Getting Out of Debt in December - Page 4

[chely7425]

We had a pretty bad first 3/4s of 2010... but in the last 3 months we have paid off 3 CCs and cash flowed Christmas and a few other big expenses so things are looking up!

[_ktg_]

From my Jan post....

2010 Goals - Current CC debt: 24K

Pay off DH "student/personal" loan: $6500
Muster extra payments to CC's each month ($100-200)
Declutter & sell items if possible

Ending 2010 with: 

Current CC Debt: 22K

Paid off DH "student/personal" loan - in May 2010

Have a pile of items to sell on CL (just need to do it in Jan!!)

Neogigated lower APR for 24% APR CC (we have it down to 11.74%) 

Cash flowed xmas

and getting ready to send 2k more to chip away and pay off our worse CC balance & APR rate at 10K total ...

It doesn't feel like much, but we had a mess of things with cars and house repairs this year, so its slow going but we're being smart on how we handle each of these!!

[sarah1122]

Well in the end I did put $2000 into our FFEF this month.  Not sure quite how we managed it, but we did!  So we're on track.

Here's how 2010 went for us.  We only started DH in June of this year.  We started on BS2 with about $55,000 in debt and 9K already socked away for BS3.

Six months later...

Paid three student loans off in full, totaling about 10K, plus extra every month on our land payment.

Put 2K toward our FFEF. (we're doing things a bit backward for the next few months)

Cash flowed a new roof, rebuilt chimney and new exterior doors for our old house!

We currently have 40K in debt (one remaining student loan and a piece of land we own)

Goals for 2011

Have BS3 funded to the 3 month mark ($18,000) by May 1st, 2011

Take a nice long maternity leave and have a healthy, happy second child!

No plans to do any major loan payoffs in 2011 since I'll be cutting back my work hours to stay home with our new babe.

[laohaire]

This is one of the rare 3 paycheck months for us. I project that we will be able to put $267.18 into our EF, bringing the total to $802.71. I think we may be able to reach the $1k mark at the end of March. DR says this step should take less than a month, but he always had money coming out his ears and just had to cut back on toys. $1000 represents 37% of our monthly income.

I assume we're worse off than in Jan 2010 - not more debt, just less savings. I took over the reins in late September. So I won't bother looking backwards.

Here's where we are now, hopefully I can look back on this post in Dec 2011 and say Yay, we made a lot of progress!

EF - $802.71

Mortgage - $104,506.36

Student Loan - $17,066.56

Supposed net worth - $-20,428.51 (ugh)

I say "supposed" because who knows the value of our home. It's based on assuming the home is worth $105,121.00, which is what our liability on it was a few months ago. Net worth assumes our auto is worth $0 (but also isn't a liability) as well.

Things are damn tight, and I can only hope I keep my job. I just can't bring myself to hope for a lot in 2011. I guess my major hope is that 2011 continues to bring progress and not the other way around. No new debt, and growing EF.

I consider myself in Baby Step 3, after having given up my hopes for paying off the student loan in Baby Step 2. My next goal is $10k in the FEF (I can't wrap my head around a larger sum), and that will take 9 more years at the current rate - or probably more, since that projection assumes we never dip into it. Also, the projection doesn't take inflation into account either. Boy, I just deprssed the living heck out of myself. Sorry to be a downer, everyone. I considered deleting this post but I did want this year-end summary to refer to later.

[lavatea]

Originally Posted by laohaire 

This is one of the rare 3 paycheck months for us. I project that we will be able to put $267.18 into our EF, bringing the total to $802.71. I think we may be able to reach the $1k mark at the end of March. DR says this step should take less than a month, but he always had money coming out his ears and just had to cut back on toys. $1000 represents 37% of our monthly income.

I assume we're worse off than in Jan 2010 - not more debt, just less savings. I took over the reins in late September. So I won't bother looking backwards.

Here's where we are now, hopefully I can look back on this post in Dec 2011 and say Yay, we made a lot of progress!

EF - $802.71

Mortgage - $104,506.36

Student Loan - $17,066.56

Supposed net worth - $-20,428.51 (ugh)

I say "supposed" because who knows the value of our home. It's based on assuming the home is worth $105,121.00, which is what our liability on it was a few months ago. Net worth assumes our auto is worth $0 (but also isn't a liability) as well.

Things are damn tight, and I can only hope I keep my job. I just can't bring myself to hope for a lot in 2011. I guess my major hope is that 2011 continues to bring progress and not the other way around. No new debt, and growing EF.

I consider myself in Baby Step 3, after having given up my hopes for paying off the student loan in Baby Step 2. My next goal is $10k in the FEF (I can't wrap my head around a larger sum), and that will take 9 more years at the current rate - or probably more, since that projection assumes we never dip into it. Also, the projection doesn't take inflation into account either. Boy, I just deprssed the living heck out of myself. Sorry to be a downer, everyone. I considered deleting this post but I did want this year-end summary to refer to later.

I feel you. I don't expect to whip through all of our goals, either. I hope something miraculous happens for you guys, but at the very least, may you get to keep plugging along. That's better than the alternative.