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August 27, 2016 will make an entire year on my debt free journey and the birth of Goaldiggingtohappiness.com. Here is my very first blog post! I’ve spent the past couple of days thinking about what has changed in my life, how I’ve changed, and the good and bad of my journey thus far. If your wondering how could being on such an empowering journey could have any negatives, sit tight, I plan on sharing. I’ll also be sharing exactly where I am on my debt free journey and where I plan to be in the future.
Debt Payment Update
|Bill Me Later 29.99%||$1,157.99||$1,092.57||$589.80||$294.00||PAID|
|Citfinancial 13.64%||$1,925.70||$1,948.98||$1,709.10||$1,685.24||$1,659.70||$1,388.95||$647.00||PAID July 31, 2016|
|Wells Fargo 26.49%||$2,562.76||$2,506.96||$2,482.80||$2,455.50||$2,687.35||$2,965.16||$2,939.43||$2,592.72|
To see exactly where I started, click here. I’m down to my very last credit card! I hope to have this paid off by October 31, 2016 or before, I’m leaning more to the before. Immediately following the month that I pay off Well Fargo, I plan on applying that month’s debt snowball towards my baby ER fund which is not/has not been funded as of yet.
Future Debt Payments
Once our baby ER fund is funded, we (the mister AND I) plan on tackling transportation debt. We’d like to have our transportation debt paid by December 2017. Those debts are as follows:
Motocycle loan: $4494.59
Honda 2014: $16,649.14
Debt Freedom Journey Positives
1. More money
This is obvious. In the last 2 months I’ve been able to include sinking fund accounts into my budget and I’ve had money in between pay periods as opposed to before my journey where I’d go from paycheck to paycheck.
I’ve been budgeting consistently and it has truly changed my outlook on money. Developing the mindset of telling my money where to go as opposed to my money telling me, has relieved much of the stress about money that I previously had. For me, organizing my money has lead to my success thus far.
Once I began to see the affects of my budget and organizing my money, I began to desire the same organization in other aspects of my life. Particularly, my home. I’ve created some great spaces, purged some things, and plan to continue in other aspects like work and parenting.
My confidence in myself has increased tremendously as I’ve accomplished task that other’s have criticized and judged. I now believe that anything is possible as long as I put my mind to it.
Debt Free Journey Negatives
I don’t have a huge list of negatives. The main negatives are the sacrifices and the criticism. I’ve had to sacrifice lots of things, mainly time. Time away on the weekends as I work my part time, that I could be enjoying my family. Another sacrifice, time related, is family vacations. For the last two summers, my family hasn’t been on a vacation and that has sucked!
The criticism, bothered me a lot when I first started but I was able to deal with it once I realized how common it is. I wrote a guest post about some of the criticism I received on My Debt Epiphany. Most of that still holds true today.
I still have not determined exactly when I plan to be completely debt free because I continue to be on the fence about paying off my student loans while on the Human Service Loan Forgiveness Payment Plan. I also continue to go back and forth about early retirement or working until retirement (I’ll talk more about that later).
I continue to seek out additional ways to earn passive income. I’m currently considering an income property and I’ve also started a Youtube channel. I’m just as inconsistent there as I am here. I plan on improving that. My youtube channel will focus more on my debt free journey AND my family life. Finally, Goaldiggintohappiness.com has it’s own Instagram page, Please follow me!
Debt Free Journey Helpful Tips
- Increase Income
- Develop a Budget and Stick to It
- Decrease Spending wherever possible
- Set Goals and Track Progress
- Celebrate accomplishments
How has your journey been? How much more debt do you have?