Oh my, what a month it has been! October saw our biggest dent in debt since we started on this journey. Deciding to sell our travel trailer (painful as it was to see it go) was a smart move. I have no regrets, especially considering how much debt we were able to pay off in doing so. I am pleased to say we have even been able to throw a snowball at Citi, which is next in line to be eliminated. Exciting stuff! Here is how we did and how much we have remaining:
1-1-2017 $55,749.69
1-1-2018 $46,408.39
10-31-2018 $14,595.13
To spare you the math:
Our total debt reduction so far for October was $12,014.90
Our total debt reduction for 2018 is $31,813.26
Our overall debt reduction since our start in 2017 is $41,154.56
And the breakdown and corresponding interest rates of what we still owe:
Citi $6,000 (0%)
Visa $8,595.13 (5.99%)
TOTAL 14,595.13
I still pinch myself when looking at how far we have come. We have now reduced our debt by almost 74%. Mind boggling! I am starting to feel like we are in the home stretch.
As for November goals, I plan on throwing weekly snowballs at Citi. I would like to see it below $5,000 before December rolls around. As for the Visa, I am paying a little more than the minimum which as of the last statement, was $175. I didn’t go crazy, just paid an extra $25 and rounded up to $200. By doing so, that debt will see a reduction of $150+ per month. Helps in keeping the math simple, too.
Today I want to close with some words of encouragement to those of you who might be struggling, or even questioning whether or not it is possible to get out of debt during your later years. I won’t sugarcoat it and say the journey is an easy one because it is not. There will be challenges that will lead you to doubt if it can be done. Trust me, Hubs and I have had more than our fair share. You know what, though? As tough as those times may be, being in debt sucks far worse. Make a decision to win the battle, no matter what comes your way. We aren’t there yet, but we will get there. And I want us all to get there!
Can you believe how SHORT your left-to-be-paid-off list is? Pretty darn cool.:-)
Priscilla Bettis recently posted…A Writers Group
Amazing, isn’t it? We have come a long way.
OH MY GOSH – you are KILLING it!!!!! You are so inspirational – it is hard when you look at the numbers and you feel like they are NEVER going to go down….but they will as long as we stay the course. I’ve been straying the last couple of months but am back on track 100% and this debt WILL be gone!!!
With high debt, it did feel like we would never reach this point. The snowball method works, but does take time. Glad you are back on track. Taking debt into retirement is not an option.
Way to go!! LOVE these numbers! So proud of you. And thank you for the words for encouragement. It is a hard road, but I know it will happen.
Rhitter recently posted…On Bi-Monthly Progress Report – 10/29/2018
Right back at you! Proud of you, too!
Amazing job!
Thank you!
You are 100% proof it can be done! Super excited for you:)
Thank you! I hope I can inspire others that it is NEVER too late to make a change.
You are doing great. All of your hard work and dedication are paying off. It took you years to get into debt and with hard work it will only take you a few years to get out. Before you know it you will be debt free and have a full EF. You will look back and wonder why you didn’t do it sooner.
Marybeth recently posted…Thankful Day 2
Thank you! I cannot wait to start building up our fully funded EF. Getting closer!
This is so inspiring!!!
Thank you!