It's time to get serious about that debt. For anyone who knows me they know that I'm mad about debt. I want others to have the freedom to do they things they've dreamt of doing, to have the freedom to do live without worrying about how they are going to make their next payment.
So everyone, I want you to get serious this year. I'm going to be cheering you on, giving encouragement and pushing you to work harder and harder. It can be done, we are living proof of it. It took us 6 long, hard and sacrificial years, however we are debt free.
So, who is serious about getting rid of debt?
How much would you like to get rid of debt?
Are you willing to make sacrifices to see that debt gone?
Okay, this sounds fun. I am a cash person, but I only buy gas and groceries, so I may not end up with much. I have $2 sitting on my "pay debt" envelope, so that will add in also. On Friday, I was able to pay $52 to debt - woo hoo!, so I'm on my way...
I'm in. my sig shows my totals and I'll count my quarters. I'm starting with my altought high my smallest credit card first. Homesteadmamma you are an insperation. Thank You
I'm in. Instead of adding the quarters to my change jar, I'll save them for debt. Our only debt at the moment is the mortgage on our house and the mortgage on the rental house. It will go towards one of these.
We're starting off the year right by slamming that MDG account! We paid $53 towards it on the 1st when I would normally wait until the 8th to do it (gives us at least five days before the account is due). Then today, I email DH at work and ask him if I can put the $65 that he got for his every-three-month tax credit onto the MDG account. This was his response (and this is where I am so proud of him!):
[FONT=PrimaSans BT,Verdana,sans-serif]Hi hon,
Unless there is another payment that needs to be paid before Jan 22nd... Just LEAVE $65 and put everything else that is in my chequing account onto the MDG account. Let me know if that makes sense or not. If the bills are paid up until Jan 22, we are in great shape. I will put ~$40 gas in the van and that should last a few weeks or so... We don't need to buy anything that costs more than $25 before Thursday do we?
I had to buy lunch today... I ate my lunch at 7:30 this morning and was starving by 11:00. Not sure what the deal is... I think it's just that I haven't really eaten much the last 2 days and I'm not used to working anymore. I think I'm going to start eating toast in the morning before I leave or something.
Love you!
[/FONT]He is my :hero: right now. He was never too into this debt reduction thing until he sat down and plugged the numbers into Excel himself.
Anyways, with the $53 I paid on the 1st I also paid another $169.92 today! That's $222.92 so far and another $26.50 ontop of that on the 8th. After the payment on the 22nd and another one on the 26th ($26.50 on the 22nd and $468.86 on the 26th), I think the MDG account may be wiped out! That's $800 in a MONTH!
I am in for this weeks challenge. I have been very selective with my Debit card usage ever since the bank called and asked if I was shopping in Turkey. Thankfully I was home to take the call and stop the 'theft' before they, whoever they are, had a chance to do to much damage.
great challenge idea, i too use debit most of the time, but honestly i cant stand to see an uneven number in my savings account so frequently I go and top it up to the nearest $5 ... every bit helps ... so at our next pay when I go to make the van payment (next pay it will be considered an extra payment anyways) I'll add in whatever extra on top of that that I can maybe an extra $5 or so ....
Our January payment finally went through. Our daily interest tally has gone down two cents. It feels like so little, but I know every little bit helps. Another check is on the way to hopefully be applied only to principal, so I'll update again when I see that check come out.
I just realized...we have passed the $1000 mark in how much we've paid off Sallie Mae!!! We got put back about $250 in October for capitalized interest (UGH) but we've made it 1/14th of the way! Hooray!! At this rate, we'll be done in less than 3 years (even though Sallie still thinks we're hers til 2018!). But we're constantly increasing our payments, so maybe we'll make it in 2 years or less!
You know, this has really clarified my ideas for this challenge. I know this thread is for the entire year, but I've got to start short term. So my challenge for the next 2.5 months is to reach the $2000 mark - to get my principal balance down to $12,480. I'm excited!!
My additional check to Sallie Mae went through today - it was an experiment to see if I could get them to only apply it to principal.
I think they didn't.
Its confusing, because it was only yesterday that the monthly payment came out. So yesterday there was $2.25 interest (that is one day's interest), and today the payment came out and said that $2.25 of it had gone to interest. And there is $2.22 interest for today (daily interest down another 3 cents!).
Anyway, I don't think that my method worked. I sent in a check manually, since there is no option on the website to apply only to principal. I put my account number and a large note saying please apply to principal ONLY. :scratch: I don't think it worked.
However, about to update my sig. Total down to $13,270.45!
When you find out how to make Sallie Mae apply payments to principal, let me know! Every time I make an additional payment, they always apply it to accrued interest and then principal. I read on their website that is how they do it. I hope to have it paid off in 4 years. My balance (or should I say dh's balance) is $61,000 right now and Sallie Mae put it on a 30 year loan...whatever!
i have six "pressing" debts and i'm so angry that i haven't followed through with a "this year we're out of debt" plan. i also have medical debts that are so old they don't even send me bills anymore. i plan on approaching those through getting a credit report when the more pressing debts are paid off
i have $250 a month to put towards debt right now and those are going to three of my bills. soon one of them will be paid off and i'll be able to apply it to another to start to snowball them
one of the ways i am reducing debt this year is to budget for every four weeks instead of every month. we used to take that "extra" check and have a mini-party and now it's going to debt. that means we will pay at least an extra payment on everything, including rent, utilities, and child support, by the end of the year
anyway, here are my totals from the week one challenge as i know them:
debt 1: $110.78
debt 2: $1114.66
debt 3: $3135.52
not working on until the first three are paid:
debt 4: $182.87
debt 5: $5000
debt 6: $1000
week two challenge:
i will put all my change towards debt number one for the month
I am currently working on creating a household budget. Since I don't know what I spend on food & household items per month I am now tracking every penny.
Also I am working on snowballing our credit card debt. The first one is $700....
I am trying to save $100 in 100 days.
I learned to make laundry soap from you-all too and so far it is working great!
I have always menu-planned but I am in search of new and frugul snack ideas for the kids. Those snacks are budget busters.
Thanks everyone for all of the help.
I'm so excited, I just figured out that we'll be able to pay another $2000 to our cc this month. I've been trying to send $1000 a month, but this month DH will also get overtime pay on the 30th, which will be the other $1000!!
Overtime waxes and wanes, so when we get some, it goes right to debt.
I'm going to make my debt reduction challege official by posting in this thread!
I have ALOT to learn about debt reduction, so I'm hoping from all the experience in these forums I will be able to do this. We are on a very low income with 5 kids, so every penny counts majorly. I am money person in the house... well mostly. DH is shocking at wasting money, so it's up to me to try to make it stretch.
I'm not counting DHs credit card debt, only mine. Once I have mine sorted i may help him with his.... ys I know terrible wife, but I'm doing this for me
In my sig is my debts etc. I'll update as much as needed By the end of 2009 I want to see at least the over draft GONE and a nice chunk of the credit card. Credit card has been chopped into tiny pieces so I can look at it and remember what I am doing and why. Overdrafts life is saved atm, but if I find it tempting to use once it has some paid off it will be chopped as well. My main issue will be getting through the tough money times where DH is concerned, he always leans back to my OD card.... I have to try to work out to have a stash to stop it being used. I need to learn to budget!
We tossed another $102.26 onto the MDG account today, which means that by January 26th the account will be paid in full! This whole debt reduction thing with DH is driving me nuts.
WTG on putting that money on your MDG account. It'll be great to get it PIF on the 26th.
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