Shaney’s Personal Debt Reduction Journey Review for January

I think I should be giving myself a percentage each month in terms of achievement. You know, like percentage grade 100% for achieving everything and anything below 80% can be considered as a fail month.

Ok let’s see what mark or grade I got for last month.

  1. To pay off my 1st installment for my credit card debt. This was achieved. So I get a tick or 1/1.
  2. To cut my overdraft by a third. – I was able to reduce my overdraft by more than a third. I used my savings to cut my overdraft from £1,500 to £500, so it’s a 2/2.
  3. To write and post 60 blog posts to the wolf at my door website by the end of the month – I only posted 35 blog posts to the website! I would need to rewrite most of the posts as I would need to add references and data to make the posts unique. I am going to give myself half a point. 2.5/3
  4. To prepare my parent’s side garden and to prepare the allotment. – I only spent one day out of the entire month at the allotment and three days out of the entire month working in the back garden. This goal was a complete fail. 2.5/4
  5. To keep a financial diary for a minimum of three months. – Nope, I didn’t record a single entry for the month. 2.5/5.
  6. To visit the private dentist, London Smiling. I actually turned up, but they failed to put me down for a booking and wanted me to go with a different dentist. I said no, I wanted my teeth to be done by this specific dentist, so I didn’t get anything done. I will give myself a point for turning up as the piss up wasn’t my fault. 3.5/5

I managed to achieve a 70% success rate. Mmm, not too good. I really let myself down with the side hustles.

I worked out that I’ve managed to pay in total £1,838 off my debts for January. (This excludes mortgage payments ). This is excellent in terms of debt reduction. However, my other goal is to increase my income through side hustles.

One of those side hustles is this finance blog. This has now turned into a lifestyle blog. I have decided to include everything under one blog then to split it into separate themed websites in the future. I will include everything that I am getting up to – it has turned into more like a diary.  

The website needs technical tweaking as some errors are coming up, and I need a website designer to sort it out. I especially need to sort out the Google ads. I am getting one or two people visiting the site, with the US making up 60% of the visits. I need to budget for this, but more than likely won’t be able to spend money on the website until April.

I was also going to invest money in shares, but I can see now that I actually don’t have enough income coming in to invest at all. It is sad as I figured that this would be the best avenue to generate income. I will have to cancel this idea for now and return to it when I have enough money coming in.

The other passive income is to sell roses. I haven’t even planted the roses, which was a big fail this month. I may be jeopardising the entire debt challenge if I don’t pull my thumb out of my ass and actually do the physical work.

I said that health is a priority. This has now become the number one priority before the debt reduction challenge. For my 9-5 job, I calculate how much a person should pay towards their social care. The more assessments I do, the more I can see how poor health can negatively affect your finances. Keeping healthy is a must, and from experience, I know that looking young is also a priority especially for a woman. For a woman, that means looking between 18 and 26 is a mega bonus. Before you start calling me an ageist, I don’t write the rules here.

I visited a service user, and because their capital is above the threshold of £23,250, they have to pay just under £4,000 in residential fees a month. 

I am unmarried, and as of yet, I do not have any children. I have to think worst-case scenario and figure that my situation will remain so in the foreseeable future. My question is, how the hell would I be able to afford four thousand pounds in residential fees a month? 

No doubt the council will try and recover fees from my properties. I’m pissed I want to be that good man in the bible who leave an inheritance for his children – in my case, nieces, nephew and my imaginary pet hedgehog.  

Someone else will take my money and give me substandard care if I don’t act. I tell you what, guys, social care is one mean wolf nearing my door I can do without. I can see the breath in the far distance. I need to act now! before he literally blows my house away.

Not only do I need to find a passive income of at least five thousand pounds a month, but I would also need to make sure my health is such that it would shorten my time in a residential home. I’ve written a blog post about how I will fund my social care; you can read about it for those interested. 

Conclusion on my performance

My report would read – doing well with debt reduction and should keep up the effort to meet the year-end target to be debt-free. 

As for increasing income through passive income would have to be a fail, and I would need to take serious action if I want to keep another wolf from blowing down my door! 

Conclusion on my performance

My report would read – doing well with debt reduction and should keep up the effort to meet the year-end target to be debt-free. 

As for increasing income through passive income this would have to be a fail, and I would need to take serious action if I want to keep Social Care wolf from blowing down my door! 

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