Debt Busters Club 2009: January Meeting
Welcome to the first edition of the Thrifty Florida Mama's Debt Busters Club for 2009!
Lots of circumstances can lead to debt: job loss, wage reduction, medical bills, loss of a spouse or caregiver, overspending, cluelessness of financial matters, or just plain dumb moves. But no matter where it came from debt is debt is debt. And in 2009 debt has to go.
Debt Breakdown as of January 1, 2009:
SBA Loan- $2990.12
Personal Loan- $5328
Car Loan- $15,612
Total Debt: $23,930.12
Minimum Payments:
SBA Loan- $245
Personal Loan- $450
Car Loan- $490
Snowball amount to add to above minimums for this month:
$400 to be applied to SBA Loan
Expected Debt at the end of the Month:
SBA Loan- $2345
Personal Loan- $4878
Car Loan- $15,122
Total: $22,345
This month we don't have a huge snowball due to needing to replace two tires on our car and needing to build up our emergency fund to $1000. Where will we get the $1,000 for our EF? I will get paid for 6 hours of tutoring on the 15th and another 5 hours on the 30th. My husband is getting paid for 5 hours of web designing on the 15th. I am expecting about $150 from Amazon revenue from my blog and $125 from Logical Media Revenue. We are also trying to sell a pool table and 125 gallon fish aquarium and stand. Hopefully this will equal what we need for the Emergency Fund.
Other Ways we are saving money:
Eating out of our freezer and pantry (although the pantry is getting slim)
Not eating out
Not buying anything unless it is a need
Staying home and out of the stores
Are you working on paying off debt? Join the club and link up below. Let's comment on each other's posts and encourage each other along this path because it is a hard and sometimes lonely path to becoming debt free. We can do this. Really, we CAN do this!
(If you don't feel comfortable posting all of your exact numbers you can just post what you are doing to get out of debt and your progress by percentages.)
8 frugal-minded friends say:
Yes, WE can do this. I need all the encouragement that I can find. I can't wait until the day when I can say that I have no credit card debit.
I am so excited about seeing what I can pay off this year. My goals aren't quite as high as yours but I am going to try to be credit card free by the end of 2009. I am going to use my income tax check to pay off one credit card. But because my husband and I are also teachers, we too have to make up for two paychecks at the beginning of August. So, I'm nervous but also excited to see what we can accomplish!!
I have taken all my credit cards out of my purse and taped them onto a poster board and filled out the info. I have it setting next to my desk so I can see it every day. I will also not be tempted because they are not with me. I am in debt with credit cards for a total of $12,500.00 and hope to make some head way this year. I have a high credit score so that is encouraging to me but I am just worried about the future. I am also tired of paying all this interest. My interest from my 7 cc's averages 11%.
Dh job is really slow right now and I am a sahm, so maybe i will need to get a job sometime soon.
I wish you luck and look forward to hearing from you everyday.
just found you thru a link and am thrilled for your wonderful goal. It is life changing, that's for sure. As my hubby heads into unemployment next month (job is changing states and we don't want to move), we are thrilled that we have an emergency plan in place and pray that we will make it through completely debt free (minus the house). Can't wait to see what happens for you in 09.
I'll certainly be reading along. This is very encouraging...although I don't want to share all my information online. I'm impressed with the sacrifices you guys are making.
I'm a teacher in Mississippi. I do not know anything about missing any check and am almost sure this is not happening here. What's up with that? I'm worried I've missed something important.
Im so glad I found your blog. Im a major coupon shopper and Im also as thrifty as they come. Im so EXCITED to learn new tips and tricks!
My DH lost his job of 17 years and put his passion/hobby into fulltime work so in this scary economical times my knee are shakin. We now have to pay for health insurance, life insurance, dental insurance.
My goal is to keep our heads above water and follow Gods will.
I've joined you in your adventure. I won't be bale to pay it all off this year but hope to be completely debt free by the end of 2010.
www.frugalrighthererightnow.blogspot.com/2009/1/debt-busters-club.html
I'd love to join along with you all, but I'm supposed to be working right now, so I'll have to check back in and introduce myself later.
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