Intro
Trying to be debt free as quickly as possible for me builds so much impatience. There is so much anticipation for payday. This might be getting too deep for the intro. While i am not talking about spending money. I really have to remember to enjoy the life in between paying the debt back. I am thankful for the hyper focused nature I am attacking the debt with but sometimes I let it take up too much of my life. Let’s get into though.
Snowball
My budget is ever evolving. The newest development has been to stop sending money to a joint savings account with my wife. That money will get put towards the debt to increase the monthly snowball payment. Also like I have received a raise at work and once I find out how much my check will increase I will potentially add another $50 a check to the debt snowball payment.
This Friday July 31st, I paid off my Amazon Store card that has a whooping 24.99 interest rate! Feels so good to lose another creditor from my life. I know they depended on me so I wish them the best in the future lol. I was not sure if I had to have Amazon Prime while I had that card so once I paid it off I canceled my Amazon Prime membership. Also no longer paying for Netflix so that is a little more money to throw at the debt. My wife when she can is putting money towards the debt now and thats an awesome boost to help speed up getting rid of the credit card debt. Once we are done with the credit card debt we will knock out the student loan debt.
The next credit card up to get the snowball treatment is my Wells Fargo card. It currently has a 0% interest rate until January 5, 2021. I should be done paying it off in October. The current extra money that arises I put towards my Citi card since it is accruing interest. That is not following Dave Ramsey’s snowball method to a tee but I’m focused on the end goal of being debt free still. For me it is just too alluring to save some money by paying a card with interest down a little quicker.
Projected Debt Free Date
November 11, 2021
Expenses
For this current two week period the only bill that is due is my Wells Fargo card. I made the minimum payment on that and it’s next up for the snowball. Everything else is current until the 15th.
I am still eating out a lot but I am starting my diet on Sunday. So hopefully I will have this expense eliminated soon!
Income
The month of August has 3 paychecks in it. I budget for having two checks a month so I put almost all of my third check towards my credit card debt. The next check I get will have my updated amount on it and I will update the budget accordingly.
I am still selling anything I do not need around the house on Facebook Marketplace or eBay. While it is slowing down I am still untucking things here and there.
Conclusion
The snowball is still rolling strong. Every month we are one step closer to being debt free. At the beginning of last month the debt free date was in January of 2022 now we are in November of 2021. So heres to pushing forward and getting this debt out of here.