Goals, Stats, Accomplishments, and Struggles

February 6, 2011 at 2:04 pm (Uncategorized)

I’m 38, have a BFA and am employed in the arts
I make $45,760/year plus overtime ($6K-$8K)
I started with $45,117 in debt
I have $28,452 left to pay off
I contribute 6% to 401K
I pay $895 in rent, and then get paid $400-$450 from my boyfriend for his portion
My boyfriend is unemployed
I pay 100% of the internet, water/sewage, gas, & electric bills (ie, all utilities/necessities)
My job location/hours don’t really allow me to use public transportation, so I drive
My truck gets pretty bad mileage (15 city, 19 highway), and it’s the only running vehicle in our household
I spend a *lot* of my money on food, but
I eat very good quality foodstuffs
I ate within and below my January grocery and restaurant budgets, for the first time EVER
I brought food to work every single day in January (except for 1 paid lunch out)
I didn’t buy lunch ONCE in January, for the first time EVER
I went to the gym 5 days a week every week in January
I think I lost 5-6 pounds
I do not own a scale
I have not decided yet if I am going to buy a scale (TBD)
I will be fully paying off my second to last (penultimate) debt this month, February!
After that I will only have one doozie of a debt left, my SBA loan
My SBA loan is at 5% interest rates
I am done chasing the 0% interest credit cards
I am going to pay $925 minimum towards debt every month, minimum (this includes both interest & principal)
Paying debt off has become a high for me every month
I have 4 credit cards outside of my debit card
All my credit cards will be at $0 by end of February 2011
I do not plan on opening any more cards, in fact, I may close some
I have calculated that I should be out of debt by November 2013
I have over $55K in retirement savings
My emergency fund (EF) is almost zilch (I just used it up in December)
I have no other savings
I have chosen not to save up 3-6 months of living expenses until my debt is paid in full
I plan on increasing my 401K contributions 1% a year
I do not currently contribute to an IRA and will not, until my debt is paid in full
I have not been on a major trip for about 10 years
I have not been on a plane in over 6 years
I have no plans for any big trip or travel plans in the foreseeable future, and don’t expect to save up for one, until my debt is paid in full
I will never live beyond my means again

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5 Comments

  1. Louise said,

    I could relate to a lot of what you said in this ” I am no longer chasing 0% cards” – “I will never live beyond my means again”. You sound so determined and well organised with your debt payoff, it’s great!!

  2. debtmaven said,

    Thanks Louise! It’s a struggle, a slog, a habit, necessary, a shift in focus, and above all, perseverence!!!! But after a while, it becomes a way of life and completely normal and matter of fact. I miss the weekly $40-$50 sushi dinners and buying every art book that catches my eye, but I don’t miss the absolute denial of the hole I had dug myself into and avoiding ever looking at my checking account balance, so I consider it a good trade!

    I’m secure in my standard of living, and I’m making strides. It just takes some time is all. Thanks!

  3. brainy said,

    Just wanted to say that this is a really cool post — I’d totally copy it but I don’t think I’d do it justice…

  4. debtmaven said,

    Brainy (funny, I always want to call you papa smurf!),

    Please do try! It’s a fun post. I recommend writing it and editing and adding on and taking a few days. You’ll have plenty to fill it up with. And I can’t take credit for it, I stole the idea from another blog (subject:running/weight loss)!! Go to town!

  5. Change said,

    What a great post! You are making such great progress and I love how it’s changing the way you live your life along the way. Very inspiring post, and one I can totally relate to. Thanks for sharing!

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