I’m pretty excited about this……………………………………………
Yes that’s right people WE’RE LESS THAN £10K AWAY!!!!!! ($11,838)
Sure, there have been a few hiccups. Sure, I didn’t calculate exactly right the last time I posted lol. But we’re here and we’re here to stay/move forward and finally be done with this debt monstrosity!
At the end of March we paid down $5,000. In April, the exchange rates weren’t awesome but we did pay down $2000 putting us at this beautiful number!
As rates start to recover, I’ll start transferring some of our cash to my US bank account and hopefully will be able to make another $5000 payment at the end of May.
My/Our net worth movement looks like this:
Look at the slope on that puppy from Feb-19! (yes, I hate myself).
It genuinely makes such a massive difference when you track these things… when I think about the fact this has RULED my life since May-17 (started repayment in Feb-17) it makes me never want to have any debt again.
Our wedding is our absolute deadline (Oct-19) and I think we’ll be done by September-19 to be honest. I cannot wait to send that final payment and ceremoniously burn the entire paper-copy of the loan amortisation schedule I check 14 times a day (but not in real life cause the environment n stuff).
A quick look back:
Just to put into context what I was earning throughout this time period:
May-17 to Oct-17: £28,500
Oct-17 to Oct-18: £30,500 with £1000 pre-tax bonus
Oct-18 to now: £35,000 with £5000 pre-tax bonus
(Forecasted beginning Oct-19: £50k-£55k + 10-20% bonus)
For the entire journey up until Feb-19 I was the only one contributing to this debt, then my fiance started contributing after he paid off his own student loans!
I am so grateful to be able to begin our married lives with no debt, meaning every single dime we save IS FOR US…what a concept!
Even though I feel the shackles of debt weighing me down every moment of every day, I still feel so FREE because I now don’t need to spend money to enjoy my life, I know where my money is going (mostly) and I am comfortable with ‘splurging’ here and there on things that will truly enhance my life.
Our monthly savings now consist of the following:
Regular income savings – £800 a month (£2270 paycheck after tax – I paid off my intitial foreigner NHS contribution finally)
Side hustle savings (online styling for Stitch Fix) – roughly £600 a month after tax
Regular income savings – £1100/month
Side hustle (matched betting) – £100/months (this is pretty sporadic now so not including it in the final total)
Total = £2500/$3250
Thanks for catching up!!