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Happy Valentine's Day and New Start



Well once again, I am on the wagon trying to pay down the crazy amount of debt I have. But this time, like all the others is going to be different. I am so tired of being stressed out by payment and what I would do in an emergency. Plus I would really like to adopt in the next five years and if I don't get the debt monster under control that is not going to be possible.


Last June, I was let go from my job. And was able to secure a contract position within a month so I was very luck but that was the wake up call I needed. I treaded water for a while as the contract job didn't not pay as well as my old permanent job and didn't supply insurance so I was stuck buying it on my own and wow is that pricey. But as of February 2nd, I was offered and accepted a full time position with the company I was contracting for making almost as much as I was making at the old employer so it's time to do this.


So just as a starting place.


Have the preliminary budget put together, I am sure I am forgetting something but that will all be ironed out over the next few month's I'm sure.


Finished out my BEF - $2000, going a little higher than Dave suggests as I am a single foster parent and $1000 is just a little too tight for me.


Beginning to work BS 2 - (I'm going to be here for a while, but I've already made a tiny bit of progress)

Debts :

Cell Phone; $343.50 (Talk about stupid, I financed a cell phone)

CC # 1 : $13,444.25

CC # 2: $16,131.48

CC # 3: $8,794.50

CC # 4: $5,423.06

SL #1: $5,489.11

SL #2: $1,405.56

SL #3: $4,004.48

SL #4: $4,803.45

SL #5: $7,782.11


Total non-mortgage debt: $67,721.50.


I had a small melt down when I saw the total but then decided okay that is in the past time to put a plan together.

First I paid off the cell phone last Thursday. Feels great to have one debt down. I did receive my income tax refund as well so that it help tide me over as direct deposit hasn't started with my current employer so I am using part of it to cover the timing difference to what my normal pay checks looked like.


Once the new pay check starts, I am going to send a large snow ball, around $ $6,000 to CC # 2 which is out of order but that card has the largest minimum payment and that payment should free up more cash per month to send against the other debts than paying off the cards in order which will give me a bit more breathing room in the budget which should allow faster pay offs in the future. Once that payment hits then I'll pay them off in order.


On the good side, I really like my new job and I have very supportive friends and family.


BS 3 on hold pending completion of BS 2

BS 4 on hold pending completion of BS 2 & BS 3

BS 5 No kids yet but would be on hold pending completion of BS 2, BS 3 & BS 4

BS 6 $105,745.46 on hold pending completion of BS 2, BS 3, BS 4, BS 5

BS 7 in my dreams


I'm buckling for a long, challenging but hopefully rewarding and happy ride. Here we go....


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That total is scary, but you have a lot of debts and will quickly see progress as you pay them off one by one!

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What are your SL payments? I am wondering if you might see more traction if you pay off the 2 small ones of those instead of the CC#2.

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