Operation Debt Butt-Kicking in full gear

The end of the year is already almost here.  With that comes re-evaluating and re-vamping, the making of lists and goals.  One of my biggest goals, in fact, #1 on my 2014 goal list, is to pay off the remainder of my credit card debt.  Thankfully, I was able to tackle and release the shackles of my student loan debt (with the help from my parents) at the end of this year.

As I’ve discussed previously, my amount of debt has unfortunately put up a few road blocks in J and I being able to purchase a home.  We moved in with my parents May 2012 when our lease was up on our apartment, while I was searching for a job, and to help by being additional caregivers for Grandma.  We thought we would live there for about a year or so.  We are coming up on 1 year and 8 months.  Don’t get me wrong, we are very thankful that they have given us a place to stay, but we are ready for our own place again.

I have been going over my finances lately, and have been reviewing my payments and debt amounts.  I wanted to get a hardened potential Debt-Free date down.  I reworked different payment scenarios, and reworked the amounts to see which scenario was most plausible and realistic.  I have also been working to set money aside for various things while paying off debt.  I felt like I was spinning my wheels and not making very much progress.  As usual, there are always many avenues to put your money, but not enough money to put it to each one while still paying down debt at the rate I’d like to.  There’s the emergency fund, wedding fund, honeymoon fund, and house fund; each having their own “goal” amounts I would love to stash in each.

I’ve decided to finish completely funding my emergency fund with part of my bonus I received from work, and throwing the rest at debt.  I figured the emergency fund was the most important at this time to have fully funded.  That will finally be one fund that I have reached my goal in, and I can focus a little more on debt.  I have budgeted out three months (when my emergency fund would have finally been filled to my goal), so the amounts allotted for my emergency fund will go to debt those months.  I have also instated the Debt Snowball theory that Dave Ramsey promotes.  The credit cards have also been taken out of my wallet and set in the drawer.  I am going to be focusing on using just cash (and debit card as needed-which essentially plays out as cash).

Looking at my scenarios, I should be debt-free by the beginning of January 2015.  Goodness, I look at that and think a whole year from now?  I’m hoping I will be able to throw extra to the debt each month with my side hustles, that amount hasn’t been factored in as of yet.  Oh debt, I will release from your chains yet!

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