Week 39: Personal Confessions ~ Debt is No small matter Part 3

 Hi there and welcome to another personal confessions and this week (39) I decided to update you on how my “debt is no small matter” is going. In my last update last month I talked about some of the steps I am taking to ensure I am debt free by December of 2014 – this is a new personal goal I set last month but as you know life does love throwing curve balls and that’s ok. If you want to read more about my last update and what steps I took to help me on this journey then click HERE. When I first started this series I talked about how I got into debt and how I was slowly crawling out.

“debt is no small matterIt has not been easy changing bad habits but it has not been particularly hard as well because I am determined and I have a goal in mind. I told you about my new rule in the first series “if I don’t have it I don’t spend it that’s my new rule no more pay later high purchase kinda situation because I am done.” I have pretty much lived by this rule since I made the conscious decision to be debt free, is it easy yes and no because temptations are so many and good lord are there temptations many but having a strong family and will power behind me I am forging ahead. If you want to read more about how I got into tempt and my crawling out of it then click HERE.

So coming back to today, where am I and how am I doing? As am sure most bloggers know (except for the super organized) when I normally set my goals I hardly look back at them until maybe a week before I am due to set new ones. When I am setting goals I think I will check constantly to ensure I am on track but usually that’s not the case, but, I do love when I remember to check my goals and found I have done them (some or all) I feel more happy because it was not a task that needed remembering it’s something part and parcel of my life that didn’t get pushed aside. I realized with my target to be debt free by December 2013 is not looking overly promising – because I had decided to make an impromptu trip, which is costing an arm and a leg but its totally worth it.

Where am I?
When I started this life changing goal I made a table using the different amazing excel budget templates around to create my budget for 2014. I created a table which contains:

  • Who I owed (agency and/or company)
  • Balance (original and current)
  • Contact details and reference numbers
  • Account (I have two accounts so needed to know which account paid what bill)
  • Payment date and payment plan (agreed amount).

This table has been my constant companion and I update it religiously every month-end and its color coded. Red = not paid/missed (either my fault or theirs), Green = paid and Grey = account closed or frozen. Every time I pay off an account I grey it out and usually delete the account but other times I wait a few weeks, call the company/agency again and ensure its definitely paid off. I also have another tab on my excel spreadsheet, this is for my mobiles, rent and bloggie payments of sorts. Having this table has helped me keep my sanity because I have all the information for all my accounts in one place and I am able to see how I a progressing and what accounts I can close out before intended due date.

How am I doing?
I just finished updating my table and I am doing good, due to the impromptu journey next month everything will be tight but not too dead tight. I am happy to say I have cleared 75% of my debt and I can not wait to clear the remainder 25% in at a maximum 6 months time. As I stated earlier my December goal is still possible but life has given something much more worth while for the mean time so I am ok postponing the deadline.

This is where I am and how I am doing so far, how is your debt-free journey going so far? What changes have you made lately to help support your finance setting?

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  • Thanks Jess its been one tough journey but pleased with progress so far

  • Ugh. Debt. I just paid off my last credit card and really could have had a party. But you know what, that party would have only costs me money! LOL!

    Trying to remain debt free!

    Congratulations on your journey!

  • 75% is something to be super proud of! Congrats!

  • Good for you! I'm trying to clear my debt as well – and just when I was close I went back to school – more loans!

  • Congratulations! That is a great step! I just got rid of a bid debt. This month was the last payment. I still have the student loan, for years to come. But it's a lot less!

  • Debt is a huge deal and can rule your life if you aren't careful and don't work to pay it off. Great job at being so successful and trying so hard.

  • 75%! Way to go!!

  • Great job! That's awesome! Debt is something some people just can't seem to get out of. Good for you for trying hard!

  • Good job. I need to apply some tips to my life so I can slowly get out of debt. All these dang student loans

  • Sounds like you are making great progress, best of luck on the rest of your journey!

  • 75% WOW. that is awesome and thanks for sharing!!!
    Have a great weekend!

    Dee from http://www.thecsiproject.com

  • Good for you! It takes a lot of discipline!

  • Being debt free is the best feeling ever!!!

  • It is such an accomplishment that you are 75% out of debt! Major kudos to you!

  • Clearing 75% of your debt is amazing!!! You are going to feel so fantastic once it's all gone!!

  • I am pretty lucky to say that I have never experienced debt! I left school and decided not to go to University as I had an amazing job offer and since then I have only ever spent what I get – saying that though, I've never had savings so that's what I'd like to work towards!

    Katie <3

  • It is so great that you have been so successful! Almost there! Thank you for sharing. This is awesome.

  • Wow you should be very proud of yourself. Thanks for sharing

  • thank you for being so open and sharing this! so happy for what you've accomplished!

  • Wow, that is truly amazing! 75% is a huge chunk. You must feel sooo proud–you should!

  • I'm so glad you are blogging about this. 🙂 I think that's a wonderful goal.. and I'm looking forward to following you on this journey. Like you, I hardly look back at my monthly goals on my blog.. but i started writing them out on excel sheets.. so I'm doing much better.

  • You are doing great! Paying off debt is so hard.

  • Girl to get at 75% off is excellent!!!! That is wonderful news. Thank you for sharing such a personal story with the world. But, it definitely serves as a warning and inspiration to some that might read it. Keep up the hard work.

    Thrifting Diva
    http://www.thriftingdiva.com

  • Wow! 75% You rock! Keep it up!

  • Wow! 75% is amazing. That is so great! The last 25% will be easier I am sure!

  • Good for you for realizing you're in debt and taking that plan into action. I know far too many people who don't realize or turn a blind eye to their debt they owe and simply ignore it, or pay down the minimum on their interest rates, and only paying down the interest and not the principle payment.

  • Good for you for taking the steps to become debt free! I only have a tiny bit of debt that I am not really concerned about as it will be paid off in the next month or so, but I totally understand how awful being in debt feels and the struggle to get out. It's such a cycle!

  • Well Done! Sounds like your doing well! xo

    http://rachelnicole.co.uk/

  • Good for you!!! I am in the process of clearing my debt as well but I am not as close to you as being finished. I'm only at the 25% mark :/

  • Well done to you for doing this. Im sure you will manage that last 25% in no time!
    Two Hearts One Roof

    • Thank you, I hope to soon

  • Thanks Bintu I am glad you think it inspirational

  • Well done – I am chuffed for you and it is great that you are sharing your story for inspiration.