Debt Free by 2023

Once you start paying off your debt it can become all consuming. Maybe this is because you suddenly have a lot more free time than you did before you stopped spending money. Or perhaps it’s because you finally value your financial freedom more than a new pair of shoes or drinks with friends.

I used my spare time this month to put all of my credit card debt into unbury.us so that I can see when my debt will be paid off if I make just the minimum monthly payments. And the answer is that we’ll be credit card debt free by September 2023. While “debt free by 2023” has a nice ring to it, I’ll continue to put more than the minimum towards my monthly payments in the hopes of being credit card debt free by the end of 2020.

The last 2 weeks have not been strong weeks for my debt detox. My husband has his FEMA certification, so he flew down to Houston to help the victims of Hurricane Harvey. That means I’m on single-mom duty for 6 weeks, which is entirely new territory for me. To cope, I fell into old habits and engaged in some major retail therapy. $1,344.04 of retail therapy, to be exact. Don’t worry. All of it is returnable.

Debt Detox: Wins

Weeks 3 & 4

  1. Returned $170.90 of items still within the return window.
  2. Went on a free play date to Stone Zoo. A big “thank you” to the other parents, who had guest passes for us!

Debt Detox: Losses

Weeks 3 & 4

  1. Spent $6.00 on scratch tickets.
  2. Spent $1,344.04 on retail therapy.
  3. Did not succeed at being dry clean free.

The current debt situation

  • Total credit card debt: $50,259.44 (that’s $1,710.03 lower than the last report!)
  • Total personal debt: $4,000.00
  • Combined student loan debt: $87,019.25 (that’s $236.84 more than the last report because our minimum payment isn’t as high as the interest that we’re accruing)

 

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This post was inspired by today’s daily prompt: Continue

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One Reply to “Debt Free by 2023”

  1. There’s a great documentary on Netflix that can help with the whole “retail therapy” equation, I think it’s called just Minimalism. The philosophy is to “use things, and Love people”. I think it’s super valuable along the way to realizing that so many purchases are things that you were (possibly unconsciously) told you were supposed to buy. Then it’s a matter of removing that external influence from your own motivation and seeing what’s left.

    Great to see a positive attitude and a real plan on this, it’s needlessly overwhelming for so many. Best of luck!

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