The journey out of debt, I'm on it let's see how it's going - youramericanmoney
Author: Michelle
Description: Right now I am in the process of paying off a ton of debt. While I have spent a lot writing about the emotional aspect of debt repayment I haven’t really spent as much time talking about the cold hard cash aspect of the debt repayment process. I just wasn’t “there” yet. Now I am […]
Date: 2013-07-01T12:00:44+00:00

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# The journey out of debt, I’m on it let’s see how it’s going

posted on 1 July, 2013

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Right now I am in the process of paying off a ton of debt. While I have spent a lot writing about the emotional aspect of debt repayment I haven’t really spent as much time talking about the cold hard cash aspect of the debt repayment process. I just wasn’t “there” yet.

Now I am

I have 4 credit cards, 2 student loans, and a mortgage. For the rest of 2013 I will be focusing on the 4 credit cards. The mortgage is a non-issue as it’s SUPER affordable and then there are the student loans. I just don’t feel like talking about those right now. LOL!

Hardcore debt repayment has officially passed the plateau. Finally.

I talked about how I understood how people quit before debt repayment really happens last week. In that post I mentioned all of the things that I’ve been working on in order to create and sustain healthy financial habits. The list is pretty freaking long! I did go on a trip overseas during that time (I was a bridesmaid) and I worked very hard to keep the trip “affordable.” I only spent $300 dollars over the average that bridesmaids spend on participating in a wedding. This was the first time I was asked and as most of my friends are married I don’t think I will be asked again for quite awhile. I was very honored to be there with my friend and I don’t regret the expense. That being said, I am working on ways to grow my income and am having a lot of fun with it.

The financials at this point in time:

The DEBT so Far…

Credit Card #1-PAID OFF as of today!

Credit Card #2- Pay off date is September 1, 2013 (hopefully)

Credit Card #3-Pay off date is around mid-November 1, 2013 (hopefully)

Credit Card #4-Pay off date is around March 1, 2014 (hopefully) It could be sooner, but that’s what I’ve projected so far

Using my Sh$T

I have an ongoing series of posts called “I’m using my sh$t” You may have noticed that I didn’t do a post for May or June that’s because I’m still using my stuff. I DID use up product during my trip

And I did use a few more mini items other than the ones in the picture, however, I haven’t used up enough items since I’ve returned home to do a post on them. I did have a minor slip up …when I walked into Bath and Body Works and purchased 2 body sprays, a body scrub, and 2 shower gels-all for $20 dollars! Obviously, that’s a great deal but I need to stay out of the Mall!

Money Saving Habits:

**These are also mentioned in a previous post but I wanted to mention them again**

- Bring coffee to work. Make my second cup at work.
- Using my sh$t. Stop buying product. I’ve cut down my product purchasing by 98% (with the exception of last week’s hiccup).
- Menu planning-I try to plan and cook 2 or 3 entrees over the weekend for the work week. I also prep snacks and think of breakfast ideas as well.
- Using what have in my pantry-I have a well stocked pantry and I try to utilize what’s in it with the fresh items that I purchase from week to week.
- Growing food in a garden. I’ve had a great time growing my first garden. So far I’ve enjoyed a ton of amazing, fresh arugula. Picked by my very own hands! Am looking forward to harvesting cucumbers and tomatoes soon.
- No car**this may change this fall. I might buy a beater towards the end of Fall. I currently use my ECO Pass (comprehensive bus pass) that is given to me by my job.
- Transitioned to using cash 75% of the time. Using cash has been a great way to cut down on impulse shopping.
- Actually keeping money in my savings account (this one is challenging). This one has been the hardest habit to develop. I am happy to say that I finally consistently have money saved.
- Bring my lunch to work-everyday! I’m a good cook so there really is no reason for me to buy lunch too often.
- Using up my Groupons/Living Social Deals-I’ve cut down on purchasing new coupons and am working through the ones I’ve already purchased.
- Doing as many free things as possible. There is a ton of amazing free and fun stuff to do in Denver. I have no lack of fun things to do during the summer.
- Looking for ways to make extra money. I have been actively finding short-term projects to work on to grow my income.
- Go to the grocery store every 2 weeks. This one is HUGE. Saves so much money and time.
- Track my expenses. I will be tracking my expenses again for the month of July as I think it’s time to do a “check in” on my habits
- Paying off debt=stop paying interest!
- Buying fewer magazines-I subscribed to several for $5 a title earlier in the year. The subscriptions have been a fantastic investment!
- Unplugging my electronics. No phantom load for me!
- Keeping my electronics forever! I’ve had my t.v. for over 10 years. It has rabbit ears and a converter box for reception.
- Check out movies/shows from the Library. Right now I have Zero Dark Thirty. I should be getting True Blood Season 5 sometime this month. Netflix costs $-I don’t want to spend it.
- No cable. I haven’t had cable for so long that I can’t remember having it.
- NO SHOPPING-this one was initially a challenge. I haven’t shopped for clothing since April 1, 2013. My goal is to stop shopping for anything that adorns the body for a year. Winter will be the hardest time for me because I need new boots. I am trying to figure out how to deal with that. I also need new tennis shoes for the 1/2 marathon that I will be running. Hmmm..

