The first thing I needed to do was to look at what our current financial situation is. While it was scary to look at, hopefully it will become motivating when that number gets smaller and smaller as time goes by. I will give updates over the next year showing where the figures are sitting at.
We have the following debt:
- Credit cards $103000
- Personal Loans $53000
- Family Members $24000
- Mortgages $655000
- Overdue Payments $8000
- Insurance $2500
- Afterpay $1500
- Electricity $1000
- Overdraft $2000
Total $850000
To be fair we have assets of:
- Three Properties $781000
- Super $250000 combined
- Shares $1000
- P2P Loan $3000
Total $1035000
I also went through each bill that is due this month and put it in a list so I know what is due and when to avoid late fees. After doing this I realised it is impossible to avoid late fees as there is no way we can pay it all. I also added in regular expenses such as groceries and fuel.
February is a bad month for us in terms of big bills as we have rego, 3 lots of rates, 1 insurance bill and 1 lot of body corp fees due on top of regular minimum payments for all of our debt.
Once I added this all up, along with the overdue amounts it came to $30000 due in the next 28 days. I don’t even know what to say about this figure or how we will even get anywhere near this.
