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hello $1950.00

March 18th, 2011 at 02:48 am

I hit a major milestone (for me anyway) this past week by paying off my last credit card. I started in January with a student loan, an orthodontist note, a bank of america credit card and a southwest chase credit card -- all totally around $20K. I started my TOTAL MONEY MAKEOVER in January and let me tell you, I have been GAZELLE intense! I am super happy to report that I sent the last payment to the southwest chase card yesterday and I'm anxiously awaiting the balance to hit $0 so I can close down that card. Total debt paid off since January is $20,114.00

Now I'm moving on to tackle the car notes and much later on, our mortgage (according to Dave Ramsey's baby step plan). Now that the other debt is gone, I'll have an additional $1950 each month to put towards getting cars knocked out quickly!!

Having a garage sale this weekend so I'm hoping to make a little extra cash. We have a few lingering projects to do around the house and I haven't wanted to take money out of the budget to do it b/c I was so intent on getting that $20K gone by April. I'm glad I didn't get distracted b/c I was able to knock it out a full month early! Hoping to get maybe $200 or so....but I won't be heart broken if I don't. When I have garage sales, my main goal is to get rid of stuff rather than make money. Sooooo....wish me luck!

Posted in Budgeting, Credit Cards, Debt, Personal Finance | 5 Comments »

5 Responses to “hello $1950.00”

  1. LuckyRobin Says:
    March 18th, 2011 at 02:57 am 1300417023
    1300417023

    Congratulations. That must feel really good.

  2. ceejay74 Says:
    March 18th, 2011 at 11:38 am 1300448286
    1300448286

    Great job! Wow, $20K in 2.5 months--that's intense all right!

  3. creditcardfree Says:
    March 18th, 2011 at 12:51 pm 1300452689
    1300452689

    Sounds like you have a big shovel to use to get out of debt. Congratulations on your success this far.

  4. CB in the City Says:
    March 18th, 2011 at 01:19 pm 1300454397
    1300454397

    I agree, a big shovel! But some people have a big shovel and still really mismanage their money, so kudos to you!

  5. J-Money Says:
    March 19th, 2011 at 05:46 am 1300513603
    1300513603

    hi - thank you all for the encouragement! I did have some help on getting this $20K gone quickly! I got some bonus money in January and I also had a rather large IRS refund this year...both of those together was around $9500 so that helped tremendously!! But we did stick ONLY to the budget and pretty had NO SPEND weeks to help us get to paying off so much so quickly!! What was amazing about the no spend weeks was that I wasn't even tempted to spend. Some days it didn't even cross my mind so it wasn't ever really an issue. I am using the DR envelope system with cash only and all I can say about that is GENIUS! It has made such a huge difference in our spending habits. We spend WAY less money by using the budget and when the money runs out of the envelop, we don't spend!! Fortunately we didn't have any emergencies either so that helped too. Off to tackle the cars now :-)

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