$31000 debt gone in one year
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  1. #1
    Registered User Nadders11's Avatar
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    Default $31000 debt gone in one year

    Here's how we eliminated $31000 of our debt in the last year.

    Starting debts: numbers are approx.
    16900 LOC
    1000 credit card
    2000 student loan
    10000 truck loan
    10800 van loan

    First thing I did was put our enmax bill (natural gas) on fixed rate. Now I know I won't go above $350 a month, and much lower in the summer. I budget 350 for it each moth. Extra goes into savings. The bill before fluctuated between 180 and nearly 700 a month.

    Next I went down to $1000 emergency fund. We had 5000 in our savings, but 40000 in debt. Stupid.

    Next food and variable spending had to be put under control. Once a month eating out. No extra spending money unless we sold something. And groceries, paper products, health, beauty and cat was done with 120 per week for a family of three. No more steaks or ribs around this place!

    Next every expense was sliced, things were cancelled, dh phone bill cut in half. If it wasn't in the budget, it wasn't gonna happen. I tracked every dollar. No unauthorized debit purchases. I make do with what I have. Make food from scratch. No impulse buys. Infact I've only been in a mall 5 times this last year- no joke my dd3 asked what it was when we drove by a few weeks ago.

    I have an overly detailed way to track money with a yearly calendar and 3 notebooks. I check my account at least once a day. Perhaps a bit over the top.

    DH took a few months of whining to come around. But then he realized what I was doing when I paid off the truck in April with the tax return and some employee shares we cashed in. Now he tells people about Dave Ramsey and is excited to buy a travel trailer in cash!

    So by May LOC, visa and truck were paid. Combination of savings, tax return and shares. Literally every extra dollar went to debt.

    After this we loosened up and upped food to 200 a week and just piled up money. DH got on board and did extra work/sold stuff for spending money.

    I calculated that we only used %61 of our take home money on expenses. So all the rest went to savings and debt repayment.

    I paid my student loan in November. I could have paid the van loan this year but I wanted to make a lump sum contribution to RRSPs instead. So far I have 3000 saved to pay the truck, I'm waiting for march for the next tax return just incase Murphy comes knocking at my door.

    So nothing special but a loathing for my debt and a husband willing to let me dictate finances.

  2. #2
    QM
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    Registered User QM's Avatar
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    Quote Originally Posted by Nadders11 View Post
    I have an overly detailed way to track money with a yearly calendar and 3 notebooks. I check my account at least once a day. Perhaps a bit over the top.
    So...tell us your secret. Do you use a computer program?...If so, which one? I need to learn your ways because you sound like you've become quite wise!

  3. #3
    Registered User pcaltman's Avatar
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    You did great

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    Registered User nodmicks's Avatar
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    Way to go!!!!!

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    Moderator aka AmyBob AmyBoz's Avatar
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    Excellent! This is a wonderful, inspiring story! That's a huge amount of debt to pay off in such a short time! Color me impressed!
    Blog: http://amysreallife.com

    Amy
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    Public School Teacher

    Mortgage - $377,836.63

    Always remember others may hate you, but those who hate you don't win unless you hate them. And then you destroy yourself."

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    Registered User Rosebudget1's Avatar
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    Congratulations! You are incredible! Great job!

  8. #7
    Registered User Frugal Nurse's Avatar
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    This is such an imspiration! I racked up $24K in cc debt. stupid me. outta control. But I can pay it back - it's just going to take discipline. and random inspirational reads like yours.

    Thanks so much for posting this. You did absolutely great.



    Cheers!

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    Registered User Megareader's Avatar
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    Wow! We need to follow your example.

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    Registered User hmcart's Avatar
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    that is great! We are dedicated to get everything but the house paid off this year and pay cash to paint our house and do the repairs on our porch. Hopefully we can start replacing windows a few at a time before next winter.

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    That is awesome what a great job in getting rid of debt!! I admire your discipline

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    That is fantastic!! Way to go!

  13. #12
    Registered User Nadders11's Avatar
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    I don't use any computer programs. I tried mint, but I didn't like it. I use plain old pen and paper. I have an iPad only....can you use excel on and iPad?? Cause I might like excel.

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    Moderator Ceashels's Avatar
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    Awesome! Thank you for sharing.

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    Registered User Libby's Avatar
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    I agree - thank you for breaking it down and sharing with us

    I too like the simplistic but tried and true method of pen and paper.

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    Awesome Nadders we did the same. House is paid. Home equity is down from the original $50,000 to $13,600.
    I am a paper and pencil person too. I have budgets from 2009-2012 to reference. We own our cars and DH also must do side jobs for spend money.
    I track the accts and check daily also so if your over the top...lol.
    I also keep a sheet of paper over the computer w/ exact totals and change it every 2 weeks (pere pay period) as totals fall. We started at $176,000 and are now at $38,000!
    Great going.

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