the debt status on the last day of the month then it'll be more consistent.

The most depressing part about that is whilst our debt went down by $1,692.07, we paid $3,240.41 towards debt... that means, essentially, that $1550.34 was spend on INTEREST. Bloody interest!!! I suppose I should be happy our debt is going down and not up....

As I mentioned earlier, during Febraury I added $1500 to wedding savings (it's sitting on a credit card to help reduce interest) but also spent $500 on personal training and $255 on an ebay dress so:

Total saved: $5940
Total spent: $3595
Balance of savings: $2345
Expected remaining costs: $25,715
Total amount required to save: $23,370
That number, $23,370, is pretty scary, but I also know there are a few things I have overestimated the costs on so it will definitely be less - I just don't know by how much!

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