This is the point where I hold my breath and lay all my cards out on the table for you to see. I find this terrifying, but it has to be done. The debt payment progress record starts here. This is my starting point:

Debt Payment Progress

With each update I share I will be keeping a debt payment progress. As I am at the beginning of my recorded journey I am currently at the 0% mark. This is difficult to admit as I have been making minimum payments for a while, however due to interest my total still remains around the same. The reality isn’t nice, but I have to start somewhere.


Breakdown of debt

My debt is made up of four different things: two bank loans and two credit cards. I have very recently paid off an overdraft of £500. I do also have a student loan of £9000, however I won’t be counting this for now. The debts are listed here from highest to lowest and I’ll be tackling them in the opposite order. The debt snowball is the method that I will be using. I have read up on this before, but I’ll be looking into in more detail so I can use it effectively!

Bank Loan One £7524.85 – 44% of total debt

Bank Loan Two £6003.42 – 35% of total debt

Credit Card One £2700 – 17% of total debt

Credit Card Two £586.02 – 4% of total debt

Income Streams

Whilst I am constantly jotting down notes filled with ideas for businesses and money making methods I currently only have one. I am a freelancer specialising in architectural drawing and I work from home. I make anywhere from £500 to £2000 on average per month at the moment. This fluctuates regularly due to the nature of the work.

Beyond this, I spend small amounts of time using platforms such as Prolific Academic. This method earns me a small amount each month and it is great for a small extra boost to my monthly total! You can read about prolific academic in more depth here.

A further income stream I am very keen to explore through this blog is passive income. This is an avenue I have briefly explored in the past and I would love to give it more time and consideration. The key point is that I need to diversify my income by finding further ways to make money.

Methods of Saving

Due to my terrible spending habits I do not currently have a routine for saving money, nor any goals for that matter. This needs to change and I will be working on this from day one.

If you have any thoughts, I would love to hear them!

debt payment progress - the starting point

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