Our journey into paying off our van early

**homesteadmamma** · 09-27-2005, 10:24 PM

I hate debt period. I hate that we owe $23,597.88 on our van. I'm going to post how we are working at getting our van paid off early and the little tips that are helping us along the way.

We are on a fixed income other than what dh makes at odd jobs around town or a part time job he has right now (however we don't know for how long and its only 4 hrs. per day). On our retirement income, we make just over $15,000 per year. With odd jobs, we make just under $25,000. We have no house payment nor do we have any credit card debt.

So come along with me and cheer us on as we work and sacrifice to get this debt paid off.

**homesteadmamma** · 09-28-2005, 09:18 AM

09/28

Dh was asked to work on Sun. He gets paid gas mileage, gets his lunch paid for and works from 7 a.m. until 5 p.m.

With the money he gets from this we will:

~use the gas mileage money to put gas in the van
~the rest will go towards our van debt. I will post the amount once he gets the check, probably not for a couple weeks.

I'm also reworking our budget today. Were going to get radical once again.

**nodmicks** · 09-28-2005, 09:46 AM

What a great idea to track this way!!!

**sanderson76** · 09-28-2005, 10:17 AM

It is a great idea!!

**Michele Annette** · 09-28-2005, 10:41 AM

Sounds great CJ! I wish you the best on paying it off as soon as you can!

**ScrapMama** · 09-29-2005, 01:33 PM

I think this is a wonderful idea. I need to show this to dh and we need to do this with our cc debt.

**forestdale** · 09-29-2005, 03:02 PM

Good luck, CJ. I agree that debt is a horrible weight to carry around. I'm cheering you on from the side lines.

**homesteadmamma** · 09-29-2005, 04:59 PM

09/29/05

I've been working on our budget today. I need to post these figures here because they are important to our finding extra $$. I'm budgeting for these amounts for our heating. If we can go under what I've budgeted for, that amount will go towards our van.

Heating bills
I've only worked out the heating bill so far. These are has accurate has I can get them. They may be out a few $$, however this is what I've budgeted for. (The reason they might not be exact is because sometimes we get estimated statements. However they are always pretty close to the amount we use.)

Oct - Nov/04 - 132.000 units used - $64.07
Nov - Dec/04 - 335.509 units used - $144.72
Dec - Jan/05 - 577.514 units used - $241.28
Jan - Feb/05 - 539.014 units used - $216.40
Feb - Mar/05 - 275.007 units used - $117.53

Sacrifices for the month of Oct./05

~we will not purchase a newspaper. We can listen to the news on the radio or dh can watch it on the tv. Dh likes to work the puzzle, however a friend told us she would keep the puzzles for him from her newspaper. The paper here costs $1.00 per day.
~I will not purchase any quilting material/fat quarters. This is going to be a hard one because I have to pick up a $10 quilt package and a BOM (already paid for). To walk out of the store without any material/fq is going to be extremely hard.
~we will not go out for any meals.
~dh is going to use up the wood he has in his shop rather than purchasing any new pieces.
~dh has also decided to take any odd jobs that come his way. He is sacrificing his free time, however he feels it's well worth it to get the van paid off.

**Mom23boys** · 09-29-2005, 08:32 PM

Good luck CJ. I know you can do it!

**mom2matty** · 09-30-2005, 12:29 AM

Best of luck CJ!!!

**PrairieRose** · 09-30-2005, 10:46 AM

I know you're always up for a good challenge Cj. I need to get this serious with our business building debt. I would so love to have those paid off and be completely debt free. It's gonna be fun watching your journey, yet again.

You're always a great inspiration.

**homesteadmamma** · 09-30-2005, 05:27 PM

Sept. 30/05

Budgeting groceries
Today it was time to look at our grocery bill. We spend anywhere from $250 to $350 a month and sometimes even more because I haven't been watching it closely. I've also bought stuff that we really don't need or shouldn't have, such as Pepsi, soft drinks for the kids, Cheesies and chips, etc.

Working on this today, I've decided we will:

~cut our food bill to $200 per month or less.
~I will keep track of every penny I spend on groceries and see exactly where the $$ are going.
~we will not purchase junk food nor soft drinks, NO MATTER WHAT.
~instead of running to the store for bread, cookies and such I will make my own. Often its been easier to go to the store, however I invariably come home with more than I went for.
~I will go back to drinking our town water.
~dh and the kids will start fishing again.
~I will continue to stockpile with loss leaders (there are a couple good ones at Shopper's Drug Store on Sun.

Sacrifices

~we will not eat out again until the van is paid. On the day it is paid off, we will have a major celebration and go to the best restaurant in the city.
~although I have given up Pepsi, dh hasn't. He will now!!!

Budgeting for vehicle costs

This is another area where we've fallen back on. With gas at 99.9¢ a litre, we need to take a good hard look at this. To fill our van it costs $105.00. We have now decided to be even more careful in this area. It means no extra trips to the city. It means walking everywhere in town. We really have begun to see just how much it costs to drive the short distances in town. The stop and go, stop and go really eats up the gas. For the month of Oct. I need to keep track of every penny we spend on gas, see how much we spend and then work at how we can cut back even more. I don't even know how much to put in our budget right now on this because I've never kept close track.

Sacrifices

This is one area I find difficult to sacrifice. I love going for drives and I had planned on joining a quilting club that met every second Wed. Although I know I have to give this up for a bit, it might change very quickly. I also love hopping in the van and going to the city "just because". I'm looking at ways to make this work so that when I go into the city it just might be every second Wed.

I'll get all my shopping done then too. Will see how this one works. I don't mind walking in town though, I'm actually enjoying that part.

**homesteadmamma** · 10-01-2005, 10:45 AM

Today, I made a payment of $700.00. On Mon. morning I will post another amount and where the extra $$ came from.

Our new total is $22,897.88.

**frugalmel** · 10-01-2005, 12:03 PM

WTG CJ. I know you can make this work.

I too love to go for drives. Especially in the fall for the colors and the winter for the lights. (I have dropped this to conserve gas usage since gas prices are pretty high now. ) I might take a bike ride around our part of town or a walk to get my "fall color fix" soon.

**Jellybeanz** · 10-01-2005, 03:39 PM

Interesting post. Please keep sharing your experiences and tips with us

I love reading them because it gives me ideas and inspires me on my quest to reduce our mountain of bills ( cc's and a mortgage)

I'm still working on a plan , but hopefully will have things to share too as the months go by.

All your post are great btw!