January/February 2019 – financial situation

I want to track my progress publically for two reasons; one, tracking will allow me to see the progress I have made, and two, it will motivate me and hold me to account knowing I have told people what I am planning to do.  I know it’s February, but I wanted to start at the beginning of the year.

Assets:

Flat: £450,000

Pension 1: £94,000

Pension 2: £4,382

Investment: £1,800

ETF: £961.00

Savings: £8000

Debts:

Mortage: £259,000

Professional studies loan: £7000

Bank loan: £8000

Car loan: £12000

As you may see, I am swimming in debt. It’s not big and it’s not clever.

So what did I do about this precarious situation?

I contacted my bank for settlement figures for both the loans. I used my savings to pay off the professional studies loan. I then used the remaining £1000 in my savings, money from my current account, and £6000 on an interest-free deal on my credit card, to pay the bank loan off.

As of 16 Feb 2019 my situation is:

Assets:

Flat: £450,000

Pension 1: £94,000

Pension 2: £4,382

Investment: £1,800

ETF: £961.00

Savings: £70

Debts:

Mortage: £259,000

Credit card: £6000

Car loan: £12000

 

 

 

 

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