Bonus was paid and immediately got on the phone to pay-off my student loan.
Had an unexpectedly large amount left over - £5000! - after paying it off.
Sat down with the Mrs and we decided to put £3000 towards paying off our Credit Card - leaving only £2200 left in balance - keep a further £1000 as savings for now and put the other £1000 towards a well-deserved break of some sort as a family.
We're still looking into when and where that break will be but ideally it'll be abroad so we coughed up the £92 for the kids passports and an additional £78 to renew the wifes. Expensive business this holidaying.
Debt now looks a lot better and we'll be benefiting from the addition £330 each month that I was paying towards the student loan.
- Student loan – paid off. £0 outstanding.
- House loan – Total remaining now is £7,441. This will be updated on 1st Aug.
- Credit Card - £3000 paid off. Total remaining now is £2,212.99. This will be updated on 1st Aug.
Total Debt = £9,653.99
This time 10 months the total debt I owed excluding mortgages was £25,800. To get down to below £10,000 in less than 12 months is great.
Now we have to not just absorb the additional £330 per month which was previously going on the student loan and instead save it and/or use to pay down the remaining debt asap.