2012 Goals

I would like to be more put together this year.  The last couple years between saving for a wedding and trying to get out of debt I have let somethings slide.  I truly believe there can be a better balance.

1.  Get 2-3 great outfits – buy some accessories to dress up current clothes (Budget $500 – currently saving up $)

2.  Join the gym (I have been avoiding because it cost money which is ridiculous my well being should be higher on the priority list) and GO!  I have joined and I have been going

3.  Continue to pay down debt – I would like to pay down $10k in 2012

4.  Continue to build up Efund – Current sitting around $3400.  I would like to see it at $5k or more.

5.  Travel and pay cash for all travels – We have been doing this for the last couple years but I need to keep telling myself that is the only way you can go on vacation

January 2012 Debt Update

#1 – Paid Off

#2 – $4222

#3 – $2428

#4 – $8838

#5 – $10,774

#6 – Paid Off

Total:  $26,262 down $48 dollars from last month.

No excuses but my man had to use his card (#5) for a couple things this past month and some of his payments hadn’t hit yet so hopefully next month we will see a bigger gain.

Couple changes coming up – I did a balance transfer from #4 to #2.   The plan is still to pay off the current balance of #2 then move onto #5.   So the transfer will not effect the current plan just switch the balances around a bit.

 

December Debt – 2011

#1 – Paid Off

#2 – $4787 – this is the card we are currently working on paying off.   Goal is April 2012.

#3 – $2428

#4 – $8938

#5 – $10,157

#6 – Paid Off

Total $26,310

Down $947 from November

We have paid off $2762 since joining forces in August 2011.

So far we keep falling under $1000 on cleared debt each month.   I am going to try to break $1000 this month.   If we can constantly knock out $1000 per month – we will really start gaining some ground

 

 

Small Steps Toward Debt Freedom

I have found it is really easy to get ahead of yourself when trying to pay down debt.   This typically results in getting frustrated because you just want to cross something off and start focusing on the next thing.   We focused on the two smaller credit cards so the first couple months of our new plan have seemed very rewarding and like we are getting somewhere.   After we take out #6 in November we are going to start having a longer delay in gratification.   This is when we (I) need to keep my eye on the prize.   All of this debt repayment is pretty much automated so it is just a matter of waiting till the end of the month to tally the total.   I hate the idea of wishing our lives away until we are out of debt but it is hard not to just want to fast forward.   We know it is possible but the challenge is not how we are going to do it but do we (I) have the patience to endure the next 24 months or so.   Patience is a virtue as they say.

My question to my non-existent readers is how do you keep your patience?

 

One down and 5 to go…

As of earlier this week CC #1 has a balance of $0!!!!   Immediately, after that payment posted I recieved an email saying they raised that credit limit by $4000….geez!

I am sure they will be missing my business but I am moving forward without them.   Our next goal is to have #6 paid off in November.  I was really hoping for this month but a few birthdays and vacations has left the extra money to some other things.

October 2011 Debt

#1  $247

#2  $5376

#3  $2428

#4  $9138

#5  $9949

#6  $975

Total $28,113

Paid Off $1059

This is so amazing!  Our goal is to eliminate #6 in November!

1st Payment

Yesterday I made a payment towards #1 for $620 and later this month I will make another payment of $180!

I think combining our debts and payments is probably the best decision we have made in a long time.   Yes it is scary to look at that BIG number but I think the excitement of large payments will take us far…

 

Combined Debt September 2011

Ok…additional debt was found since my last post – how do you lose debt?   It is more like not thinking of it as debt but it is so the total has changed.

#1  $1039

#2  $5406

#3  $2428

#4  $9238

#5  $9981

#6  $1080

Grand Total  $29,172 (YIKES)

Plan:

Contribute $1450 per month towards debt

Basic Payments on all cards will run us the 1st month about $620 leaving $830 extra towards paying down debt.

We are taking out Credit Card #1 first.  The Goal is that is paid off in October.

A close 2nd will be #6.  This possibly could be done in October but it might have a very small balance into November.

That is as far as our plan goes for right now.  We will evualate our next step once #6 is paid off.    I am torn between #2 and #3 but could be persuaded in a completely different direction.

To Combine or To Not Combine

The question that is fairly popular in the blogsphere is about combining finances with your significant other….the even more popular question is how do you do that?

We have taken the approach of “if isn’t broke don’t fix it” in regards to combining our finances.   It has worked extremely well for us.

We both have credit card debt and both of us have been working to pay it off on our own.   After a few conversations we have decided that the power of our money combined would help us accomplish more.   Therefore the decision has been made to combine our debt.  Notice I said combine our debt not our finances.   We will still remain our own independent accounts but we will work together to pay off our debts.

I thought my debt alone was scary but when you add both of our debts up it is straight up horrifying.   This alone should be a great motivation for us to pay down the debt.

The grand total of debt is around $28,000 (YIKES) but with combination of our money we should be debt free the middle of 2013.

I will be setting up a new debt update to reflect the additional debt.   Wish us luck!

Savings

I save $175 per month.  Here is my breakdown for accounts.

$50 Efund

$50 Me Account (this is for clothes, pilates, etc)

$75 Travel Fund

Once we are done with debt we can really focus more on savings but for now I think this is good.