by Hope
I am hitting the ground running. Because my new work is contract based and I have learned over the years…I am working on a monthly retainer agreement and will be paid in advance each month. Since I started work this week, I have already been paid for the 9 days this month.
As soon as it hit my bank…I scheduled to pay off one of my credit cards. Woot, woot! My lowest balance card is at $0! And I am going to cancel the card to avoid any temptation in the future.
| Debt Description | October, 2023 Total | Interest Rate | Minimum Payment | Current Total |
|---|---|---|---|---|
| Personal Loan #1 | $2,500 | 0% | $2,500 | |
| Personal Loan #2 | $2,500 | 0% | $2,500 | |
| Dad - New Furnace | $2,600 | 0% | $2,600 | |
| CC - AMEX | $894 | 29.24% | $0 | $0 |
| CC - Wander | $1,630 | 29.24% | $124 | $1,735 |
| CC - USAA | $5,000 | 19.15% | $135 | $4,966 |
| CC - Amazon | $1,497 | 29.99% | $53 | $1,481 |
| CC - Sams | $1,106 | 29.99% | $40 | $1,133 |
| CC - Frontier | $3,857 | 29.99% | $131 | $3,676 |
| Car Loan | $19,581 | 12.69% | Gymnast Pays | $17,635 |
| Student Loans | $22,121 | 2.875% | In Deferrment | $22,186 |
| CC - Apple** | $500 | Paid off every month | $0 | |
| Total | $61,186 | $60,412 |
Updates
I was a little disappointed to see that my overall total has not really gone down since October. But I did add the $2,600 that I now owe my dad; otherwise, it would have showed some movement. I am playing around with my forecast spreadsheet to see how I can balance paying off debt along with getting ahead on some things.
Since this is only a 6 month contract, I am being pretty conservative. My financial goals as of right now for these 6 months are:
- Pay my mortgage payments through the end of the year.
- Pay off 2 credit cards – 1 is done as of this post and I think I am going to pay off my second lowest balance as well.
- Pay off my two personal loans at $500 per month beginning in April. I’ve already touched base with one of them and she’s good with it. Going to reach out to the other and get his okay. (Or better yet, get him to commit to a web build to cancel that debt. We will see.)
None of my part time income is in my forecast as it’s not steady. (Made less than $200 in January.) So for now, that money will just dump into savings to help rebuild my cushion.
Hope is a resourceful and solutions-driven business manager who has spent nearly two decades helping clients streamline their operations and grow their businesses through project management, digital marketing, and tech expertise. Recently transitioning from her role as a single mom of five foster/adoptive children to an empty nester, Hope is navigating the emotional and practical challenges of redefining her life while maintaining her determination to regain financial control and eliminate debt.
Living in a cozy small town in northeast Georgia with her three dogs, Hope cherishes the serenity of the mountains over the bustle of the beach. Though her kids are now finding their footing in the world—pursuing education, careers, and independence—she remains deeply committed to supporting them in this next chapter, even as she faces the bittersweet tug of letting go.
Since joining the Blogging Away Debt community in 2015, Hope has candidly shared her journey of financial ups and downs. Now, with a renewed focus and a clear path ahead, she’s ready to tackle her finances with the same passion and perseverance that she’s brought to her life and career. Through her writing, she continues to inspire others to confront their own financial challenges and strive for a brighter future.
