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militlady

My journey to being debt free

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by , 04-02-2010 at 04:16 AM (587 Views)
This is really just for me so I can look back and see my progress and my ups and downs. I guess a kind of jounal I can use when I have a tough time and need a pick me up.

While I was out delivering census forms I found a house that I think we would love to buy that is in our dream location. I showed to house to my husband and he agrees that it would be great to own. This was the catalyst to really get us going. So our journey begins into becoming debt free. We have decided that the coin collection we have been building for over 10 years, the stocks we have been holding onto for several years and anything else that we have to sell to get the money for the down payment is worth the sacrifice.

So we only have a few weeks to try and come up with $15,000 as our goal. Well we fell about $7,000 short of our goal and decide not to buy the house and instead decided to pay off all our debt and then save the cash to buy a piece a land and build our own place to suit us.

So the debt payoff begins, I will use January 1, 2010 as my start date for the tracking of our debt:

As of April 1, 2010

CC #1: $1780/$1780 Paid in Full 3/31/2010
LOC: $2400/$5000 (Balance $2600)
CC #2: $355/$5355 (Balance $5000)
Car loan: $1135/$15,503 (Balance $14268)
5 C #1: $112.50/$1100 (Balance $987.50)
5 c #2: $0/$250 (Balance $250)
5 C #3: $0/$1700 (Balance $1700)
Mortgage: $561/$118,610 (Balance $118,049)

This is everthing that is not a household bill, emergency fund or Christmas Club. Baby Step 1 emergency fund is fully funded as well as Christmas Club for 2010. I have also got our vacation fund for Vegas in May fully funded. Another savings goal I would like to start is to have $2000 put in a separate savings account to cover our deductible for our car insurance/homeowners insurance.

My goal for this journal is to post weekly, every Friday, on what we have been able to sell and pay toward our debts.

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