Accountability of you is a hard thing to keep internalized.
I want to lay it out. I want to make it public, to let it out in the open where I stand with my debt. Is there such thing as a debt buddy instead of a workout buddy? Haha.
With the almost 3-month spending freeze I recently had due to creating a capsule closet (ish) for Fall, I noticed a big chunk of my debt went away. I racked a little more up over the holiday, but it seemed significantly less than I was used to.
I’m excited to start sharing my progress, tips, what is and isn’t working. I am challenging myself to another few months of no clothes, which I’m going to say started January 1st, even though I bought new sneakers today (my old ones were recently tossed) and ski equipment, which is seemingly going to be returned. Capsule wardrobe purchases for spring will begin mid-March, but I have a savings plan for that too in order to banish that pesky debt (I’ll share next time!)
Let’s start, laying it out. I have 3 different cards that can accumulate debt for me:
- Bank of America Mastercard
- Loft Store Card (not Mastercard)
- Discover Card, the big kahuna
I’m doing percentages rather than dollars, as that’s quite a lot to expose to the world! We’re starting with my debt end of August.
August 31, 2014 (start): 100%
September 30, 2014: 87.56% (down 12.44%)
October 31, 2014: 91.76% (up 4.6%)
November 30, 2014: 67.02% (down 24.74%)
December 31, 2014: 79.35% (up 12.33%)
As you can see, I was feeling pretty good in November, and then new clothes and presents came around for the new season, and I was unprepared. I hadn’t saved. I have an ongoing goal of paying off about 12% of my starting, August, debt each month, and these past few months averaged to less than HALF of that, at about only 5%.
Time to get back to it. I’m cutting up my last card tonight, my Mastercard. The Discover card had been chopped long ago.
How are you doing on your debt freedom? I’d love to know tips or questions you have!