$60,000 Debt Payoff Motivation

[Genes]

Simple Steps How To Solve Debt Problems

Step 1: Set Goals.
Step 2: Identify Income and Expenses.
Step 3: Separate Needs from Wants.
Step 4: Design Your Budget.
Step 5: Put Your Plan into Action.
Step 6: Manage Seasonal Expenses.
Step 7: Looking Ahead.

[Smallsteps]

It can be challenging to stay motivated in this process, especially in times when balances seem to be going down so slow. While on paper it all seems so clear with simple steps but in practice there are moments that can feels like you are going nowhere.

just like diets just because it worked for one person does not mean the same result for everyone. For me making small progress or reaching small goals helps me but sometimes it gets old. some times I switch up my focus to shake up the feeling of slow progress. I have moments when I am gung ho about it then sometimes when I need to think about something else for awhile.

[Gailete]

It can be challenging to stay motivated in this process, especially in times when balances seem to be going down so slow. While on paper it all seems so clear with simple steps but in practice there are moments that can feels like you are going nowhere.

just like diets just because it worked for one person does not mean the same result for everyone. For me making small progress or reaching small goals helps me but sometimes it gets old. some times I switch up my focus to shake up the feeling of slow progress. I have moments when I am gung ho about it then sometimes when I need to think about something else for awhile.

Very true, which is why a forum like this can be so helpful! Currently when debt seems to be the norm, to pay ahead $100 on a major bill doesn't get you many kudos from friends and family that find out, and they may think that you should have used that $100 to take them out to eat at some place fancier than McD. I do feel that little, inexpensive reward for getting to certain goals is appropriate, such as a hot fudge sundae not a new car!

We have a VERY erratic income and don't know from one month to the next what will be coming in to pay towards bills, but I keep plugging a way. The first two weeks of this month were terrible financially as I was barely making any sales in my on-line store, then from the 15th on, the orders are pouring in, at least for my normal sales. I don't have a clue if they will keep up but I sure hope so! Because that means not only will we have what we need for regular expenses, we will be able to pay ahead on some things

Keep plugging away!

[TrueMaroonGrind]

Car:
$9,073
My SL 1:
$6,112
My SL 2:
$5,872
Wife's Small SL:
$4,210
Wife's Big SL:
$32,073
Total:
$57,351

Progress was made, but we did have some unexpected costs prevented us from paying $1,000 on the car every month. Challenges have presented themselves but we are very motivated and excited to reduce our debt total.

We are looking to have significant windfall payments in June and July. I get my bonus(fingers crossed) and my wife will be working this summer to get an extra paycheck for June and July. I also have a small savings account that I need to close and I will apply the balance to the car. I also will look to monetize my hobby of carpentry. Not a full on second job, but do some odd jobs when I have time.

We are a little behind where I had projected us to be but hopefully our windfalls will catch us up. I am I look forward to giving another update after the summer. Thank you all for the advice and encouragement.

Car:
$0
My SL 1:
$5,897
My SL 2:
$5,633
Wife's Small SL:
$4,116
Wife's Teach Grant Loan:
$2,781
Wife's Big SL:
$31,743
Total:
$50,038

We had a lot of windfalls come in and were able to pay off our car before the end of the year!!! This was a huge goal for us. We hope to roll the money into our SLs and knock out my high interest SLs next year.

On a not so great note, we found out my wife's teach grant was converted to a loan when she quit teaching, so we have another $2,781 of debt to pay off now.

Even with the addition of another loan this stretch of debt payoff has been every encouraging. We have cut our loan total by more that $7,000 and paid almost $10,000 towards our loans. We know that the number is still very big, but it is coming down fast. I look forward to my next update and I hope it is a good one.

[LivingAlmostLarge]

Congratulations and see you now are driving a car you own!

[Nutria]

On a not so great note, we found out my wife's teach grant was converted to a loan when she quit teaching, so we have another $2,781 of debt to pay off now.

Did she quit early, or something?

Even with the addition of another loan this stretch of debt payoff has been every encouraging. We have cut our loan total by more that $7,000 and paid almost $10,000 towards our loans. We know that the number is still very big, but it is coming down fast. I look forward to my next update and I hope it is a good one.

+1

[snafu]

Wooohooo cheering for success! Terrific to have the car paid off. Hope you will stay focussed on the goal and 'snowball' the payment sum initially to car now to wife's new Loan resulting from the decision to quit $ 2,710. needed for debt moved to PAID column. What's been sold that isn't used and not needed? What is your plan for Thanksgiving? Suggest shopping your pantry during the interim; meals might be ethnic or alternating 'he cooks, she cooks. Look at expiry dates, pick an item for the 'search' box www.alrecipes.com for a culinary adventure. The trick is a Meal Plan, make a list buy only listed items. With a positive attitude, it's really fun!

