This year I've been trying so hard to spend wisely, chase sales, pinch pennies, and just not spend money on anything except for essentials. I have been struggling a lot to balance the budget each month. The credit card debt really does not seem to be going down BUT sometimes you have to push the day to day picture out of your mind. I've been letting it really get me down (I think about money/ money is on my mind WAY too often). In reality we are on track to pay off over $10,000 in total debt this year.
Our highest debt payoff year was 2011, when I started this blog. I paid off $9000 that year. In an odd turn of events I got pregnant that year as well. In 2012 we went considerably further into debt upon welcoming our amazing son into the world (hospital bills, unpaid maternity leave, and my husband can't cook/ I didn't cook or grocery shop for quite awhile after the baby came (I fractured my tail bone during delivery)). 2012 was the best year and one of the worst financial years at the same time. Since then we haven't made it much over $5000 in total debt pay off during one years time span.
In other words $10,000 in debt payoff in one year is HUGE for us. Here I am getting frustrated about income and out go and how slowly the credit cards are going down and truly I should be very proud of the progress we are making this year. And I am. I'm really excited about that $10,000 mark, REALLY excited. Our highest total debt was $147,000 in January of 2010. That included the mortgage, any car loans, and credit card debt; ALL debt. We started off this year $130,000 in debt. We should be under $120,000 in debt by January 1st of 2016.
We've a long way to go. Between becoming credit card debt free, building a real savings account (3 to 6 months of expenses), and retirement... we've a LONG way to go. But right now I am going to choose to be really, really, really happy about $10,000 of debt being gone in one year. The debt IS going down. I get all the bills paid every month. We eat good (and don't eat out anymore... at least me and little Abe don't). I enjoy cooking at home and baking lots of new things and gardening. I really enjoy gardening. This is a good year!
Average daily spending for 2015: $18.24
I think you HAVE to be happy with the progress you have made - it is AMAZING!!! It is hard to get past the day-to-day grind of debt though so hopefully you can focus on the little things like getting the debt down to a certain point or paying off something small just to keep you going. Just keep your head and heart in the game and continue to do what you have been doing and you will be out of debt before you know it!!!!
ReplyDeleteOh I am in this to win this :)
DeleteI will be debt free before 50!!!
40 was my goal but realistically I think we can have the credit card debt gone by the time we're 40. The house will be paid off by the time we're 50 though, pretty sure of that.
That is a very successful year. I should spend a weekend back reading and rereading to learn a thing or tow. I hope my son starts figuring this out. He is woefully in debt and nothing but his camera.
ReplyDeleteIn comparison it's HUGE for us. I've been money stressed but it makes me really excited.
DeleteIt's been a LONG road. My husband and I came from families that embraced debt and we both started out young with credit cards, not even thinking of it as real money. It was a VERY bad way to start out and we were so blind to it then. I didn't wake up until it got hard to pay the bills and the minimum credit card payments. My husband... well that's a totally different story. Does your son care about his debt, like is he interested in getting rid of it, or being debt free?
DeleteYou are doing amazingly well - sincerely. Be happy with yourself, look often at your progress to give yourself a motivation, and remember that it's a marathon, not a sprint. You are building a healthy & happy life for yourself & your family. . . one day at a time!
ReplyDeleteThank-you. I need to look at my progress a lot more often. It's to easy to look at what still needs to be done but you're right. This is a marathon and I need to think about how much ground I've covered. There is a finish line to this long race and I'm a little closer :)
DeleteYou are wonderful. Nuff said.
ReplyDeleteThank-you dear friend!
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