by Hope
Ok, I’ve posted my new debt numbers, I’ve posted my new monthly budget, and I’ve figured that even with my lower income I’m going to be able to pay about $1400 extra towards debt. So here’s my current plan….
January – pay off remaining utility bills from old house, pay of checking account balance and put the rest towards the Retail #2.
I then have a little bit of extra money that should come in towards the end of this month from client invoices.
February – between the extra income I’m expecting and regular monies, my goal is to pay off the Retail #2 by the end of February. It will be a stretch, but that’s what I’m gunning for!
Then I will focus on the personal loan and credit card simultaneously, I think, but I’ve not yet mapped that far out. One step at a time…
But my goal, at least in my head is 6 months to pay off everything but my student loan debt. I realize that’s pushing it with my numbers, but I’m super motivated so I’m working on how I can make more money!!
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
I like your enthusiasm!
That is awesome!! I just read all your updates and figured you’d knock out the rest of the debt this year (but for the student loans). 6 months? Wow! I know you can do it!!
That’s amazing Hope. If you could really knock out everything but the student loans in 6-7 months, then by July you’d have an extra $240 to snowball toward debt and $1657/month (assuming you still don’t get child support back or increase your income). If you just put that toward your student loans you could have around 24k left by the end of 2015 (wow!!!!!) and actually maybe be debt free by the end if 2016!!! That is pretty exciting especially after your debt free date was 2019 before you sold your car. Very proud of you and excited to see your progress!!!
On mymoneyblog.com, I saw an article about an offer from the Chase Slate credit card that may help save you money on interest. There is no transfer fee if you transfer a balance in the first 60 days, and there is 0% interest for 15 months. If you can qualify that would give you a little more breathing room to meet and/or exceed your payoff goal in 2015. I have no affiliation with the above blog or Chase Bank. Best wishes for a stellar year!