Time to ramp it up & pay off debt!

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anonymous user
Registered: 12-31-1969
Time to ramp it up & pay off debt!
Mon, 08-13-2012 - 10:52am

Hi everyone,

I'm enlisting your help/support as my DF & I have decided we want to pay the remaining debt I have of $16,162.00 before December 31st 2012! 

I agree it's a big challenge to pay off that much in 4 1/2 months but I am so done with this burden and I'm mentally prepared to do what's needed in order to accomplish it.  I've re-organized the budget and barring Murphy deciding to thwart with our plans the DF and I will get it done even factoring in that we are getting married in October.  We already live very simply so it was more a question of re-directing our savings towards debt.  I had planned to save $10K in savings by year end but I currently have $3K plus my RRSP's and DF also has $3K so I think we'll be safe to stop the savings temporarily to implement this plan.

I have a couple of motivating reasons:

1.  I will be self-employed as of Sept 1 2012 - I'll be working for my current company on a long-term contract basis until Sept 2013 at least.  As we know nothing is truly guaranteed and I just feel that it would be prudent of me to be debt free in the event the contract ended sooner than expected.

2.  My mom was released from the hospital on Saturday - she spent 24 hours due to a high fever & bladder infection.  Both her and my step-dad are ailing and they also need some financial assistance.  My uncle and oldest brother will pitch in a monthly sum (nothing much but better than nothing) while I will shoulder the greater portion.  I am grateful to be able to help them and if more is required of me as time goes on then I can easily handle it because I will be debt-free.

3.  Finally, I am beyond fed up of paying debt.  I started this journey in July 2009 with over $55K and I have struggled so much to pay it off to this point and I would love to end 2012 with a $0.00 balance!!! 

So I welcome your thoughts/insight. 

I now have 20 weeks as my countdown to debt freedom.  Special mention to Norma who with her countdown inspired mine :smileyhappy:




iVillage Member
Registered: 11-14-2008
Mon, 08-13-2012 - 12:22pm

While I admire and applaud your enthusiasm, I have one word or caution. I have learned many things from this board. One of them being, if income loss is a possibility, I would continue with your savings goals. What about a compromise between savings and paying off debt? 

I would hate to see you dissappointed in this area, trying to help your parents and get married all before the year end and not be able to reach your goals. I believe in setting the bar high, trust me, I just wonder if giving yourself a couple more months, say until April?  might be wise. They are aggressive goals and you just added helping your parents. 

Good luck with your decision. 

iVillage Member
Registered: 12-12-2009
Mon, 08-13-2012 - 1:01pm

Honestly, I don't think this is do-able. I don't want to discourage you or rain on your parade but ... 16K in 4 months basically? Are you able to make enough to live on (even cutting back) and pay off 4K a month?

I wish you luck and I will happily eat my words if you come back on January 1 and say it's all paid off. But look at your past year or so and be honest with yourself ... it this a realistic goal? It would be very disheartening to set the bar so high and then not make it.

I agree with Karen - give yourself more time (say April - 8 months, pay off 2K per month - still a challenge) to try to achieve this goal. Unrealistic expectations get us nowhere.

(Sorry if that sounds negative - I don't mean to - but I think you are setting yourself up for a fall.)

Community Leader
Registered: 08-25-2006
Mon, 08-13-2012 - 1:05pm

I also think it is great that you want to "suck it up" to meet a financial goal.  But I am also concerned that your savings won't take you far if one of you was unable to work tomorrow. 

I guess it depends what your debt includes, and we all know there are different opinions on which debt should take priority.

If the decision has been made, then we will all be behind you, cheering you on. 

But if there is any doubt still, you may want to pick one debt to target quickly and still put some money in savings.   Because you know what happens when we run out of savings.....

I will cheer you on, regardless what you decide.  :smileywink:


iVillage Member
Registered: 10-01-2008
Mon, 08-13-2012 - 1:47pm

ALL are good reasons to kick that debt balance to the curb for good!  You have my full cheerleading support.  LOL, set it up in weekly goals and join me posting each week.  :smileyhappy:  The more the merrier!

DH & I were talking about our future this weekend.  It's going to be great to be down to just the mortgage in 79 weeks.  I can't wait and I know you are super excited too! 




"Patience is the best remedy for every trouble"- Plautus

iVillage Member
Registered: 12-12-2009
Mon, 08-13-2012 - 3:06pm

Kassie, I feel bad that my initial response seems so negative :smileyembarrassed:.

Maybe you could outline how you are planning to reach this goal? If you have some steps you are going to take, we could give some more actual, constructive feedback? This board is supposed to be supportive, and that would help us help you!

iVillage Member
Registered: 10-28-2009

I say go for it! Your reasoning behind it is a great motivator, and with your DF on board, I feel you can accomplish this goal. Think of it this way, worse case scenario, you come close, that is still a fantastic accomplishment!!


Community Leader
Registered: 08-25-2006
Mon, 08-13-2012 - 5:27pm
Sounds good to me. I didn't know you had a 3 months living expenses in addition to the savings you already mentioned.

I am sure you can see how on the surface it seemed a bit of a stretch.

I guess I keep hearing my mom say "I am glad we stayed out of debt, but I wish we would have saved more." My parents don't have any debt, and both houses are paid off, but things are tighter than they would like.

I say "go for it." You are a smart cookie and I will cheer your countdown on!

Besides, you are the one who has to live with your decisions, not us! I am excited for your new beginning with your DF.
iVillage Member
Registered: 07-24-2001
Mon, 08-13-2012 - 5:53pm


I'm excited for you!!  It sounds like it's an aggressive but doable goal.

It sounds like the bulk of the money will be reallocated from your savings goal, and the balance will just be good old fashioned tighting of the belt to get it done, right?  

You have great motivation, and I say GO FOR IT!

Dave Ramsey's baby steps tells you to pay off your debts prior to even building your E/F (pass $1,000), so I don't see any real reason to second guessing choosing to reallocate your monies toward debt repayment (since you already have more in E/f then Ramsey even recommends).

It sounds like we are in very similar situations  We have similar incomes, expenses and savings.  Five months ago, I decided to reallocate money that was going towards savings and put it toward paying down a line of credit I have.  My bank (and people around me) were encouraging me to not worry about paying down the LOC since I was putting my house on the market and could pay it off with money from the house sale (since the line of credit was used to make some home upgrades).  But I just felt like I should pay it off.  So I paid off $16,000 in the last five months.  So I KNOW it can be done.

I'm looking forward to seeing your countdowns.

I may even join you and Norma.  I have a total of $5600 I plan to pay off by Nov 16th!


iVillage Member
Registered: 10-17-2010
Mon, 08-13-2012 - 6:35pm

Wow, go you!! Can't wait to see your numbers!

iVillage Member
Registered: 10-01-2009
Mon, 08-13-2012 - 6:44pm

I just want to say

Holy Toledo your plan is awesome...

Well thought out...

I really admire so many of you that work so hard on your debt journeys...

I sometimes feel like I should just bow out....my repayment has been so slow...I get sidetracked by saving for retirement and many extras that I don't need but make my life fun....

Im cheering you on girl....

How were the cd sales on your disc by the way?