Let’s Hustle-Making extra $$

I would like to make extra money to put towards my debt repayment. Initially, I was hoping for at least $100-$200 a month. I have met that goal. Now, I would like to make at least $500 for the months of July and August. For the month of September I would like to earn at least $750 in extra income that month.

June

- $403-Per Diem Payment! I went to a conference at the end of May and put in a request for my per diem. I received the money last week
- Total: $403

July

- $150-I am watering flowers and a lawn for a super cool couple while they are traveling through Europe!
- $150-Blog related income
- I received a small raise that will kick in at the end of the month. I’m thinking it will be an extra $100-$150 a month.
- I keep looking on Craigslist, etc. for short-term projects that I can pick up (help people clean for a move, etc. Admin work)

- Total: $400-$450

Share your saving money strategies! How are things going? Are you hustling for extra money? What are you doing? Have you had some debt repayment victories? Share!

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#### Michelle

I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.

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### Comments

1. Budget and the Beach says

   2 July, 2013 at 8:10 am

   Nice job Michelle! Have you tried task rabbit to make extra income? Groupon/living social can be such a huge money suck for me…such a huge temptation to spend money thinking Im getting a great deal. I keep unsubscribing but for some reason I keep getting emails. grrr. I try to delete them quickly. Hope you reach your extra income goals this month!

   Reply

   - Michelle says

     2 July, 2013 at 12:19 pm

     Tonya, I would love to work with Task Rabbit but they’re not in Colorado yet 🙁 I use most of my deals, but, there are soooo many good ones! To places I normally go to or use. Coupons I’ve redeemed: Corepower/TagRawBar/Barre (aerobics)/pole dancing…Whole Foods!!! Tony’s Market (high end grocer) The problem is if I have too many at one time it’s hard for me to pace myself. Thanks for the good luck re: Extra Income. I’m trying.

     Reply

2. anna says

   2 July, 2013 at 10:09 am

   Congrats on getting one card paid off, and most of them paid by end of this year! Good luck with the half-marathon training! 🙂

   Reply

   - Michelle says

     2 July, 2013 at 12:08 pm

     Thanks Anna! I am trying to figure out the best debt repayment pace for me. Hopefully, I’ll be able to pick more side hustles and use that money to speed things up. The half-marathon continues to be intimidating…but, I have officially started training and will be paying for my spot in August. I am so nervous, we’ll see how it goes.

     Reply

3. Toni says

   3 July, 2013 at 8:55 am

   Michelle! I’m super inspired by your progress. The biggest thing for us in staying focused on paying off all of our debt was doing the budget each month and posting it. I liked to look back over my previous budget sheets to see how my debt was decreasing. That kept me motivated.

   Extra income will help out tremendously!!! Keep writing and inspiring. Must share this post!!!

   Reply

   - Michelle says

     3 July, 2013 at 12:39 pm

     Thanks Toni for the support! I really had to get my head in the game so I could become super focused. It took a lot longer than I ever expected. Why is money so emotional? The extra income is kind of addicting. I’ve decided that I won’t do retail as I want to stay away from places where I would end up shopping. So, I’m looking for things that are fun or online work. Thanks for sharing my post:) Happy Fourth of July!!

     Reply

4. smallBusinessloanMind says

   10 July, 2013 at 9:17 am

   very impressive progress,….speechless..

   Reply

   - Michelle says

     10 July, 2013 at 7:24 pm

     Thanks! I can’t wait to see where I’m at this time next year. Will be working hard-let’s see how it goes.

     Reply

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