Now that we have the budget down my next big goal was to get hold of our debt and find feasible ways to become debt free. We are already making monthly payments toward our car loans and whenever I remember I was paying a little of the credit card off; before a few weeks ago I couldn’t have even told you how much we owed in debt. I did a little research, came up with the golden number, and got to work on Excel.
I played with the numbers and found a feasible monthly goal for us to reach each month. The most exciting part was seeing that if we meet this goal every month we will be DEBT FREE one year from today! Seeing on paper the end to our debt made me so incredibly happy. It is obtainable, it is possible, and it is happening! The best part was flipping the word “Debt” to the word “Savings” and seeing how much we could save the following year by continuing to set that amount aside. The best best part is a portion of my job is commission based and judging how this first quarter went I could potentially add extra income to paying off debt and eventually add to saving to make for even better results!
Something as little as switching to cloth diapers and then starting couponing has inspired me to be money conscious is every aspect of our lives; I cannot wait to see what’s in store for our future!
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3 comments:
Thats so exciting!! We would love to be able to do the same. We're workin off CCs and such too!! so happy for yall :)
Great job! We have been working toward the same goal since we got married. We've had a few times of getting SO close (literally $1200 away) and then having a set back that was so major ($6000 a/c replacement). This year we were so blessed because Josh got two good bonuses. We put them both in savings and made sure it was significant and have been working to pay debt since. We're about a year out now too and I'm praying that nothing crazy happens (and dreading the next batch of medical bills), but am thankful for the savings we have in case something does happen. Fortunately, Josh's car is paid off next month and even though we want more than anything to replace mine, we're going to try to wait 1 year (who wants to go anywhere with a baby and a 1 year old by themselves anyway?) because that money will make all the difference in reaching our goals. Anyway, thought I'd share our story too. ;) Good luck to you guys! One year, yay!!!
That's AWESOME, Caroline! And such a good feeling... on our budget, I include what month/year a bill will be paid off and it's so nice to scratch through it when it finally is. Way to be a wise steward!
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