November Debt & Update

Wow, I can't believe it is the end of November, where has this year gone? I started this blog to be accountable with my debt repayment and even though I haven't posted as often as I would have liked, we've made a good progress with our debt.

Here is a quick update:

Credit Card#1: $500 Paid off!

Credit Card#2: $1350 Paid off!

Line of Credit#1:$5800 Paid off!

Line of Credit#2:$11800 Paid off!

Car Loan:$25800 - Currently we are around $24 000

We've struggling with infertility and we have decided to start the IVF process in early 2015.  We are not willing to take on any debt for IVF, so we are stashing away money as fast as possible - it will be around $10 000. We are not making any extra payments on the car until after we have paid the for the IVF.  If we have money left over, then we will throw it on one of our 2015 goals.

I'm feeling pretty free to get to the point where we only have are car loan and we are going to be able to cash flow IVF! 

Debt Free Take Two

I have not blogged in a really, really long time. Unfortunately we had some major medical issues in our house and it's been a lot to deal with. After two surgeries, my husband is on the mend. Unfortunately, we are also still dealing with our fertility issues but have made progress and have started treatments.

We also managed to pay off our $12 000 line of credit and keep our credit cards paid off, until earlier this year when we both were off work because of my husbands surgery. We also decided to move this year and are in the process of building a house. Our down payment is on our line of credit until we sell our current house.

We took Dave Ramsey's Financial Peace University, and we are going "Gazelle Intense" this time!

In July this is where we started:

Credit Card#1: $500

Credit Card#2: $1350

Line of Credit#1:$5800

Line of Credit#2:$11800

Car Loan:$25800

We managed to complete Dave Ramsey's baby step #1 - $1000 emergency fund and pay off Credit Card #1.

My goal for August is to pay off Credit Card#2 but it might be a bit of a tight squeeze because we still have to make minimum payments on everything else.

It feels good to be back in the saddle and having a plan!!

Where did the last year go?

Last time I looked up, it was summer time 2012, and now here it is, summertime 2013.

As I read back through my posts, it's obvious we haven't made the best financial decisions. Last summer, my hubby and I took on a huge renovation project that took all of our time, and all of our money.  We didn't plan well enough and we found ourselves back in the hole with a $12 000 line of credit.  Since our line of credit climbed that high, we've managed to pay it down to $6 600.

We also found ourselves in a position of owning a car that (due to an accident where we not at fault) was worth $6 000 and still owed $12 000.  We decided earlier this year to trade in both of our vehicles for what would could get and buy a new(er) vehicle.  At the time it seemed like a good idea, but now we have a $29 000 car loan to add onto our debt.  Hubby is still glad we bought a new(er) vehicle, and I am too, but I think it could have waited.  Our fuel consumption has gone down with this new vehicle, so we are at least saving money there.

We've gotten back on track and back on a budget and we will have the line of credit paid off by Halloween. We also plan to shorten our car loan to 2 years from 7 years and will hopefully have that paid off by spring 2015.

Every thing is a learning curve and while we were off track for awhile, I feel much better being on track again.

Debt Update

Despite not being productive in much over the last month, we've managed to stick (mostly) to our budget and get some more debt paid off:

Credit Card #1: $0

Credit Card #2: $884.56

Line of Credit: $8 557.27

We've made a lot of progress with our line of credit, I am hoping to make it under $8 000 by the end of March/1st week of April - it's going to be pretty close!

The credit card has a balance because of the renovations we are doing right now.  We purchased the materials all on credit, but we already have the money in savings for this project, so it's just a matter of paying it off.  That feels so good to say!

Debt Update

We have made progress with our debt and both of out credit cards are paid off! My goal was to have the credit cards paid off by the end of 2011. We were close and made the last payment in the first week of January. We are happy and my Hubby in particular was very excited to make his last payment on his credit card. Here is a look at our debt now:

Credit Card #1: $0
Credit Card #2: $0
Line of Credit: $11 093

It would be nice to pay off our debts this year but with hubby going back to school, I don't think it will be possible. My goal is to have everything paid off by the time he graduates in early 2014. That will include our current debt and his tuition of $15 000!

Reducing Our Debt

One of the points of this blog is to share my tips on how I save.  I haven't always been good at saving, and I've spent a lot of time saving on the wrong things!  Our family does have a lot of debt and our goal to is get rid of that debt!

Here is a current list of our debt:

Credit Card#1: $1400
Credit Card#2: $0
Line of Credit: $11920
Total: $13320

I am currently not including or mortgage or our car loan.  These are both on pre set up payments and they are the better of our debts (not saying they are great to have).  Our car loan and mortgage will be next on the list after we pay down this and get hubby through school.

Over the next 2 years we are going to have to find around $20 000 to send hubby to school.  Meaning if we want to pay off the above debt and send hubby to school it is going to cost us $33 000!!

My goal is to get rid of this as soon as possible.  So far we are doing pretty good.  This is what our debit looked like at beginning of October:

Credit Card#1: $2600
Credit Card #2: $300
Line of Credit#: $11985
Total: $14588

So we have paid about $1300 off in less than two month.  We are also making another $600 payment to credit card #1 as we speak - our goal is to have Credit Card #1 paid off by the end of the year!

I think posting this will help us stay on top of our budget!