Thursday, March 31, 2016

Something else

Because I don't want to just write about my grandfather and all that depressing business every day, I'm going to write about something else.  Debt, and making it disappear.  I sure know how to pick interesting subjects, no???

Yes, folks, this is your latest installment of Bluemoon's Debt Banishment Plan!

Just sent another chunk of money to one of my two remaining credit cards.  It took the balance below $1K and this is so weirdly thrilling to me.  I am SO CLOSE to being debt free that I can taste it!  By the end of April, doing things conservatively, I would have my debt down to $310.  Seriously. THREE HUNDRED DOLLARS.  My original debt be gone date was May 15th, but honestly?  I think I could probably make it happen by April 30 if I really want to!  I can definitely be a little more thrifty so I have a smidge more money to send the way of a credit card.

April 15th will be exciting for me because I will pay off the worst credit card I had, the one that had a maxed out balance of $7000 a year ago.  Yes, $7K on just one card.  I know, I know.  But I'm not ashamed to admit it anymore since that balance is down to under $600 right now!  It will be GONE April 15 and then I will just have the one card with the lowest interest rate and a totally reasonable balance to pay off on the next check or two.  It feels AHH-MAY-ZING.

Even on my May 15th check I will be able to take a chunk of money and put it into savings because the remaining debt I may have will be so low that I'll still have money left.  I've got such big plans for this momentous day of freedom, be it April 30 or May 15.  I'm going to do a happy dance, then find out how to increase my retirement contributions from their current piddly amount and then increase my life insurance policy.  That's what we call adulting!!  ;-)

These things have been very important to my grandfather recently.  He is trying to make sure that we all have these things in place, and I'm so glad that I'll be able to rectify the places I'm lacking very soon.  I'll get those things in order and then re-evaluate my budget to determine how much I want to go into savings on each paycheck.  I cannot wait to see that account grow!  I didn't have a savings at all until the last year or two.  I have been very lucky to receive very generous bonuses from my employer that have helped to give me a small savings cushion.  It has been nice to have, but it will be even better to have a real, growing savings account instead of one that gets an influx of money each January and then nothing thereafter.  ;-)  I've felt guilty in the last couple of years particularly for not putting money into savings each month, but ultimately I decided that it was more important to pay off the debt than to focus on saving.  I had my small cushion of money saved, but I've been all about sending my extra bucks to those evil creditors who like to charge all that interest!

Beyond this, I will also set a date on my calendar for about 2 months from when my debt is gone to do a real, true credit score check-up.  I know it may not be fully updated at that point,but it should be a good enough indicator.  I am insanely proud of myself for this effort in the last year.  I am still astonished at how far I've come and how quickly.  It was a slow process in many ways, and it's definitely faster to accrue debt than to pay it off, but I've been surprised to find how addictive it can be to pay the debt off.  The more you pay off, the faster it decreases, and it's such a nice thing to witness!

I'm so ready to close that chapter of my life and move forward.  I'm ready to be that adult who puts money into savings each paycheck, uses a credit card and pays it off monthly to maintain a good credit score, contributes smartly to a 401K and has a great credit score and ability to make good financial choices.  I'm THISCLOSE.  :-)

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