This is the post where I lay it all bare. For those who are interested I offer a complete overview of our current financial position. Updates to this post will be every other week when we get paid, until we are back in the black. Without further ado, ladies and gentlemen meet our debt..
We have arranged our debt in the order we are going to pay it off, it is almost the snowball method with the exception of zip.
We start by owing ourselves $290 that we ‘borrowed’ from our car registration account. This has to be paid back asap so we have the money ready when the bill comes in.
We owe $780 to my parents-in-law, who helped us out with a part of our Christmas day emergency vet bill.
We have $120 left owing on zip pay, some supplies for my husbands hobby.
Gem visa comes in at $1426 left owing. this balance is for our new washing machine (desperately needed after our last one died a sad watery death) Also for our daughters bedroom furniture. the interest free period runs out in July this year.
$1850 for two shiny new phones we bought in November. yeah. mistake.
$26,613 left on our personal loan. This is actually our second dance with this loan, we had it paid down to only $4000 owing and then maxed it out again to replace both cars and furnish our house. These are things I never would have bought on credit, but given our situation at the time suffice to say it was a necessary evil.
our emergency fund was obliterated over the second half of last year with both of our cars needing major repairs more than once (yes the cars we bought only 1 year prior. yes we bought them used but they were only 5 years old. No there was no warranty left once the problems started.) We also had an emergency vet trip on christmas day when one of the dogs decided to eat a piece of rubber that was too big to pass naturally. so here we are starting from nothing in our emergency account. We are at least very thankful we had it to get us through what it did.
Anyone with a keen eye will note that I have not included superannuation in our net worth, this is intentional however we will include it in our complete portfolio once we have organized it. As Alex and I can not access our super for about 30 and 40 years respectively any amounts in there are really inconsequential to our debt journey at the moment.
Join the freedom fam on this years no spending debt busting challenge https://www.facebook.com/familyseeksfreedom/ https://www.instagram.com/familyseeksfreedom/ https://www.youtube.com/channel/UCjv3QDuYnFXfYv9PTgOVUog
Family seeks freedom 