Hello everyone! My hubby and I are committed to eliminating our $57,000 of debt (credit card, car loan, and student loan), plus the $279,000 remaining on our mortgage. We had an epiphany about six weeks ago, when hubby began having health problems. We've since found out he has cancer. Sort of makes you take a step back and reevaluate your life. Suddenly, Botox, Chanel bags, and $300 track suits seemed insignificant. We had to sit down and envision what we really want the rest of our lives to look like, and that vision includes no room for debt.
We've radically revamped our budget and have made significant cuts. We have a small emergency fund of $1000 and are working on saving for upcoming large expenses, such as insurance premiums. We'll have all the money for those expenses put aside by the end of next month. Then, it'll be time to out every extra penny toward debt.
I look forward to the extra accountability blogging will give me!
Here We Go
April 16th, 2013 at 04:57 am
April 16th, 2013 at 05:41 am 1366090909
April 16th, 2013 at 05:50 am 1366091410
Sad about the reason but Kudos for deciding to make eliminating consumer debt a priority. What interest rates for mortgage, SL, CC and car loan? Have you created a budget that lists spending categories, sums owed, interest charges, planned spending & actual. It's incredibly important to track spending so that you know where the dollars go and if you can identify leakage.
April 16th, 2013 at 06:22 am 1366093378
Snafu, glad to hear from a survivor! We're very optimistic. Doc says DH's prognosis is superb, but still, there's the process and the toll it takes.
Interest rates are:
Student loan, 3.19%
Car loan, 4.5%
CC, 16%
Mortgage, 4.725%
We're working on getting a lower rate for the CC. Plus, we're going to reshop insurance. Since March 1, we've paid off $3508 of our debt, including the other CC we had.
Yes, we've created both a debt tracker and a very detailed budget. We track every expense. We've cut about $925 from our budget, and in the next few months, we'll be able to cut another $100, which will go toward debt reduction.
My goal is to pay off $13,000 by the end of the year. If we don't accomplish that (we will), I'm selling my car. But really, I plan to eclipse that $13,000 goal!
April 16th, 2013 at 11:45 am 1366112709
April 16th, 2013 at 11:49 am 1366112992
April 16th, 2013 at 12:40 pm 1366116010
April 16th, 2013 at 01:15 pm 1366118117
April 16th, 2013 at 01:45 pm 1366119930
So sorry to hear about your husband!
Looking forward to cheering you on eliminating your debt! I know you CAN do it!
April 16th, 2013 at 04:36 pm 1366130209
April 17th, 2013 at 10:17 pm 1366237037