i feel like this blog has become a place for me to write down my monthly goals and "to do" lists and less like a blog/way to communicate with the outside world. i had a "doh!" moment last night before i went to sleep. i've been anti-house buying as my parents have urged me to do so. since i'm moving in a little over a month(!), i was just curious. there are some townhomes in the country club that i pass during my commute cut-through or on the way home from kh's house. just for grins, i looked them up on realtor.com. there's one for sale for $186k. seriously?! and 2 more also under $200k. totally within my potential home buying budget. almost made me sick to my stomach knowing it's sitting across the parkway just waiting for me to put my diy hands on it (it needs kitchen, bath and flooring updates). BUT, it's also motivation for me to really push myself to finally get debt free.
so, i laid it out on the line this afternoon. not counting the new card associated with my bank, which will be the one card i would be willing to keep, i have just over $4,000.00 in credit card debt (about $700 & $3500). two weeks ago, i took my longevity check i got from my job (just over $380.00) and my mattress/moving fund money ($250.00) and deposited it into the bank (just over $638.00). i was so afraid i would spend it. i didn't. small victory. the purpose of this money is to help pay down my debt. moving down the street, my rent and small bills will be going up so anything i can do to free up more cash flow i see as a good thing. this afternoon, i made a $200.00 payment on the $700.00 balance (snowball #1). the goal is to pay off that account within the next 1 1/2 months using the $638.00 envelope of money, in smaller payments. I will make another $300.00 payment on Friday. The balance will be spread out over 2 payments (maybe) in November, so that the balance is $0.00 by December 1. it really equates to an extra $70.00 from my cash flow to make this happen.
as for the larger balance (snowball #2), that will be the one that i need to be diligent and disciplined. i gave the card to my mom to hold onto last month and even though i wrote down the numbers before i turned it over, i haven't been tempted to use it. i made a couple short-term goals as part of the overall plan to pay off this debt. goal #1: get balance <$3000.00 by christmas 2016. to achieve this, i will need to pay $500.00 in november and $400.00 in december. goal #2: get balance <$1000.00 by my birthday in june. that means paying at least $1800.00 in 6 months ($300.00 a month each month). my birthday payment could bring a balance of just over $500.00. goal #3: get balance to $0.00 by october 2017 (although the plan is for the balance to hit zero in september).
once rid of credit card debt, i will turn my focus toward the no interest-earning debt i owe to the bank of mom & dad. for my birthday next year, i will ask for the final tally of funds loaned over the years so i can begin to plan my payback budget to begin in october 2017. i hope if i am diligent and consistent with my payments, they may nullify anything after a year-ish of payments (by end of 2018).
being debt free is something that is very important to me. it's one reason i wouldn't accept a marriage proposal from my ex. i don't want to go into a marriage with debt. marriage is hard enough and to have to worry about money and debt just doesn't seem like a wise decision if it can be avoided. i don't want to bind myself to a mortgage (i'd rather pay cash, but at this rate, i'll be dead before i own a home if i stick to that plan) with debt.
it may seem crazy that i would be willing to spell out my debts and put it on the internet, and maybe it is. but, i hope it will lead to better accountability for myself and lend itself to better success in my gazelle mentality.
for anyone out there struggling with debt, i highly suggest dave ramsey's financial peace university and total money makeover. they changed the way i approach money and debt (even if i am skipping baby step #1 in favor of paying off my credit card debt). there are several other blogs and people to help with this topic. if you have any questions, feel free to leave a comment!
so, i laid it out on the line this afternoon. not counting the new card associated with my bank, which will be the one card i would be willing to keep, i have just over $4,000.00 in credit card debt (about $700 & $3500).
as for the larger balance (snowball #2), that will be the one that i need to be diligent and disciplined. i gave the card to my mom to hold onto last month and even though i wrote down the numbers before i turned it over, i haven't been tempted to use it. i made a couple short-term goals as part of the overall plan to pay off this debt. goal #1: get balance <$3000.00 by christmas 2016. to achieve this, i will need to pay $500.00 in november and $400.00 in december. goal #2: get balance <$1000.00 by my birthday in june. that means paying at least $1800.00 in 6 months ($300.00 a month each month). my birthday payment could bring a balance of just over $500.00. goal #3: get balance to $0.00 by october 2017 (although the plan is for the balance to hit zero in september).
once rid of credit card debt, i will turn my focus toward the no interest-earning debt i owe to the bank of mom & dad. for my birthday next year, i will ask for the final tally of funds loaned over the years so i can begin to plan my payback budget to begin in october 2017. i hope if i am diligent and consistent with my payments, they may nullify anything after a year-ish of payments (by end of 2018).
being debt free is something that is very important to me. it's one reason i wouldn't accept a marriage proposal from my ex. i don't want to go into a marriage with debt. marriage is hard enough and to have to worry about money and debt just doesn't seem like a wise decision if it can be avoided. i don't want to bind myself to a mortgage (i'd rather pay cash, but at this rate, i'll be dead before i own a home if i stick to that plan) with debt.
it may seem crazy that i would be willing to spell out my debts and put it on the internet, and maybe it is. but, i hope it will lead to better accountability for myself and lend itself to better success in my gazelle mentality.
for anyone out there struggling with debt, i highly suggest dave ramsey's financial peace university and total money makeover. they changed the way i approach money and debt (even if i am skipping baby step #1 in favor of paying off my credit card debt). there are several other blogs and people to help with this topic. if you have any questions, feel free to leave a comment!
