The little victories are encouraging, but dang is it hard not to get frustrated and discouraged sometimes.
Still, another month down. Another dent made. On to June we go.
Total debt for May:
Down by $1706.33
Monday, June 9, 2014
May Update: Slow Going
Even though we're stilling steadily coming down, I'm starting to feel like we've been in a holding pattern, and that we've been holding back a dam that is going to burst (if not burst, at least leak, trickling all over our best laid plans for the next couple of months) Some big expenses coming up over the next several weeks, and we're trying to figure out how best to take care of them without completely derailing all our progress.
The little victories are encouraging, but dang is it hard not to get frustrated and discouraged sometimes.
Still, another month down. Another dent made. On to June we go.
Total debt for May:
Down by $1706.33
The little victories are encouraging, but dang is it hard not to get frustrated and discouraged sometimes.
Still, another month down. Another dent made. On to June we go.
Total debt for May:
Down by $1706.33
Wednesday, May 7, 2014
April Update, and Catching Up
Once again, life took over and I got behind on my updates. We've kept plugging though, and haven't forgotten what we're doing here. And really, when you're in debt, is it ever far from your mind? Unless you're purposely burying your head, with your fingers in your ears, I submit that it is not. It's the cloud that never leaves.
We have made some HUGE strides over the past couple of months: We paid off (OFF. ZERO.) a Chase credit card that for many years had a five figure balance.
We have made some HUGE strides over the past couple of months: We paid off (OFF. ZERO.) a Chase credit card that for many years had a five figure balance.
Which means that we're down to only two cards, one of which we've managed to knock down to under $5000. Which means that in a couple of months, that one will be zero too. Which means, that after all this time, I can see a light at the end of the tunnel.
We're buckling down right now. While our friends are asking about summer plans, and going to exciting places like Hawaii and Europe... we're staying home this summer. We're taking little (re:cheap) camping trips. We're saving our money, we're putting off big purchases, we're being mindful of what we're spending. Our answer is the same, again and again:
"We're focused on paying off our debt right now."
God-willing, it will pay off, and we'll be debt-free with the exception of the mortgage by the end of 2014. Until then, it's still plug plug plug.
Total debt for April:
Down by $1226.96
Tuesday, February 18, 2014
January Update
Month one of a new year. We made the decision to shuffle some things around so that we can get our target card paid of sooner rather than later (yay!), which means that in just a few months, we should be down to just two cards with balances. Even though we'll still be paying the same amount to debt each month - just rearranged in a different way - the prospect of having an entire card paid off soon is HUGELY motivating.
February is an expensive month for us. Every year. Every single year. So I'm not anticipating a huge reduction for the next month. But January was fine (good even, since we celebrated my birthday, had two sets of out-town-visitors, and generally had a good time and still saw a decent reduction). One more month down, and that much closer to becoming debt-free.
Total debt for January:
Down by $821.73
February is an expensive month for us. Every year. Every single year. So I'm not anticipating a huge reduction for the next month. But January was fine (good even, since we celebrated my birthday, had two sets of out-town-visitors, and generally had a good time and still saw a decent reduction). One more month down, and that much closer to becoming debt-free.
Total debt for January:
Down by $821.73
Monday, December 30, 2013
December Update, 2013 Update, and The Goal for 2014
First: We're through the Christmas season, and while our reduction was modest, the holiday is paid for, and it's onward and upward into the new month and the new year.
Total debt for December:
Down by $265.09
And for 2013... It was a strange year for us financially. We didn't reach our goal for our credit cards. Not even close. Like with anything else, there are many factors for sure, but I think the biggest issue we're facing is continually trying to walk the line between trying to focus on paying off our debt without tightening the belt so much that we feel restricted and overcompensate by then spending too much. It is a constant balance, and one we're always trying to figure out.
"But we deserve a vacation!"
"But we're trying to pay off our debt!"
"But we can afford to go out to eat more often than we are!"
"But.... debt!"
And on and on and around and around.
Still, we're plugging away, and our credit cards did come down, if just a fraction of what we'd planned.
Total Credit Card Debt for 2013:
Down by $4,266.06
The really interesting thing about 2013 though was that we re-financed our house, and took advantage of a program for people like us... people who'd been hit particularly hard by the market crash and were subsequently extremely upside-down in their mortgages. It basically excused $60,000 of what we owed, as long as we agreed to stay in the house for 5 more years.
So our total debt for the year is down by $80,044.88.
Our total debt at the time of this writing is $212,950.61. And because the market finally did start to show some returns, our house is finally valued over $200K once again. Which means, for the first time in years, we're actually in the black, or very very close to it. So yay for that!!
At some point, I'll sit down and put together a detailed list of financial goals for 2014, but for now I'll start with this: To pay off one more credit card. Just one, out of three. It has a balance of $5900, which works out to $500 a month. We can do that. We can. We can.
Here's to a happy, blessed, and prosperous 2014.
Total debt for December:
Down by $265.09
And for 2013... It was a strange year for us financially. We didn't reach our goal for our credit cards. Not even close. Like with anything else, there are many factors for sure, but I think the biggest issue we're facing is continually trying to walk the line between trying to focus on paying off our debt without tightening the belt so much that we feel restricted and overcompensate by then spending too much. It is a constant balance, and one we're always trying to figure out.
"But we deserve a vacation!"
"But we're trying to pay off our debt!"
"But we can afford to go out to eat more often than we are!"
"But.... debt!"
And on and on and around and around.
Still, we're plugging away, and our credit cards did come down, if just a fraction of what we'd planned.
Total Credit Card Debt for 2013:
Down by $4,266.06
The really interesting thing about 2013 though was that we re-financed our house, and took advantage of a program for people like us... people who'd been hit particularly hard by the market crash and were subsequently extremely upside-down in their mortgages. It basically excused $60,000 of what we owed, as long as we agreed to stay in the house for 5 more years.
