2009 Debt reduction challenge - Page 2
Page 2 of 61 FirstFirst 123451252 ... LastLast
Results 16 to 30 of 906
  1. #16
    Registered User emily_hope's Avatar
    Join Date
    Jan 2006
    Location
    Georgia
    Age
    55
    Posts
    5,603
    Post Thanks / WTG / Hug
    Rep Power
    27

    Default

    Quote Originally Posted by homesteadmamma View Post
    Over the next 52 weeks, I'll be giving little extra challenges so that you'll be putting even more towards your debt. I'll add them to this thread so that they don't get lost. Watch for them starting January 1st and then each Monday for the next year.
    I'll keep my eyes open. I know you have some inspiring ideas up your sleeve!

  2. #17
    Registered User
    Join Date
    Aug 2007
    Posts
    2,603
    Post Thanks / WTG / Hug
    Blog Entries
    10
    Rep Power
    28

    Default

    count me in 3445 in credit card debt to snowplow.

  3. #18
    Registered User knitnmom's Avatar
    Join Date
    Apr 2008
    Location
    Boise, ID
    Posts
    495
    Post Thanks / WTG / Hug
    Rep Power
    14

    Default

    We have one cc to pay off and I would like to get our savings up to 10k. I was hoping for May, but it looks like it could take us all year.

  4. Remove Advertisements
    FrugalVillage.com
    Advertisements
     

  5. #19
    Registered User frugal-fannie's Avatar
    Join Date
    Oct 2007
    Location
    Elk Grove CA
    Posts
    1,101
    Post Thanks / WTG / Hug
    Blog Entries
    205
    Rep Power
    16

    Default

    I am in on this one. I am going thru my paperwork but I am aiming for 150k pay down on total debt so I can quit the second job. more specifics later

  6. #20
    Master Dollar Stretcher
    Join Date
    Jul 2007
    Posts
    1,472
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    I'm so in! Our MasterCard got horribly out of hand in the last 3 months. When we get back from our trip I'll post the totals and goals. As of 1/1 it will not be used until payed off.

  7. #21
    Registered User kcsmom76's Avatar
    Join Date
    Oct 2007
    Age
    43
    Posts
    576
    Post Thanks / WTG / Hug
    Rep Power
    15

    Default

    So, who is serious about getting rid of debt? Dh and I are serious about being done with our debt in 2009. 2009 is going to be our year for non-mortgage debt payoff, and saving for things we have been neglecting and needing for the last five years of non-mortgage debt payoff.

    How much would you like to get rid of debt? We want to get rid of $4,609.78 in debt. We have been working on this for going on 5 years.

    Are you willing to make sacrifices to see that debt gone? Dh and I are willing to make sacrifices to pay it off and save money for a new roof $3000.00, a new computer $1000.00, a trip to Disney $4000.00, and have $3,000.00 extra in savings by the end of the year. I have been working on our budget for the whole year for 2009 the last couple of days. I am going to make up charts to show our progress so we can stay motivated.

    I am also going to have to really watch how much I spend at the grocery store and not go out to eat much. Making a menu and making a grocery list from that will really help.
    Last edited by kcsmom76; 12-27-2008 at 02:02 PM.

  8. #22
    Registered User MomToTwoBoys's Avatar
    Join Date
    May 2008
    Location
    Edmonton, AB Canada
    Age
    42
    Posts
    3,972
    Post Thanks / WTG / Hug
    Blog Entries
    23
    Rep Power
    30

    Default MomtoTwoBoys' 2009 Debt Reduction Challenge

    I've been doing the frugal thing since May, and with the year coming to a close next week, I decided to devise a great plan to kill debt in 2009!

    I did a lot of thinking about frugality and happiness over the last seven days. It was about all I could do without my computer with me to work on my book or otherwise be distracted by other things. I wanted 2009 to be the year that we killed off debt, but at the same time, felt like we were living above our means. I thought of doing strictly tight frugality with debt repayments, but then I thought about how happy we would be with that. I don't want to feel "poor" all the time while paying off the debt, and I certainly don't want to put us in a spot to be dipping into overdraft. So this is what I came up with:

    Goal #1: Pay off all smaller debts immediately.

    We have one debt that has less than $800 on it (that being the MDG debt). I want to kill that off as fast as I can with any extra cash. We get two forms of extra cash in January alone that tallies about $550. We were going to put the extra cash into the emergency fund, however I'd rather get rid of that smaller debt first. It's been a debt to us for the last five years and that's just way too long in my book.

    Goal #2: Replenish the emergency fund.

    I haven't looked at the checking account since before Christmas (partly because DH told me not to look because he bought Christmas gifts out of the checking account) but before we left, we took all of our emergency fund and put it into the checking account to pay for Christmas this year. We had decided that we'd replenish the EF afterwards, so that's my next goal. However this time is different: we're going to put just the emergency fund into DH's savings account. My savings account will be used for Goal #3...

    Goal #3: Fill my savings account with slush fund cash.

    I will be contributing $100 per month into the slush fund. I receive income in my checking account twice per month (my pension and the kids' tax credits) and we'll be losing $100 per month as of July 1st due to a tax credit stipulation. Nevertheless, I'd like to put $100 per month into my savings account and not touch it.

    Goal #4: Snowball $200 per month into the debt repayment plan.

