Welcome back! This week has been really great in regards to getting rid of some debt! A ton of unexpected things along with a scheduled snowball payment are the main stories of the week. The current debt free date hasn’t moved up yet but we are only about $160 from moving it up two weeks. Let’s discuss what has been happening.
I went into this week with the plan to pay off my Citi credit card with a scheduled snowball payment. By the time payday rolled around I owed $489 on the card to pay it off. My scheduled snowball payment was enough to cover that and start paying towards one other Citi card I have.
To my surprise me and my wife received a wedding gift from her grandparents. It was $500 a welcome surprise. We initially had a plan to put 75% of gifts towards my credit card debt. We decided to put the entire gift towards it instead. This was enough to pay off my Citi credit card balance off! Another credit card bites the dust.
The next up in the snowball is another and last Citi card I have. I am currently projecting to pay this card off in September and at that point my business relationship with Citi will be done. With the gift from the grandparent in-laws I was able to put $1082 towards the second Citi credit card. Pending the payment going through the current balance is $1468.98.
Once all the current snowball payments and minimums hit the debt should be under $20,000. That is still a mountain of debt but we are on our way to being debt free. We have paid off one/third of the credit card debt in a few months.
I started this year with over $30,000 of debts spread over 12 credit cards. We now have just 5 more credit cards to get rid of. I watched a YouTube video about paying debt off when I started this journey and they talked about how getting it under $20,000 was a major milestone. That it would all seem more manageable like a light near the end of a tunnel.
This week’s side hustle includes online sales and in person Facebook Marketplace sales. I sold a number of things on eBay. I was sitting at work and I looked in my backpack for some unknown reason and I found my Garmin Footpod in there. Apparently, Garmin is not producing them anymore so I promptly listed it on eBay and it sold within the hour. I also sold several other items I have had just sitting around the house.
It is amazing the amount of money just sitting around the house but I guess it is not that amazing because all of this debt had to come from somewhere.
Another development a few months ago I listed a few items of Clothing on Poshmark. Randomly I got an email saying a pair of Nike shoes had sold. I really had forgotten that was even listed for sale. This definitely motivates me to list more on Poshmark. The prepaid shipping labels by the buyer are so convenient making shipping a breeze.
Facebook Marketplace has still been old faithful. I would say we probably bring in at least $50 a week there.
Also, as I finished proofreading this post my request to join Merch by Amazon was approved. So hopefully we can get that rolling soon.
The debt repayment process is going well. I think it can’t be over soon enough though. This week I traded in my GPS watch to get an upgraded one. I won’t make a habit of this but I need some motivation to stick to my diet and hopefully a shiny new watch will be it. In the past I would have thrown this purchase on a credit card without any hesitation. So that in my opinion is progress. The debt snowball is still rolling and we will debt free soon enough!