Disclaimer: I am not a financial advisor and I do not have any qualifications in this field. On my channel I will simply discuss methods and strategies that I am using or considering using. I encourage you to seek the expertise of a qualified professional to determine the best financial options for your own circumstances. My channel is only intended to provide an example of how an ordinary person on a single income can overcome debt.
Welcome to my first ever YouTube video. I decided to start video documenting my journey to becoming more financially stable and towards paying down my current debts.
I am loosely following the Snowball method or the "Domino Your Debts" method as it's referred to in the Barefoot Investor books.
This is the link to the MoneySmart calculator I referred to in my video, and there are a number of other useful calculators related to loans, savings etc. available on the website too.
https://moneysmart.gov.au/loans/personal-loan-calculator
Current loan amounts:
Fixed mortgage: $345,998.05
Variable mortgage: $48,377.16
Car loan: $20,176
Personal loan: $3,648
Total: $418,199.71
Current minimum fortnightly repayments:
Fixed mortgage: $688.75
Variable mortgage: $101.76
Car loan: $211.86
Personal loan: $300 (not a minimum repayment as this is interest free, but it's what I am currently paying)
Total: $1302.37
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