So our total debt for the year is down by $80,044.88.
Our total debt at the time of this writing is $212,950.61. And because the market finally did start to show some returns, our house is finally valued over $200K once again. Which means, for the first time in years, we're actually in the black, or very very close to it. So yay for that!!
At some point, I'll sit down and put together a detailed list of financial goals for 2014, but for now I'll start with this: To pay off one more credit card. Just one, out of three. It has a balance of $5900, which works out to $500 a month. We can do that. We can. We can.
Here's to a happy, blessed, and prosperous 2014.
Wednesday, December 4, 2013
November Update
November turned out to be an expensive month for us, but thankfully it also happened to be one of two times a year that we get an "extra" paycheck, so we were covered. Christmas is paid for, and we even have $60+ on our Fresh and Easy card that we're saving to go towards our Christmas day feast. So we're feeling good about moving into December.
Still, I'm.... frustrated, I guess you could say. For the first time in the eight years that we've lived here, I'm finding myself desperately missing the small NH town we moved from, where everyone was pretty much living the same middle middle-class life, and there wasn't the division that I feel here. I wasn't surrounded by neighborhoods and people who live an entirely different lifestyle, and through no real fault of their own just can't relate. I feel very out of place.
It's a powerful thing to be able to talk to other people who get it, and in "real life" I just don't have that. Thankful today for the internet.
Total debt for November:
Down by $1343.62
Still, I'm.... frustrated, I guess you could say. For the first time in the eight years that we've lived here, I'm finding myself desperately missing the small NH town we moved from, where everyone was pretty much living the same middle middle-class life, and there wasn't the division that I feel here. I wasn't surrounded by neighborhoods and people who live an entirely different lifestyle, and through no real fault of their own just can't relate. I feel very out of place.
It's a powerful thing to be able to talk to other people who get it, and in "real life" I just don't have that. Thankful today for the internet.
Total debt for November:
Down by $1343.62
Monday, November 4, 2013
October Update
A few weeks ago, we got back from another 2 1/2 week, cross-country road trip. We drove some 6700 miles, through 31 states, and we saw a lot of people. And just as I did two years ago when we took a similar trip, I'm asking myself the questions:
Was it irresponsible for us to take such a trip?
Should we be taking ANY trips?
What kind of business do we have spending $4K + on travel to anywhere when we're still trying to pay off our debt?
Was it worth it?
And with the exception of that last question (Yes. Yes, it was worth it), I don't know the answers. I do know that I don't regret the trip. At all. Experiences like that are too important to regret.
But the fact remains that once again, we made a choice that put our debt repayment on a temporary back burner. So maybe next year we don't take a vacation. Maybe we take a smaller one. Maybe we find a way to bring in even more money to get the debt paid off that much quicker. I don't know. I just know that it's making me tired, this big black cloud that too often feels like it's Never. Going. Away.
November is another month.
Total Debt For October:
Up By $288.93
Was it irresponsible for us to take such a trip?
Should we be taking ANY trips?
What kind of business do we have spending $4K + on travel to anywhere when we're still trying to pay off our debt?
Was it worth it?
And with the exception of that last question (Yes. Yes, it was worth it), I don't know the answers. I do know that I don't regret the trip. At all. Experiences like that are too important to regret.
But the fact remains that once again, we made a choice that put our debt repayment on a temporary back burner. So maybe next year we don't take a vacation. Maybe we take a smaller one. Maybe we find a way to bring in even more money to get the debt paid off that much quicker. I don't know. I just know that it's making me tired, this big black cloud that too often feels like it's Never. Going. Away.
November is another month.
Total Debt For October:
Up By $288.93
Friday, August 30, 2013
August Update
Two things for some perspective before I give numbers for this month:
1) We just got back from our four day mini-vacation in Vegas. It was awesome, and a very much needed getaway. We saw some shows, walked through the ridiculous hotels, and otherwise just enjoyed a few days of uninterrupted family time, hotel pools, happy hours, and nice dinners out. And,
2) Mike is paid bi-weekly, and the way the paychecks and due dates fall every month, one check goes almost entirely to the mortgage, utilities, etc, and the other allows us the "extra" money to make a big payment towards our debt, and to pay off any out-of-the-ordinary expenses for that month. We haven't yet received that paycheck since we've returned from Vegas.
One plus two equals:
Total Debt for August:
Up by 1031.07
In one week, we'll pay off the rest of our little trip, AND be able to take another good chunk off our debt in general (thanks in part to Mike's just-received bonus and raise, woooo!) Then we're taking off again for just over two weeks, to take another cross country trip... with the goal of being totally back on track debt-wise by the end of October - mid November. Onward and upward.
1) We just got back from our four day mini-vacation in Vegas. It was awesome, and a very much needed getaway. We saw some shows, walked through the ridiculous hotels, and otherwise just enjoyed a few days of uninterrupted family time, hotel pools, happy hours, and nice dinners out. And,
2) Mike is paid bi-weekly, and the way the paychecks and due dates fall every month, one check goes almost entirely to the mortgage, utilities, etc, and the other allows us the "extra" money to make a big payment towards our debt, and to pay off any out-of-the-ordinary expenses for that month. We haven't yet received that paycheck since we've returned from Vegas.
One plus two equals:
Total Debt for August:
Up by 1031.07
In one week, we'll pay off the rest of our little trip, AND be able to take another good chunk off our debt in general (thanks in part to Mike's just-received bonus and raise, woooo!) Then we're taking off again for just over two weeks, to take another cross country trip... with the goal of being totally back on track debt-wise by the end of October - mid November. Onward and upward.
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