Thursday, June 23, 2011

The Debt Reduction Resolution - In Progress


That was my total revolving debt on January 1, 2011. I made a New Year's resolution (yet again) to lose weight and pay off this debt. But this time, I said my financial resolution out loud and my husband heard me. Dang it! The man can be a machine when he puts his mind to something. Me? I'm more of a "que sera, sera" kinda gal. But after my husband challenged me to pay off this debt and he would in turn save aggresively for a downpayment on our dream vacation home, I knew I couldn't back away.

The problem is that I still have the horrible eating out habit. Seriously, I spend about $300-$400 per month eating out and we spend about $200 per month on groceries that go to waste about 20-30% of the time. To make this challenge work I had to buckle down. I have failed miserably when classes are in session but luckily, I am paying off my bills BEFORE I dine out. Go figure as to why I hadn't thought of this sooner. D'oh! Anyway, by dropping $$$ on my revolving debt as soon as it hits my hand, I have actually reduced my fast food and restaurant consumption by 25%. This means I am spening $75-100 less each month on food and paying my debt faster.

My current revolving debt is $8630. I am teaching summer classes so I anticipate paying off two cards in full by the end of August leaving me with approximately $3000 remainng. I don't know if I can get it all paid by the end of December but already this is a vast improvement. If only I could stop the Jack in the Box runs.....

No comments:

Post a Comment