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My head is out of the sand-

February 4th, 2013 at 03:10 am

I cancelled the ING transfer for the bonus. Instead, I sat down today and made a payment plan for paying off all debt besides our mortgage. I will confess that I have never calculated this, because I was afraid the payoff date would be so far away that I would get too discouraged. (Kind of like my fear when I step on the scale....some folks might understand this, others wont.)

Anyway...I did it. And I was PLEASANTLY surprised. By using a snowball method and not calculating any future windfalls or pay increases, we will be debt free by mid Summer 2015. That is completely doable!! And very exciting. Expecially since my budget doesnt account for any OT for the hub- which during the winter months, there is a lot of. So if I stick to this basic plan, that is the date. However, if I put extra at every chance, it could be even sooner.

What an awesome feeling. And this allows us to continue to add to savings, 401k, and enjoy vacations.

Why did I wait so long to do this???

So, my bonus money and what DD2 pays us will go towards the smalles of the debts and pay them in full. Then, the payment $$ from those bills will be allocated towards the next bill...and at the end of that fairly long (for now) tunnel..is the debt free life I want.

YAY!!!

The other half of the plan means taking care of our vehicles, so that those dont have to be replaced and not adding any debt along the way.

Tonight I am baking chicken. I was really disappointed when I went to cook, to realize that I left my nice big bottle of olive oil at the rental house last weekend. Frown I use olive oil almost every time I cook, so I will need to pick some up tomorrow. I used butter tonight...because I didnt know what was the next best thing besides that.

Am so happy to share my plan. Now, to start watching the debt disappear for GOOD. Big Grin

7 Responses to “My head is out of the sand-”

  1. Amber Says:
    1359948601

    Yay! I am so excited for you Wink

  2. LuckyRobin Says:
    1359952705

    It really can be scary to face the numbers for the first time. I still remember when I realized it would take the better part of a decade to get out of debt. I was so overwhelmed. But I'm glad I faced it when I did, because if I hadn't, I don't think we would be where we are now, sitting on the cusp of having all our credit card debt paid off.

    Happy Snowballing, Ray.

  3. Thrifty Ray Says:
    1359953430

    Thanks ladies. This is the first year that I am not semi-supporting one of the kids one way or another, so that helps. Also, we have our emergency fund fully funded and are starting on long term savings, so focusing on a final debt repay plan feels like the right thing to do. This will give us 6-7 years of living debt free (except for mortgage) while we are both employed full time- which should help accellerate retirement savings. I want to retire a 60, which is 8 1/2 years away..and the hub would like options as to how much he works. I think both are doable if we stay focused. It is nice to have a plan started.

  4. creditcardfree Says:
    1359984305

    Here's to 2015 debt payoff! I'll be happy dancin' with you along the way. Smile

  5. JulieA Says:
    1359985634

    2015 is hardly anytime at all! Best of luck to you. Smile

  6. twest Says:
    1359988865

    Wishing you the best! We will be cheering you on.

  7. FrugalTexan75 Says:
    1360036115

    2015 will be here before you can even blink!

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