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Posts tagged with: motivation

Question of the Week – Tackling Debt


This is our Sunday series where we all respond to reader questions. If you want to submit a question, please go to this post.

Question of the Week

 Are you planning to tackle debt in an “all-out” kind of style or more of a “slow and steady wins the race” pace? – Jocelyn


Our plan is to sacrifice as much as we can stand to pay it off as quickly as possible. Life gets in the way sometimes but we just want that burden gone. 


To be honest, I am a little in the middle.  I am throwing the majority of our income, setting up our emergency fund and on debt.  But at the same time, there is a lifestyle that I have grown to love.  Being home when my children wake up, when they go to bed, and everything in between I simply love and for the most part am probably not going to change.  But as my income grows from all my ventures from home, more money will be thrown toward debt.


I did not even have to think about this one…I’m all in! I am so anxious to be out of debt and free up some of my income that every dime is thought and re-thought before it’s spent.  I have spreadsheets upon spreadsheets exploring different scenarios.  Granted, I have to balance my “all in” with four kids and their lives too, but I am pedal to the metal…all in!


Is it cheating to say both? To be fair, we’ve been paying down our debt for over a year now, but it’s definitely been at more of a “slow and steady” pace. Starting in January of this year we really got gazelle intense. I am SOOOO committed to eradicating our credit card debt. I am trying to tackle it with absolute dedication (examining all opportunities to cut costs, increase income, etc.). Our goal date for being credit card debt-free is March 2015 (one year after starting blogging here at BAD), but if I have it my way we’ll be finished by the end of 2014. But our credit card debt makes a relatively small proportion of our overall debt (which also includes a car loan, license fees, medical debt, and student loans). I see us staying focused and intense on paying off the car and license fees (and will continue blogging during this time). But If I am 100% honest, I feel much less urgency about the medical debt (which is interest-free) and student loans (which is NOT interest-free). Everyone I know with student loans basically finances it over the course of a mortgage:  15-30 years!!! I don’t want to be in debt that long, but the numbers are so huge and daunting, I would be lying if I said I am certain we can remain gazelle intense until its gone!!! I guess I haven’t fully decided regarding our pace of debt-repayment for these debts (medical & student loans). I’m hoping that as we continue along the journey, each additional “win” will help build momentum and make the process feel easier and more comfortable as it simply becomes our way of life. But if anyone would like to share a success story or tips for staying motivated, please leave comments! I find success-stories particularly compelling and would love any and all tips on staying motivated for the long-haul!

Little Rewards for Big Financial Steps…


In case you missed it…

We paid off our credit card last week.

We’re still working on my husband’s truck loan and the student loan but we promised ourselves little rewards for each payoff. It’s a good way to stay motivated when finishing a long stretch before starting yet another long stretch.

Surprisingly, my husband suggested a night out (surprising because I expected him to suggest something more along the lines of a macho flat screen TV or a beefy new grill). We purchased tickets to see Spamalot at the Civic Theater downtown. The tickets were $17 each (we sit in the nosebleed seats) and with dinner, we’ll likely spend a total of $100.

We get a one night break and it’s off to frugality again.