My Debt Free Journey- January 2020 Goals

Sharing my debt-free journey seems like such a millennial thing to do. Massive overshare article complete with social media touts that would make any baby boomer parent cringe. But honestly, I’m not just doing this for personal accountability. That is a very tiny part of the reason. Mostly, I want to share with other people that it’s possible to do hard things. This is going to be really hard, but really amazing. I’m so excited to kick this debt to the curb. And very hopeful that it can be done this year, and mostly just by ME flexing my skillset, selling stuff, budgeting, etc.

How much do you owe again?

We are currently $47,524.20 in debt, not including our house. Here is the breakdown of what we are paying for monthly that is contributing to that number. I won’t bore you with the exact details, but the breakdown includes:

a van we weren’t ready to replace in 2019

student loan debt we are carrying from my music ed degree

a massive credit card that was leaned on far too much last year

a loan for a new laptop because mine died last year

a surgery bill from when I broke my radial head on a run last year

What debt I plan to tackle first

My most recently incurred debt is the one I want to tackle first. My laptop was bought in November after my previous model bit the dust. Currently, it’s on a no interest payment plan, for $27 a month.

My laptop has a $2,373 loan left on it, which I would LOVE to pay in full this month.

How am I going to make the extra income?

Since I’m at the beginning of this journey, I’m super excited about making some changes. And I have so many ideas rolling around my head for paying this laptop off.

Furniture to sell. Crafts to bring to a craft fair. Ad money on my blog. Less drive through coffee. Better budgeting.

To be totally honest, I don’t have a specific plan for how this is going to get paid off. I’m just trusting that it’s all going to work out somehow. I really don’t know what it’s exactly going to look like. If you have any ideas I’d love to hear them.

I’m hoping for a few easy wins

There are a few things coming my way that I know will be helpful towards this goal. Tax season is right around the corner. We might get a return that could go straight towards debt. Our credit card rewards will be redeemable at the end of our February statement, and so far it’s over $300.

I’m smart and creative and a hustler so hopefully just putting it out there into the universe that I am paying debt off this year like a mad woman will make a difference. I’m a right brained creative spirit so I know that statement of “putting it out into the universe and it’ll work out” really doesn’t make sense to most people, but I have faith and trust that we will make our goal and come out on the other side somehow. I just don’t know what that plan looks like yet!

What is making me nervous

I am a little freaked out. I literally have almost 50k in debt that I just announced/overshared to the entire world I’m paying off THIS YEAR and am now stating that I have no earthly clue how I’m going to pay it off. Do I sound dumb? Probably.

I really like my creature comforts. I like driving through Starbucks. I like meeting friends for a drink at the bar on a school night once the kids are in bed. I like traveling. I like high end makeup. I like impulse buying a sweater that’s cute and on sale. But I like the security of knowing we will be out of debt even more.

We have everything we need, and we don’t want for much…so anything we are going without this year is pretty minimal compared to what it could be. These are first world problems. I’ll get over it.

Preventing this from happening again will be the tough part. We had a lot of crappy situations pile up last year to cause our debt to pile on, but small decisions along the way could’ve prevented this from happening. We paid in cash to go to Disney in 2017, but that money could’ve gone into savings. We’ve spent money to donate to causes that were important to us over the years, and we could’ve saved that too. I don’t regret these things and I’d do it the same way over again. Knowing that being a good citizen is important, and family memories with kids are something to treasure, I’ll just have to find a way to balance all the things that matter to me. It doesn’t have to be either/or. But I really would like to prevent this from happening again.

$2,373. This month. I can do this! If you want to read my first post about my debt journey, check it out here. Thanks for following this journey!

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