Tuesday, August 25, 2009

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!

1 comment:

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