Monthly Archives: June 2012

Hello world!

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Happy blogging!

Well here it goes!  I’m going to attempt to blog.  I am so new to this blogging stuff but after reading one guys journey in paying his Harvard student loans of $90,000.00 off in seven months I was hooked! I read his entire blog in a matter of days.  It truly inspired me to make very similar changes in my life. Although my total debt with house, car and loan is barely $100,000.00 the same principle can be applied to any situation.

After reading a couple of other blogs It appears to me as though writing this online journal keeps you more committed to the end goal So blogging I shall go.

I read his journey in May and decided to set my sail.  For me small steps and accomplishments are rewarding.  I did a lot of thinking and brainstorming of how I’m going to reach these goals.  And to date I almost conquered the first one of paying off my $4,000.00 loan I will set goals that I will track the progress on here. 

In May I decided that I could pay off my $4,000.00 loan by Christmas this year the interest is at 4.49% the payments are $107.00 Although I pay $120.00 at this rate it should take over three years to pay off.  I had decided though I want out of debt soon because I want to start saving my bail out fund. 

In this journey I have also decided I need to make decisions on what’s important to me in my life and de clutter out everything else. 

So to start my new less debt life, I sold my hot tub it was a couple of years old I paid $2,000.00 for it a year ago (bought used)  and found I didn’t use it very often yet it was in really good shape and bit I figured I could get more money for it.  I ended up selling it for $3,500.00 So to date I owe $500.00 on my loan and christmas is my pay off time.

While this seems so extremely easy and un fair let me preface all this by explaining that I don’t net a six figure income I don’t even barely have a third of a six figure salary.  So it’s not like I’m rich money wise. I make it from payday to payday. 

I like challenges so I decided since I had chucked out such a large amount of this loan I will move up the paid in full date goal to June 15th.  Epic Fail, it passed last week and I didn’t have it paid perhaps I could have but it didn’t happen.  I’m ok with that there are no more than five payments left.

 I am also in the midst of remodeling my daughters bedroom so I have a small amount of funds going to this project. I have set this as a goal to be completed by July 4th.  My daughter is visiting family for a summer break and this is a surprise for her. She had a very modest small bedroom with no closet so I’m changing that.

 I have great friends that are helping me so cost is minimal, only major cost is paying for materials. But if I had paid off the loan and been working on this project I would be overdrawn on my checking account I want to get out of debt not accrue fees!  I already had this remodel planned prior to making all these drastic changes in my world (I will explain more on this later.)

Well I know this first post was kind of all over the place But that is the story behind my blog and what I’m doing. Now that I found somewhere to blog It will be more like a time line of events going forward instead of trying to throw a months worth of activity in a few paragraphs.