[Sam1000]

Find a way to put an extra $1500 a month towards your debt.

Extra job? Stop buying crap? Stop drinking? Sell stuff you own but don't need?

Consolidation would help too, as it will probably lower your interest rates… but it wouldn't be a huge difference if you pay them all off in three years.

Just start with high interest debt first.

[veronak]

Great job on the first step

As with others, I'd say don't beat yourself up. I think it's great that you're taking the step to becoming debt free.

[TrueMaroonGrind]

Did she quit early, or something?



+1

She had to work at a low income school for 5 years after she got the grant and made it 2 years before she realized she couldn't do it anymore.

Now she has moved on to taking care of animals, her true passion. Happy wife, happy life.

[TrueMaroonGrind]

Congratulations and see you now are driving a car you own!

Thanks it feels great.

[TrueMaroonGrind]

Wooohooo cheering for success! Terrific to have the car paid off. Hope you will stay focussed on the goal and 'snowball' the payment sum initially to car now to wife's new Loan resulting from the decision to quit $ 2,710. needed for debt moved to PAID column. What's been sold that isn't used and not needed? What is your plan for Thanksgiving? Suggest shopping your pantry during the interim; meals might be ethnic or alternating 'he cooks, she cooks. Look at expiry dates, pick an item for the 'search' box for a culinary adventure. The trick is a Meal Plan, make a list buy only listed items. With a positive attitude, it's really fun!

Thanks for the cheering, we need it. It feels great to have the car paid off.

We could use some help in reducing our food waste. We are on a diet after the new year, so we are doing better with waste, but still need improvement. Eating out is happening less, so that helps our bottom line. Still we need to get better and will be trying.

We don't really have anything to sell besides my tools(not for sale).

Thanks for the advice. I really appreciate it.

[TrueMaroonGrind]

Find a way to put an extra $1500 a month towards your debt.

Extra job? Stop buying crap? Stop drinking? Sell stuff you own but don't need?

Consolidation would help too, as it will probably lower your interest rates… but it wouldn't be a huge difference if you pay them all off in three years.

Just start with high interest debt first.

Extra job is out of the question. I enjoy spending time with my family and we aren't in a situation where we "need" extra income.

Yes we could probably spend less money on crap, but honestly we don't really spend that much. Mainly just stuff for the house, books and the occasional event. I wish we had some stuff to sell, but unfortunately not.

Yea I have looked at consolidation, but, like you said, the financial benefit didn't seem that great and I like to cross loans off the list. My loans are the high interest ones and we hope to knock them out this year.

I really appreciate the advice.

[TrueMaroonGrind]

As with others, I'd say don't beat yourself up. I think it's great that you're taking the step to becoming debt free.

Thanks I really appreciate the encouragement.

[TrueMaroonGrind]

Car:
$0
My SL 1:
$5,897
My SL 2:
$5,633
Wife's Small SL:
$4,116
Wife's Teach Grant Loan:
$2,781
Wife's Big SL:
$31,743
Total:
$50,038

We had a lot of windfalls come in and were able to pay off our car before the end of the year!!! This was a huge goal for us. We hope to roll the money into our SLs and knock out my high interest SLs next year.

On a not so great note, we found out my wife's teach grant was converted to a loan when she quit teaching, so we have another $2,781 of debt to pay off now.

Even with the addition of another loan this stretch of debt payoff has been every encouraging. We have cut our loan total by more that $7,000 and paid almost $10,000 towards our loans. We know that the number is still very big, but it is coming down fast. I look forward to my next update and I hope it is a good one.

Figured I would give another update since it has been a while

Car:
$0
My SL 1:
$3,700
My SL 2:
$0
Wife's Small SL:
$4,034
Wife's Teach Grant Loan:
$3,000
Wife's Big SL:
$31,092
Total:
$41,826


First off I'd like to say that post here really helps keep me on track. It is a good source of accountability other than my wife. So thanks for those who have been replying and encouraging.

So on to the good news. We paid off my 2nd to last student loan!!!!

We are so close to finishing off my loans it feels great. I look forward to celebrating getting rid of all of my student loans, then refocusing on my wife's loans.

There is still a lot of work to do, but we have goals to strive for. By the end of the year we are planning to pay off my student loans and my wife's teach grant.

Again thanks for the encouragement and I look forward to updating you after the summer with a few more zeros on our list.