by Hope
I think I will let the numbers speak for themselves. If you want to see last month’s debt…you can find that post here.
| Debt Name | Current Balance | Interest Rate | Min. Mo. Pymt | Original Balance | Status |
|---|---|---|---|---|---|
| CC Intro Rate - Retail #2 | $2088 | 3.99% | $39 | $3500 | Retail #2 refinance |
| Personal Loan - Car | $4786 | 12% | $96 | $5000 | Car Sale Difference |
| Credit Card - Consumer | $5080 | 13.90% | $105 | $4,974 | Minimum Payments |
| Student Loan | $32,805 | 2.875% | $0 | $31,687 | Forbearance until Feb. |
| Checking Account | $0 | 0% | $741 | Paid Off - Jan, 2015 | |
| Credit Card - Retail | $0 | 25.99% | -- | $2,265 | Refinanced - Dec, 2015 |
| Car Loan - Accord | $0 | 0% | -- | $1,900 | Paid Off - Dec, 2015 |
| Car Loan - NV | $0 | 6.79% | -- | $31,138 | Sold - Dec, 2015 |
| Line of Credit | $0 | 15.95% | -- | $1,248 | Paid Off |
| Credit Card - Retail #1 | $0 | 0% | -- | $413 | Paid Off |
| Property Tax | $0 | 0% | -- | $700 | Paid Off |
| TOTALS | $44,759 | $240 | $83,566 |
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 3 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.
Looks like you’re doing pretty awesome! ~$1,900 paid off since last month’s update? Fantastic!
Matt,
It was a great month and I keep looking to see how I can squeeze more out of our regular budget AND make more money. I LOVE having such a short term goal that challenges me, it really helps keep me motivated.
Hope – that’s amazing and so exciting! You are going to quickly get rid of your 3 smallest debts. Won’t that feel wonderful! Keep it up!
Yes, Den, it will feel GLORIOUS! I keep thinking that I will need to celebrate and then I think…no, student loan debt, land purchase, home purchase…I don’t want to spend money anywhere else.
Quick question, are you focusing on the intro rate card to have it paid before interest starts? How long of a timeframe is that? I think it’s great that you made such a large payment in January, but it kinds of hurts to see that consumer cc balance creeping up.
Jasmine,
I am focusing on the new lower interest debts right now due to 1) the intro rate that was good for 6 months and 2) I need all the successes I can get to keep motivated. The actual credit card debt is older and most likely I will keep that credit card around afterwards, while the others loans are just to get me through this right now and then they will be gone.
Great progress! I can’t believe you have ONLY 13k (ish) debt outside of your student loans. You made a lot of hard decisions in 2014. 2015 is going to be such a productive year because of it.
Yes, that’s my goal. I feel the noose loosening and it is such an amazing feeling as I have more and more freedom each month to DECIDE where my money goes rather than it all being gone before it even hits the bank!
Congratulations! I’m impressed that you accomplished so many positive financial goals during an extra stressful time. Many times people comfort themselves in some way that involves spending money, so good job to all of you, it’s very exciting! Clearly you’re a strong woman Hope, and you should know that you’re an inspiration to all types of parents/women/men, myself included (many choose not to post, for various reasons, but look forward to reading on your post days :). Lately you’ve sounded much more powerful as well, at just the right level and with grace, something that takes a lot of maturity and restraint. Keep it up, you’re so close to making your dreams come to fruition. So close! You have breathing room now and it’s finally your time to really take control. We’re so happy for you!
Thanks, Mia. I feel more powerful. Getting in a place where I can choose how to spend my money, well, it’s an amazing feeling. Thank you for the encouragement, it really does help…especially on those days when I do just want to go shopping!
Wow–the only thing that is standing between you and being free of your consumer debt (Aside from Student loans) is about $12k. That is GREAT! If you take the opportunity that living in the smaller space is giving you to be lazer focused on paying this off–I have no doubt you can be debt free in 2015. Then you can move forward with your goal of getting your house/land, etc. Remember–the difference between a Dream and a Goal is a PLAN! You can do it!
Thanks, Teri. I don’t know what I would do if I couldn’t plan for the future…paying off the debt with no end game wouldn’t be half so motivating to me!
awesome work – really making progress. how are you feeling about it? free-er?
Adam,
That is what is most amazing to me…the feeling. Two things stand out…1) I now have control of my money rather than my money controlling me. I get to CHOOSE where it goes. That’s HUGE for me and so freeing. And 2) I think most amazing to me is the car thing…the freedom of having no car payment, low gas and little maintenance is just amazing.
It’s like a noose coming off from around the neck and being able to take great big deep breaths!
That’s pretty amazing!
in these financial times – you show that there is hope indeed.
All it takes is being more financially aware and responsible, as it seems.
David,
I think you’ve hit the nail on the head as far as being more aware and responsible, but the other key is motivated and I am definitely that.