This is my first blog. I've wanted to start one but just never took the time. I decided to start the year off right and use this forum to try and keep myself focused on cutting out the debt in my life.
A little background on me, I moved from Philadelphia to Nashville for my job, just about 2 years ago and after a year I decided to buy a house. I had most of my debt cleared out except for my car and a very small amount of cc debt. Once I closed on my loan and moved in I found I "needed" a lot, I'm saying "needed" but of course it was really "wanted". I controlled myself for about a month and a half, but after living for several years very frugally, I went nuts hence the following debt breakdown.
Mortgage = 109,910.14
Car Loan = 17,429.56
Loan 1 = 12,465.04
CC debt = 8266.65
Loan 2 = 4449.85
Total = $152,521.24
Seeing this in writing makes it seem much more real, I seem to have allowed myself the luxury of managing my money (if you can call this fiasco managing) in a haze. How I could rack up that much debt in that small amount of time amazes me. I am determined to dig myself out of this hole and back to a much saner lifestyle.
I've started my emergency fund and created a budget so I feel that I am at least on the right track.
I took an extra part time job in Oct in order to get the debt paid off faster and I had already paid a few small cards off using the snowball method. My plan is to use that same method to pay of the remaining cc debt and then move on to the 2 personal loans. Finally addressing the car note and the mortgage.
I'm going to continue to read the other blogs for inspiration and keep plugging away.
My First Blog
December 31st, 2006 at 03:52 am
December 31st, 2006 at 04:22 am 1167538942
I am so glad you have invited us here along with you on your journey to financial success! We are pulling for you!
December 31st, 2006 at 05:24 am 1167542656
Keep going with the snowball technique (little ones first, then throw what you've paid off onto the larger debts). It worked for me and kept me motivated.
December 31st, 2006 at 05:45 am 1167543908
December 31st, 2006 at 05:56 am 1167544578
December 31st, 2006 at 06:19 am 1167545959
You have a plan and are working hard - WAY TO GO!
December 31st, 2006 at 10:33 am 1167561197
Those hazy brain farts can be killers!! By budgeting I think we are doing the same thing as those that weigh every morning...we can keep a closer eye on when a unmanaging haze begins to sift thru the filters and catch ourselves before we go hog wild!
You've landed in a good spot! Welcome!!
December 31st, 2006 at 02:12 pm 1167574366
December 31st, 2006 at 03:33 pm 1167579227
January 1st, 2007 at 02:34 am 1167618881
January 4th, 2007 at 01:22 am 1167873731
The information and the people on this site are great.