As has been mentioned before, I’ve been working without any real goals, other than “as fast as possible.” Yes, I still have a random slew of goals in my spreadsheet, but they still don’t serve any purpose other than for my own amusement.
That changes now.
Now that I know exactly what all of my current debts are, and all the necessary information to go along with those balances, I am setting my goal at 5 years from today. I WILL BE DEBT FREE BY MAY 2014. That’s my promise to myself.
My debt snowball spreadsheet says I can do it a few months sooner than that. My debt snowball spreadsheet also doesn’t allow for emergencies and the like. This is an attainable goal, and that’s what matters.
The sidebar just got longer. It now lists every debt that I am aware of. Yes, even the $150 cable bill that just went to collections. Because that’s a debt too, you know, and I’m acknowledging it as such, even if I will end up paying it off terribly easily and terribly soon.
I’ll also be increasing my Capital One payment from $100 to $200 as soon as I can (still working out the numbers on that one…) so I can actually make some progress on it, rather than the negative amortization mess it’s currently in (which is probably why that collector is calling me – well, that and the fact that my payment plan with them expires next month).
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Wow Jake – I love the new site look! I’m glad you are taking ownership of all your debts. That is definitely the first step to freedom and adulthood. Not the easiest step, in fact the hardest one, in my opinion.
Have you decided on a payment order? I agree with altering the negative on Capital One first. Where are you heading after? List your steps, could be motivating when the balances do not drop as fast as you would like, you can still see progress.
I would recommend paying your sister and mom back next. I know this doesn’t save you interest or bring up your credit score, but family is your MOST IMPORTANT asset.
Congratulations on a plan!
Hey D,
I’m currently planning on low to high – which puts my sister at #2 on the list (she’ll be paid back in June and July). As for my mother… well, she’s always got my best interests in mind, and there’s no way she would let me make huge payments to her any time soon. I might come up with a monthly payment to her, like $100, at least as a good will gesture.
Great – having a plan will help spur you on to success!
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Jake, That’s great that you actually have a plan. When I need help I always turn to my parents. Over time this help adds up to quite an obscene amount of money. That is why I will be paying them back $100 a week for the rest of our lives. I’ve been doing it for about a year now and it’s working out well.
Hey Jack, All the best for getting to your goal!
The slogg is not all bad but keep your focus on your goal of getting out of debt. I really hope you surprise yourself and do it sooner!
Good luck Jake! Just take it one day at a time and stick to your goals no matter how far they seem. I was in a heap of credit card debt for over ten years and now I am finally beginning to see the light. It takes time, but with perseverance you can reach a debt free lifestyle in no time!
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