The Challenge

3-1-2013 thru 3-1-2013

A 365 day challenge to lower our debt and increase our savings. When we sat down and looked at hard, raw, and very real numbers we learned that we had actually put out (throughout the month of Feb) more than we had brought in (embarrassing, I know). We had spent over $250.00 just in frivolous eatery spending, a coffee here or a bagel there, ice cream for the kids, etc. It just adds up SO QUICK! As well we had realized that even though we thought we were spending less on diapers for the baby, we were making one of the biggest rookie mistakes ever, buying in small portions. We weren’t thinking about overall use! (Tip: Yes, it may seem like a lot of money in the moment but if it lasts throughout the month, it’s totally worth it!) Our plan is to change our shopping and spending habits and this is just what we have set out to tackle the first month. Part of this journey is developing new habits and kicking the bad ones…it’s all part of the process.

But we know that we have to look long-term, this is a 365-day project afterall. Most importantly we know that our individual contributing debt HAS to be cut down. Our school loans aren’t going anywhere and hopefully in the next five years the two bank loans we have will be paid off. So for now we have to focus on the bills we can actually make a dent-in and eliminate. To not get too ahead of ourselves we are taking baby steps; I think my Daddy would approve.

Here are our short-term goals:

GOAL: pay off Brent’s credit card
$300 debt remaining
50.00 payment per month as opposed to the min 25
Timeline: 6 months

GOAL: Pay off Charlotte’s medical debt
$359.39 debt remaining
these are charges divided upon 4 appointments so the goal is to pay them down in 4 payments
Timeline: 4 months

Goal: Pay off personal loan
$250.00 debt remaining
$75.00 payment (x2) + (1) $100 payment
Timeline: 3 months

Total Anticipated Debt cut in 6-months time: $909. 39


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