Thursday, 4 October 2007

October (what happened to September?)

Well it sure has been awhile and I have been switching jobs and have been all over the UK. I didn't blog in September as I didn't have any of my paperwork to workout where I was up to. Infact I thought I had lost monies or spent way more than I was aware of because I had to pay my (reduced) payment to the Inland Revenue from my Flexiloan account. I had to reduce the payment from £1000. to £740. as my jobs have been only 6 day a week. I only own the IR about £500. now and then that is all cleared until the end of next January. But I am now budgeting to have the monies set aside each week to pay for my income tax.

The missing monies were not lost but rather I was not counting the last week of September - so all is well. I can clear the IR bill in full at the end of next week and really get my teeth into my Credit Cards and Loan accounts.

I have applied for a Northern Rock loan at 7.9% to replace my Flexiloan(14.8%) and clear one of my Credit Cards (19.9%). It seems a good deal - I can make overpayments and pay it off early if I want without paying any penalties. Well I think it is a good deal, they can only say no and I don't think my credit worthness can be any worst at the present.

Currently my total debt is under £16,000 and by the end of the month it will be just over £14,000 so I think I am doing well. In fact I haven't spent any monies for about a week now as my overdraft is at it's limit. And I feel really good about it. My problem is I have been increasing my debt without really being aware I was doing it. But hopefully I have seen the folly of my way.

I am taking up the 10-10-80 philosophy and have rewritten my budget but will have to work out a new DFD. More about that in my next post.