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!
35
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: 10-28-2009
Duke, noooooo! You must stay. The important thing to remember is this is *your* journey, however you choose to walk it. Everyone has their own path and has their own experiences, knowledge and approach to share here. I always love hearing your point of view. no bowing here, only on the stage. :smileyhappy:
iVillage Member
Registered: 10-01-2009
Mon, 08-13-2012 - 10:10pm
Awesome kassie....

Speaking of Indy talent...Check out Cold Specks....she is friggin unbelievable...

Do u know her music by chance?

Duke
iVillage Member
Registered: 10-01-2009
Mon, 08-13-2012 - 10:11pm

Thanks for the sweet message...

Even if I bow out (which I won't) ...I will still post here....

Duke
iVillage Member
Registered: 12-12-2009
Tue, 08-14-2012 - 7:16am

Hi Kassie,

I'm glad to see the steps you posted and to hear that you have put much thought into your plan. And as I said, I will happily eat my words when you post you have reached your goal by January 1, 2013. All I ask is that there be a little whipped cream or chocolate sauce to make them more palatable :smileytongue:

I look forward to reading your status updates, like Norma's - it's great to see someone's progress!

iVillage Member
Registered: 10-01-2008
Tue, 08-14-2012 - 8:52am

The more the merrier!   Do it on my weekly post or start one of your own!   The only important thing is that we reach the finsh line!!!

 

Norma


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


iVillage Member
Registered: 04-16-2008
Tue, 08-14-2012 - 8:40pm

The way I look at it, you cannot "fail".  Even if you cannot pay off all $16,000, it is always a "win" when you get aggressive in paying off debt!  :smileywink:

iVillage Member
Registered: 04-16-2008
Fri, 08-17-2012 - 10:36am

Sophia,

Welcome to the board! 

I would not, however, use the word "naysayers".  We all support Kassie (and each other) in debt reduction and financial security.  Sometimes we just look at things differently and point out potential down falls, all in a good way.  Even a grouchy one like myself actually mean well!

And in Kassie's scenario, snowballing won't work - she is invoking an avalanche.  ;-)

Would you like to share some of your goals with us?  (Or did I miss you in the intro)?

iVillage Member
Registered: 04-16-2008
Sat, 08-18-2012 - 9:04am

Going to keep this short and not hijack the post.

I have been here on and off for about 10 years (under another name and this name) and never encountered the attitude you mentioned.  Everyone has been very supportive.  With the collective experience and encouragement, this board has given me the incentive to pay off all my debt, including my mortgage, and remain debt free.

Community Leader
Registered: 08-25-2006
Sat, 08-18-2012 - 8:54pm
Well said, Kassie. :smileyhappy:
Serenity
iVillage Member
Registered: 10-01-2008
Mon, 08-20-2012 - 9:17am

ATTA GIRL!   If we have a mind set to do something and "karma" doesn't get in the way too much, we usually suceed.  If....and that's a small if, you don't make it by the end of the year, you will still have reduced your debt by a large amount.  Don't give up or be heart broken if you have to stretch you time line out by one or maybe two months. 

But down deep in my heart.......I KNOW you will make it!  I've just go that feeling :smileyhappy:

 

Norma


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