Skip to main content

Paying Off Our Debt!!!!

We are officially working on paying off our debt!!!

We started this financial journey with $18,714.22 in debt and paying some of the minimum payments while working on the $1,000.00 emergency fund, we have paid $987.33 of it. Now, we have a total of $17,726.89 to payoff and by using the Debt Snowball and calculating only paying the minimum payment we will be debt free September 2014. Wow, that is 5 years from now! Felicia and I are committed to throwing whatever extra money comes in at our Debt. Throughout the year we do get extra money that we could use like my bonuses, my overtime, Felicia's sock monkey sales, and when we save money shopping. I know we can we get this done before September 2014. To keep track of our progress, I have added a Debt Snowball Tracker on the Top Right of this blog.

What kind of debt do we have that adds up to $18,714.22?

Looking at everything I put into the Debt Snowball it looks like $192 is from a checking account that went in the red when I wasn't working for 4 months in 2006, $103 is an old gas bill from an apartment we lived in when we were engaged, $114.00 from library books that we were never returned, $385 from an old medical bill of mine, and $18,023.22 are student loans for the both of us.

Our snowball has us paying off our smallest debt, $103.00, in 2010 but with extra money from overtime and a small bonus, we can take care of this one on September 15, 2009. Doing little things like this will add up in the long run and help us get through our debt faster. We are ready. Watch out debt, we are coming for you!

Comments

Popular posts from this blog

I am back...hopefully.

Hey Blog, It's me again.  I have taken a long hiatus from you.  Now, I am ready to give us another shot. Why now?  The main reason and the scariest reason is that I am turning 40 this year and I still don't know what I to be when I grow up.  With that milestone approaching, I am hoping you can helm me stay motivated and encouraged to keep soul searching and figure it out before another decade goes by.  When I was turning 30, I was filled with a lot of anxiety and despair and some of those feelings are starting to creep back in now that I am looking at 40.  I know I will have some of those feelings again, but I am hoping with you that I can better manage them. A lot has happened since I tried starting this blog.  My wife and I will be celebrating our 15th anniversary this year.  Our two kids are now 13 and 11 years old.  We are living on our own after living with her parents and then my parents for awhile.  These are some of the good things. Some of the not so good,

Back To Square One

Wow! It has been a long time since I have posted on this blog. The last post was September 2009 and that is about the time we fell off the wagon. To make a long story short, in December 2009 my daughter had surgery and had a weeklong stay in the hospital and needed another week of attention at home. This caused added expenses and loss of pay. Instead of staying on track and rebuilding our emergency fund, we just let things fall to the side. When I was blogging about our situation, I had gazelle intensity and my hope is to start blogging again to get it back. So after two years of hiatus, we are back to square one. We need to complete the Baby Step 1 again, ($1,000 Emergency Fund).

Handling Hiccups

Lately, we have had some weird things happen at the house that has caused us to get a little off track with the budget. In spite of these things, we have not touched our emergency fund and have just found other ways around these emergencies. Our dryer and our stove are busted. We are renting and the land lord had us call a appliance warranty company but for both appliances they claim are unfix-able and not under warranty. We are waiting to hear back from the land lords to see what they want to do about it, but nothing yet. The dryer is a simpler problem to work around because we can take the clothes to our parents house and wash them while we visit, Felicia's mom will sometimes take a couple of loads and do them herself for us, or we can go to the laundry mat. The stove on the other hand is little more difficult especially since we don't like to cook anyway and now we have to learn to bake instead of cooking Hamburger Helper. I am kidding but when we cook it is pretty bas