July 2013 Debt Repayment Update

GoodwoodI have been a busy bee these last couple of days.

Yesterday I attended a horse racing event at the Goodwood Racecourse. I had never been before and, understandably, I was very much looking forward to it. Even though I did not bet (I am pretty sure I was the only one out there who didn’t), I had an amazing time and enjoyed my day out immensely! Today I was invited to a hotel function in Central London after work. I gorged myself on the beautiful food and delicious (non-alcoholic) cocktails that were served to us in the beautiful outdoor garden. Perfection.

As to my finances, I could barely hold my excitement as I knew it was time to make another payment towards my debt! Let’s see the figures –

Debt #1
End of June Figure -£9219
End of July Figure -£9088

Debt #2
End of June Figure -£4042
End of July Figure -£3713

Debt Total
End of June Figure -£13261
End of July Figure –£12801

I have put a total of £572 towards my debt this month, but what you cannot see here is that my bank took £112 in interest (I pay 15.9% interest on debt #1, but debt #2 is, thankfully, interest free). 15,9%! Seriously, what a rip off! I am currently looking at possible options to reduce my interest rate and will hopefully post an update on this soon.

I could have put another £360 towards my debt this month. However, this money is sitting nicely in my savings account and will be used next month (along with an additional £360 that I will put aside at the end of July) towards a purchase of my flight to South America. Some of you may remember that this is where I am going for my 30th birthday. Yes, I chose to travel while paying down my debt and no, I do not regret my decision as I am not willing to stop living my life because I have debt.

How are you doing with your debt repayment and savings goals? I hope you are rocking it!

Oh, and one last thing. I came to the conclusion that I prefer Eva to GCP! Hello again! 🙂



  1. Good for you for continuing to live your life even though you have debt. I did the same!

    1. Thank you Michelle! I had my doubts about it, but I think I will go crazy if I do not get to travel for over 2 years.

  2. Great minds think alike because I wrote something on my blog today too about not willing to stop living my life because of debt! P.S. I like the name Eva better too 😉 But I think GMD sounds cooler for me hehe

    1. GMD does sound pretty cool 😉

  3. Hi Eva! Well done on your debt repayment that is fantastic! And I’m really pleased that you’re not putting your life on hold – your 30th birthday is important!

    1. Thanks so much! Yes, my big 30 is definitely very important to me and I will celebrate in style! 😉

  4. Eva definitely feels more warm and personable than GCP 😛

    Great progress on paying down your debt this month.

    You know what? If you can responsibly pay down debt and juggle your interests, I don’t think there is anything wrong with that! That’s my style.

    Some like to go to extremes and really just focus everything on paying off their debt. That’s a strategy too and if that works for you, it works for you. But I think I would go crazy if I deprived myself of a little adventure and fun while I pay down my debt 🙂

    1. Thank you Steve! I am all for continuing to responsibly paying down debt but rewarding myself from time to time! 🙂 Life is short, and I will continue to enjoy it. As for taking it to the extreme, I think this will be short lived as I will burn myself out… I’d rather take things slow but make sure I succeed (slowly but surely).

  5. Well done! I wouldn’t put my life on hold either! It would be great if you could lower that interest rate 🙂

    1. Thanks Laura! I am working on it, fingers crossed 🙂

  6. Good job on all of your debt repayment! You can’t put your whole life on hold….life is too short!

    1. Thanks so much Holly! I agree, life’s there to be lived (and enjoyed) 😉

  7. Great job and keep this excitement up~!!
    I’m doing pretty good with my debt payment, but I’m not really focused on saving right now. Just a tiny emergency fund in case of an, well you know, emergency. I can’t wait to hear about your trip soon.

    1. Thank you, it’s amazing how excited I get when I know I’ll be making a payment towards my debt! I feel so much happier these days, debt is a heave weight to be carrying around. So I say no more!! 🙂 Well done you, and I agree a teeny-tiny emergency fund should be in place.

  8. I think as long as you are happy with the balance you have between spending and debt then treat yourself. If you feel guilty for spending money, then this is not good. However, you obviously feel that you deserve the flight and considering the progress you are making on debt repayment I do too!! Well done!

    1. Thank you for stopping by! 🙂 Great point, I agree it is very important to find the right balance. Yes, I do feel I deserve the flight, I work (and will continue to work) hard to pay down my debt, and you know what they say “work hard, play hard” 😉

  9. I think people can do whatever they want with their money, so long as they are comfortable with it. I went to NYC at Christmas, when I was still in debt. No regrets. It was one of the best trips ever 🙂

    1. I would love to go to New York, this is one of the places I simply MUST visit! I remember reading your posts about your 3/4-day trip there, the photos looked great! I am thinking of integrating NYC into my South America itinerary (provided I can still keep the flight cost relatively low).

  10. Great job, Eva, with your repayment!! We too are looking for ways to reduce the interest we pay – it just makes me sick, giving away that cash every month!

    1. I know what you mean Laurie, I feel exactly the same way about the interest amount I pay! *cringe*

  11. I prefer real names so hello Eva! Congrats on your debt repayment and your upcoming trip! I’m so jealous. I don’t even have debt repayment but I’ve been to nervous to dip into savings to travel, well internationally anyway. I hope to do that next year.

    1. I agree with you, it was a little weird for me to be referred to as GCP 😉 I think you’re a bit nervous to dip into your savings because you’re self-employed and your income varies from month to month creating a bit of uncertainty perhaps? I love travelling too much and I am willing to pay for these wonderful and unforgettable experiences 🙂

  12. Hi Eva! (Beautiful name, btw!) Congrats on the debt repayment AND on booking the trip to celebrate your 30th. Balance is so important — and you’re going to have an amazing time! 🙂

    1. Thanks Carly! I haven’t booked my trip just yet, but I’m going to book next month and I can’t wait! Oh btw, I’m thinking of stopping over in NYC (if it doesn’t affect my ticket price too much), so my dream to go to NYC may finally come true too! 😉

      1. Fantastic! You’ll have to let me know if you do! 🙂

  13. Ouch, 15.9% is painful to read, hopefully your idea of reducing that is successful! Your South America trip sounds absolutely awesome, and that’s great that you’re simultaneously saving for it and paying off debt – travel is something that’s important to me, as well. We’re hoping to make South America happen for us for our honeymoon, as well (though a few months after you) – best wishes in saving enough for your 30th!

    1. Thanks so much Anna! Fingers crossed I will soon manage to find a suitable solution. I’m currently building up my credit score to be able to qualify for the best deals out there. Going to Brazil has been my dream since childhood, I’m glad this is finally happening. When I get back, I can tell you all about it, just in time for your honeymoon trip! 😉

  14. Good job! Having a plan to repay your debt back is the first step! Keep it up!

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