It’s been a week since the last blog update. I have made the first half of the months payments. The mortgage is paid and the debt snowball is rolling. A couple unexpected things happened this week but I’ll get more into that later. This newly acquire energy to be debt free feels amazing but I get a little bummed when I think of all the time I wasted paying minimums. Never again! I am focused and will never use these cards again!
Now to the things that happened this week…
My spouse chipped in $500 towards the credit card debt and I added an extra $135 to the $500. We payed off the Capital One credit card about four weeks earlier than anticipated! No more 25.99% interest rates! While I’m not doing the debt avalanche this was my highest interest rate credit card. The $500 was an amazing surprise. The debt snowball has been awesome so far. Since starting I’m saving $65 in interest to the credit cards I have paid off. Slowly working to stop making the credit card companies rich.
My next debt snowball payment is going to go to one of my Citi credit cards. The next in line was Wells Fargo once Capital One was paid off but since Capital One is paid off early I will put that money towards a credit card that’s accruing interest currently. Wells Fargo is interest free until January 5th. I’m currently on track to pay Wells Fargo off in November to avoid the interest. No matter what that card will be paid off by then though.
I sold some more weights and planned to keep my home gym setup but an unexpected offer pushed me to sell it. I could not pass up the cash to put towards my debt. I started delivering for Postmates this week also. I have made two deliveries so far for a whooping $7.86. I don’t think for me it’s worth the wear and tear on my vehicle. Another income source I think about is selling my current car and getting a beater. Then putting the cash towards my credit cards but we will see if I do that or not.
I opened a new Chase checking account and once I make a direct deposit to it I’ll get $200 as a bonus! I am really excited for that free money. The account doesn’t accrue any interest so that kind of stinks but oh well. Work wise I got a pleasant surprise that I will be getting a raise so more money to throw at this debt.
Another event I am updating my budget to account for every dollar that comes in. Usually I account for payments such the mortgage, credit card payments, and whatever other reoccurring monthly bill I have. I would get my living expenses like groceries, gas, and what not with the left over money. Now I have an assignment for every dollar. The debt snowball really has me eagerly anticipating every payday to inch me ever so closely to being free of the credit card debt!