Paying down Debt

My Ultimate Goal:

To pay down $78,362.55

My Current Goal:

To pay down $46,117.24 (Ultimate – SL(s))


Top Line: Ultimate Debt (last year’s track) | Bottom Line: Current Goal (this year’s track)

Last month I didn’t complete Track my Progress because I had initiated “the current goal”. Since my Student Loans are at 3.4% interest rate it is not a top priority.The other debt needs to be paid down ASAP. Why? Because I am tired of paying debt!




You can see that I have already paid down more than I paid as a whole last year. Let us see if I can keep this trend. Especially during the holidays (you do know they are not that far away, right?)

How am I tackling my debt?

  • Dave Ramsey’s Debt Snowball (use for tracking purposes – it’s a great tool)
  • Creating alternative income(s) – web-based, creating reusable grocery bags, scrabble tile necklaces, working extra hours, etc…
  • Yard sales, ebay,, craigslist. Creating money to speed up the snowball
  • Trying to live frugally, within my means – this allows me, at times, to send an extra $20 – $50 towards my snowball plan

Little ways, little steps that will lead to big changes. What are some of the ways you tackle your debt?

12 thoughts on “Paying down Debt

  1. admin

    Thanks! The graphs are made on Excel. Once you have your figures on your spreadsheet just use the chart wizard to whip em’ up! These chart details from Microsoft may be of help. πŸ˜‰

  2. shtinkykat

    Good job on the awesome pay down this year! But I think it’s also important to set aside money for the holidays so we don’t fall into the trap of paying down debt furiously only to slide right back into it. I’ve been on auto-pilot with my debt pay down. I’ve been snowballing my debt and I’m paying the same amount each month. Pretty tedious stuff.

  3. Sharon

    A couple of years ago we had almost as much debt as that. (two car loans, a HELOC, cc’s) It was so depressing to see the large number. What helped was seeing how far you have come…I like to do a Net Worth sheet and instead of staring at the debt, I enjoy seeing my net worth go up..even if it is only a couple hundred dollars. You’ll be debt free before you know it, and it will feel wonderful!

    I have two debts now a car loan and a mortgage and not very much in savings, so our goal for right now is to beef up savings.

  4. admin

    @ shtinkykat: Thanks. I hope I can keep it going. You’re right. I should be setting aside a holiday fund much like I did with my summer fund. I put away $35 biweekly and had $935 to splurge. πŸ™‚

    This holiday is going to be real simple (I hope) because we want to have much fun in Hawaii!

    @ Sharon: It’s a lot of debt. And I have been meaning to do a Net Worth sheet at NetworthIQ but have not been able to make time for it. I think it would be a rather effective tool in possible giving me an uplift attitude to want to make it go up!

    And savings is so important. Especially in this economy!

  5. Ms. MoneyChat

    auto-pilot works for me with almost any financial goal (debt payoff, savings, etc).

    also, using cash works for me too. i used to be horrible w/cash but that was when i didn’t have a plan. now that i know exactly how much i get for groceries, blow and personal … that’s it. i separate the cash items into a different checking account so that i don’t get confused about what’s available and what’s not. i do not have little odds and ends coming out of my main checking account. i never use the debit card, i only pay bills and disburse funds from the main account. the secondary, or discretionary account is where those “cash” items go.

  6. admin

    I think that is key – A Plan. You never use a debit card? Even for getting gas? That would be really hard on me.

    You plan is much like mine. My main account is for Cash Allowance (even though I use a debit card) – groceries, gas, entertainment, misc | the secondary account for Online Bill Pay | the third account is my Savings – EF, Hawaii, Other yearly expenses like Auto registration, school clothing, etc…

    It works quite nicely. πŸ™‚

  7. admin

    Thanks. I am going to try real hard to make that number in green increase! I’ve been real concious about what we are spending for the ‘other’ things like camping, Hawaii, etc… Trying to make the extra money or holding No Spend Weeks instead of increasing my debt. So far, So Good!

  8. Ms. MoneyChat

    oh yes, i definitely use a debit card, but only a debit card to the discretionary fund account. i don’t use the debit card to my main checking account. the only caveat to using the debit card is food – i MUST

  9. Ms. MoneyChat

    dag it … i accidentally posted before i was finished. anyway, what i was saying is that i MUST use cash at the grocery store or i fail miserably … ALL of the time. other than that, i’m good with using the debit card for other miscellaneous such as gas, blow, etc.

    btw – how is the hawaii savings coming along?

  10. admin

    Oh the grocery store. Mine is don’t bring the husband. Men and sales and don’t needs. LOL. If its $2 for 4, he has to buy 4. Even though we only need one and still get the sale price that way.

    Cash at the store. I’d be afraid that it would ring up to more and I wouldn’t be able to cover it. LOL.

    But I am glad that it works for you. πŸ™‚

    And Hawaii? We just tallied up $1026 in our Hawaii Savings Fund. A little more than $4K more to go. And if we stay on plan… we will have it by the time we need it. Woo Hoo!

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