Here’s the latest post from our guest blogger “Ms Silver Screen Suppers.”

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There is good news this month on paying down the debt. My annual bonus from work came in. This would ordinarily mean bathing in champagne, going out for lavish dinners and buying new frocks but as I am serious about getting back to the black I did something very sensible.As Michael advised in his book, I took stock of all my debts and worked out which were most important to pay off. Firstly I owed three friends bits and pieces of money so I paid them. That felt good. I now don’t owe anything to my chums in the monetary sense. I owe them a lot in the spiritual sense of course, but they all now have their dough.

Then I paid off my credit bill. This is a phenomenal step for me. NO CREDIT CARD DEBT – what a feeling! A very weird feeling indeed. I am now going to avoid using the credit card except in the case of emergency and I have requested a form from the bank that will make it automatic that any outstanding balance each month automatically gets paid off from my current account. Clever eh?! This should stop it building up to a ridiculous amount again with me somehow not noticing.

So my immediate debt remaining is currently my £1967 overdraft which is feeling much more manageable.

Next rent day will be the first month that includes the extra £87 so my plan for next month is:

1 – make at least £87 on eBay to cover the rent increase
2 – economise to start reducing my overdraft

For point 2 the main step I am going to take as suggested in Michael’s book is to start living on a cash budget. I will work out my discretionary income, take a cash amount out once a week and live on it. Let the fun begin! I will report back…

MANY THANKS FOR THIS, JENNY!

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For more info on my book, click HERE

For a link to Ms Silver Screen Suppers’ own blog (it’s not about debt; but about eating and drinking like the stars of yesteryear!), click HERE