How I am doing?

**gmarie** · 10-23-2011, 12:50 PM

If all goes as planned over the next two months, we will have paid off 34% of our gross income to debt in 2011. Is that good? Where do you stand? Would DR be impressed with those numbers?

I know that the "average" (non DR follower) may think that is good, but I can't help but feel like we failed miserably. I think 50% of gross or higher would be commendable!

In part, I feel like we've failed because we did have some unexpected expenses - had to buy a new laptop and then dropped the new laptop and broke the hard drive, then DH crashed his car, not to mention going over budget in a few categories here and there.

And, 9k of that 34% is directly related to downsizing from 2500 to 600 sf in Feb.

My projections show that it is *possible* to pay off our remaining debt in 2012, and then save our fully funded emergency fund and down payment on a house in 2013.

I know this is not a race to see who does best, and compare myself against someone else's statistics, but the truth is, I have a paid for work trip to Nashville in Nov 2012, so my goal is to be debt free by then so I can visit Dave! And I can't show up with a crappy story! I need impressive numbers! ;-)

Seriously though, this part of it makes it like a fun game instead of feeling the dread of at least 2 more years of gazelle intensity!

But honestly, I am just thankful that DH and I have a comfortable place to live, food on the table and we both fully employed! At the same time! We have come a long way!

**MaryCarney** · 10-23-2011, 05:52 PM

That's GREAT!!!!!

**gmarie** · 10-23-2011, 08:36 PM

Thanks. I think all those debt free friday shows are getting to me. They are inspiring, but lately they make me question how good we are *really* doing!

**mh3rdwheel** · 10-23-2011, 08:40 PM

Originally Posted by gmarie

Thanks. I think all those debt free friday shows are getting to me. They are inspiring, but lately they make me question how good we are *really* doing!

Gmarie I think that you are doing really great, better then me. Keep up the great work.

**Debbie-cat** · 10-23-2011, 11:27 PM

I think you are doing great!! Keep it up and you will be debt free by 2012!

**Greebo** · 10-24-2011, 08:36 AM

I think 34% is a FINE number. Don't beat yourself up over it!

**gmarie** · 10-24-2011, 05:29 PM

okayyy but we NEED to do better next year!

**khaski** · 10-25-2011, 07:17 AM

I think that's just plain EXCELLENT and shows just how hard you've been working and how dedicated you are to changing your financial life! You should be PROUD!!

**nuisance26** · 10-25-2011, 08:34 AM

~Well, I don't know how much income you have so you have to remember that 34% for you may be the very best you can do on your income.
People who can funnel 50% of their income to debt reduction usually have high middle or better incomes. Their essential life needs and costs are very similar to yours though so they have more "spare" income to throw at the debt.
That's why I always scratch my head at those articles that scream "We paid of $118K of Debt in Two Years!" Three paragraphs in you read that it's a couple who earns a combined $240K a year. Ummm, you really sacrificed there didn't ya'?

We're a low-middle income family and, although we have no debt but the house, are able to squeeze 22% out for retirement and savings. 4/5 years ago when DH's pay was less, but we only had two kids, we were able to channel 35% of our income into paying off his car loan. We paid a $21K car off in two years.
1/3 of income into debt reduction(and later into savings)is excellent for any income level though. Way to go!~

**Frizzysky** · 10-26-2011, 06:24 PM

I hear ya on wanting a "good" story. :-)

I think if you have been putting all spare income into paying off debt, you're doing wonderfully!

We have been at it since just March of this year. Like a lot of people we do not have two incomes (DH had a temp job with the state until the end of April of this year). Too bad we didn't get into DR's Financial Peace until March, but we've still kicked the heck out of our debt.

I don't cry every day since DH last worked (although he is working now while he gets his LPC. He only has a handful of clients so the pay is not big).

But that doesn't matter. We are chipping away at it. I've listened to the CDs that came with the class so much that I practically have them memorized. (At least the part about how to go up a hill on a one speed bike. LOL).

I think you are doing a great job if you are not giving up!!

**qsaver704** · 10-27-2011, 12:45 AM

Yeah, I say whatever you can do, as long as you are doing all you can do, is great. We don't do any extras-salons for hair, nails, tans, car washes, going out with friends, getting friends gifts, or each other gifts, data plans on cell phones, net flicks, etc. We have NONE! Still, our NEEDS are about 85% of our budget. That includes bills, house payment, car payment, gas, utilities, food, etc. We pay as much as we can on debt, but there isn't much on a normal month. When we do have money, we send it to debts~!

**jas** · 10-27-2011, 09:57 AM

doing great!

**forHISglory** · 10-27-2011, 10:55 AM

Keep on keeping on! You will sooooooo enjoy being debt free!

**gmarie** · 10-28-2011, 10:11 PM

Thanks! FINALLY transferred the rest of the money to pay off the car. Feels good to be (almost) free of another payment!
Not to mention an additional $300/ mo for our snowball!

**Frizzysky** · 10-29-2011, 08:12 AM

Awesome on the getting another debt paid and a bigger snowball! We realized that instead of our small (one of two) credit cards, DH's car is actually the next thing we could get paid off. I think we can do it by the end of the year instead of April.

It feels good to have one more out of the way!

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