    I had wanted to put every single extra cent into the debt repayment plan but then again, I also wanted to be comfortable with what I was doing. I didn't want to stretch us too thin. Therefore, the $200 is good because it gives us the flexibility to pay off debts via interest-first. Once we pay off the smallest debt, we'll have $253 to pay off the other debts. If we can crack into the Mastercard bill by the end of the year, I'd be happy. As it stands right now, we have about $2100 to pay through before we hit the Mastercard. The Mastercard is at about $4100 now, which will be further reduced thanks to some reimbursements for two pairs of eyeglasses and a reimbursement through DH's boss for a KVM switch he got (it's considered a work-related expense).

    Goal #5: Keep decreasing regular bills and put that to use with the stockpile.

    I need to replenish the stockpile this year and now that I got a water-bath canner, I may end up using that extra cash to purchase jars and lids and other items. I'd like to have a full winter stockpile for Fall 2009, so that's part of my plan. I also got some items to help us not eat out this coming year, and all of that extra cash will be helpful. If I can get a three month stockpile by Fall 2009, then we can more easily fund Christmas 2009.

    I'm hoping that this coming year proves that we can keep smacking down debt and get rid of a big chunk before the end of the year.

  9. #23
    Registered User TinyDancer's Avatar
    Join Date
    Sep 2008
    Location
    Chicago
    Posts
    230
    Post Thanks / WTG / Hug
    Blog Entries
    53
    Rep Power
    12

    Default

    My goal is to pay off about $13,000 in CC by the end of 2009.

  10. #24
    Registered User MRAHoffman's Avatar
    Join Date
    Oct 2008
    Location
    Grand Rapids, MI
    Posts
    258
    Post Thanks / WTG / Hug
    Rep Power
    15

    Smile I'm in...

    I have no mortgage, but I do have 1 credit card, my car and my student loans (I think thats all...I WAS going to get this all together on my Christmas vacation but with the furnace blowing and the basement flooding, I'm working on another project). Take care and God bless.

  11. #25
    Registered User
    Join Date
    Jun 2008
    Location
    NY
    Posts
    200
    Post Thanks / WTG / Hug
    Rep Power
    12

    Default

    Not really sure how much I cand deduct but here it goes:

    Home:38,000
    Van:11,000
    motorcycle: 11,000
    medical: 1,300
    bank:600
    college:500

  12. #26
    Registered User wwe11's Avatar
    Join Date
    Feb 2005
    Location
    Ohio
    Posts
    1,105
    Post Thanks / WTG / Hug
    Rep Power
    20

    Default

    I am in. I am going to get rid of as much debt as I can this year. My totals are in my siggy.

  13. #27
    Registered User tervsforme's Avatar
    Join Date
    Dec 2005
    Location
    Ann Arbor, Michigan
    Posts
    2,896
    Post Thanks / WTG / Hug
    Rep Power
    33

    Default

    I'm in as well. I'll have one credit card paid off in February! Then I just need to work on the last one, it's a biggie though about $15,000. It's at a very low interest rate and I'm sending in extra money now, I can see the balance go down, I like that feeling, I want to keep it up.

    The biggest thing affecting my budget is my RV. It's in storage right now, but when I get it out in April, I'm going to list it for sale. I'm upside down on it, but once it's sold I won't have the insurance and upkeep and such on it. The payment for this is KILLING my budget. It leaves me no wiggle room. I really love my RV, but it needs to be gone ASAP.

    Thanks for the encouragement, I'll need it!

  14. #28
    Registered User
    Join Date
    Nov 2007
    Location
    Wisconsin
    Posts
    54
    Post Thanks / WTG / Hug
    Rep Power
    13

    Default

    I'm in too. I need to get my rear in gear. My goals are in my signature.

  15. #29
    Registered User qsaver704's Avatar
    Join Date
    Oct 2008
    Location
    North Carolina
    Posts
    1,494
    Post Thanks / WTG / Hug
    Blog Entries
    9
    Rep Power
    15

    Default

    I am in too. I believe my new 2009 total on the only credit card I have is $3250. I also need to save $4000 for a new roof. My third goal of the year is to refinance my mortgage. It is only $84,000. My problem is that it is an ARM (going up again Jan. 2010). I hope to have the credit card paid off so I can refinance at a lower rate(instead of having to "buy down" points like my parents do). I also understand that it cost to refinance, so I guess I need money there, but a fixed rate would help in the long run!

    Thanks for the challenge.

  16. #30
    Registered User nic4549's Avatar
    Join Date
    Nov 2008
    Location
    Florida
    Age
    36
    Posts
    440
    Post Thanks / WTG / Hug
    Blog Entries
    39
    Rep Power
    12

    Default

    I'm in. Debt makes me mad and I'm ready to get rid of it. We started with about 21K in debt and in 9 months we are down to about 15k in debt. We WILL pay off the credit card this year ($5,987 by Nov. 2009) and start paying off the van ($11,150 by May 2010). Fortunately, those are the only 2 debts I have. We will do whatever we need to accomplish this goal.

Page 2 of 61 FirstFirst 123451252 ... LastLast

Similar Threads

  1. 2009 Debt reduction total
    By homesteadmamma in forum Money challenges
    Replies: 1070
    Last Post: 01-19-2010, 07:00 AM
  2. May's debt reduction challenge
    By homesteadmamma in forum Money challenges
    Replies: 47
    Last Post: 05-31-2006, 08:52 PM
  3. Debt reduction challenge
    By nodmicks in forum Money challenges
    Replies: 197
    Last Post: 12-20-2005, 04:49 PM
  4. Debt reduction challenge-how are we doing?
    By MANDERS in forum Money Articles
    Replies: 3
    Last Post: 08-07-2002, 10:59 PM
  5. who's up for a debt reduction challenge
    By MANDERS in forum Money Articles
    Replies: 25
    Last Post: 07-30-2002, 04:23 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •