Tuesday, June 14, 2011

Day 247: Mid-Month Debt Payoff Report

June 15, 2011

Day 247: Mid-Month Debt Payoff Report

The first and fifteenth of each month I will update you on the status towards our goal of paying off $60K in one year.

** Check out the Real Time Debt Tracker!!! Keep up to the minute tabs on our debt balance and whether we can pay it off in 365 days! **

To date, we have paid off $49,744 of our debt in 247 days.  In order to pay our debt off within one year, we will need to pay approximately $2,564 each month for the remaining four months.  We average almost $4,000 a month in debt payments so we are way ahead of schedule.

Challenges: I have been spending money like it's going out of style. A combination of bachelorette parties, weddings and other travels - not to mention my affinity for buying people drinks after I have had a few - has resulted in a $1,000 American Express bill. For some reason, I can't wean myself off of this last credit card which I typically use only for travel expenses.

Oh yeah, plus I can't find my checkbook. Awesome. Nice job, Sarah.

Despite my rather large hiccup these last few weeks I am hoping to get back on track without reducing the debt payments. I am trying not to beat myself up over this one but it's hard to do when you realize that a result of my excessive spending may be to prolong meeting our goal of paying off $60,000 in one year. And we are so frickin' close!! I plan on paying the AmEx off immediately and living very frugally for the next few weeks.

I am trying to chalk this up to a moment (ok, moments) of weakness. $hit happens. Rather than dwelling on my mistakes I'm hoping I learned something - like don't bring your AmEx to the bar. Or anywhere else.

Have you hit a bump in the road with your budgeting? How did you overcome it?

Stay tuned,
Sarah

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