RoadToRiches
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Formerly "indebt"
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Post by RoadToRiches on Mar 14, 2011 10:33:08 GMT -5
Oh my, I am counting hours now. First thing in the morning tomorrow, I am making my first payment and kicking off my debt payoff plan. Some of you might know this already from my previous thread.
I been waiting for this day long time lol...March 15th, the date when my trip to debt free living starts. It will be bumpy some times and it will be smooth in other times... but at the end, it will be all worth it.
Soooo....tomorrow at 7am...first victim:
GE Money Bank Card
Target payoff date - April 15th, 2011
APR - 24%
Balance - $2600
Minimum Payment - $79
March 15th payment - $1700
April 15th payment - $920
Payoff date if paying minimum payment - December of 2025
Total interest paid if paying minimum payment - $3,814.27
I can't wait for tomorrow!!!!!! WOOOHOOO!!!!
This will put 80 bucks in my pocket to put towards next card, which is small Amex balance of $690. This card will be paid off with May 15th payday.
I am pumped!
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azphx1972
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Post by azphx1972 on Mar 14, 2011 10:38:14 GMT -5
That's awesome.  |
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TD2K
Senior Associate
Once you kill a cow, you gotta make a burger
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Post by TD2K on Mar 14, 2011 10:40:27 GMT -5
Exalt for you!!!!
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Post by cytoglycerine on Mar 14, 2011 10:48:33 GMT -5
It's so good to see you so psyched!! Lots of people, if in your exact situation, would do nothing but whine about all the "sacrifices" they'll have to make, and how "deprived" they'll feel and how "unfair" it all is, and how "lucky" everyone else is. Seeing you so excited about getting your finances on track is very refreshing  Karma to you! Keep us posted on your progress! |
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RoadToRiches
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Post by RoadToRiches on Mar 14, 2011 10:57:05 GMT -5
Thank you thank you thank you cyt, I really have no choice. LOL I got really scared about my future. This became really urgent for me. It finally hit me, how much I am missing on. Missing on investment opportunities, career opportunities (because I need this job so I can get a paycheck to pay my debt), savings, freedom... I got really freaked out when I thought about all this. What I am going to do when I am 60 and close to retire? Or will I be even able to retire? What will I do? How will I live? What if I lose my job next week? Gosh I would be soooo screwed! The stress and everything.. I can't imagine losing my job, no paycheck and bills piled up. Ugh...  I don't want to live this this anymore. I want OPTIONS! I want to be in position and have ability to take those opportunities that show up (real estate for example, if I didn't have debt and money saved up, I could buy a nice property cheap now!) So first thing first, I need to get rid of this ball and chain stuck to my leg. This is NO WAY to live. It's all nice and dandy until something happens. I am excited because I think of this as my road to freedom! I will be DEBT FREE! Wow, that sounds awesome eheheheheh |
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Post by cytoglycerine on Mar 14, 2011 11:05:09 GMT -5
LOL well it's great to hear that you finally had your "come to Jesus" moment with your money Some people never have that revelation, and all of a sudden they're 65 and totally effed. I can see by your profile that you're 35 - So as long as you stay healthy, you've still got a good 30 years till retirement. That is PLENTY of time to get all your debts paid off, and build up a big fat nest egg...providing of course that you start right now...Which you are! Bravo again! |
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RoadToRiches
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Post by RoadToRiches on Mar 14, 2011 17:45:44 GMT -5
Actually, I think I might stay up until midnight tonight. My paycheck usually hits right after midnight lol...
This waiting is killing me!!!!
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Post by debtheaven on Mar 14, 2011 17:53:37 GMT -5
Woo hoo! Have you thought about your new nic yet?! ;-)
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Post by cytoglycerine on Mar 14, 2011 18:15:27 GMT -5
Actually, I think I might stay up until midnight tonight. My paycheck usually hits right after midnight lol... This waiting is killing me!!!! Hehehe you're too cute! I just hafta give you a hug!  |
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RoadToRiches
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Post by RoadToRiches on Mar 14, 2011 19:44:59 GMT -5
Woo hoo! Have you thought about your new nic yet?! ;-) Heh, not yet...I don't wanna jinx anything!  cytoglycerine, thank you  |
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busymom
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Post by busymom on Mar 14, 2011 20:47:36 GMT -5
You can do it! And, you're hitting the ground running, which is awesome!
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RoadToRiches
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Post by RoadToRiches on Mar 14, 2011 20:54:46 GMT -5
Thank you thank you! I just re-filled my envelopes. Went to the bank, got the cash out and went grocery shopping. So that's one less thing to do tomorrow I love when my envelopes are full again lol I had to skip "fun" envelope this pay because I had to get some workout supplements that I totally did not account for, so I decided to just put it on this pay's "fun" envelope since that envelope is really not "urgent" like car gas or groceries. So not fun money this pay and I am fine with that! Hey, U.S. Government does it all the time, right? I totally forgot, that this paycheck will be a little bigger too since I got a raise. It's not much, but it should give me couple tanks of gas in my car per month. |
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Jake 48
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keeping the faith
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Post by Jake 48 on Mar 14, 2011 20:56:54 GMT -5
Good luck and Karma!!
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Post by cytoglycerine on Mar 15, 2011 6:57:14 GMT -5
I had to skip "fun" envelope this pay because I had to get some workout supplements that I totally did not account for, so I decided to just put it on this pay's "fun" envelope since that envelope is really not "urgent" like car gas or groceries. How often do you refill your envelopes? From your OP, it seems like you get paid monthly - do your envelopes run on a monthly cycle too? If so, it won't be hard for you to go without "fun" money for a month?? Don't get me wrong, it's a very responsible move to use your "fun" money for something else you needed, rather than charging it, or not saving money because of it...But in the same breath, I don't know that I could give up ALL fun spending money for a month! I'm not disciplined enough for that - that's why my spending allowance is on a weekly cycle ;D |
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RoadToRiches
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Post by RoadToRiches on Mar 15, 2011 7:07:43 GMT -5
PAAAAIIIIDDD!!!!! WOOOOOOOOOOTTT!!!! 1700 bucks, POOF, gone out of my account and it's PENDING in GE Money Suck right now. Hot Damn this feels freaking awesome! I can't wait to pay those bastids off next month. The journey to my freedom has begun ;D Now, waiting for April 15th will feel like years lol cyt, I get paid twice a month, so 2 times a month. I will be ok without fun money for about 2 weeks until I get paid again. I can't charge anything because I shredded all my cards lol I will be fine. I can skip fun for couple weeks |
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TrixAre4Kids
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Post by TrixAre4Kids on Mar 15, 2011 11:49:03 GMT -5
Congrats, and  |
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dianartemis
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Post by dianartemis on Mar 15, 2011 19:04:36 GMT -5
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Post by debtheaven on Mar 15, 2011 21:41:27 GMT -5
InDebt I'd really second you joining the WIRR boards, you'd have a bunch of people (mostly women, yes, but men too!) cheering you on and giving you frugal tips. There are five "regions" for "racers" who are actively paying off debt, as you are: northeast, south, west, midwest and international. You'll find all five on the first page. Good luck, whatever you decide to do! ETA: Here is the link to the Women in Red board. You'll see some familiar faces! And they are not mutually exclusive, you can post both here and there. I just think you'll enjoy the support. notmsnmoney.proboards.com/index.cgi?board=wir |
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happyscooter
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Post by happyscooter on Mar 16, 2011 6:46:27 GMT -5
indebt-congrats!! I know how great it feels to be in your position.
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RoadToRiches
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Post by RoadToRiches on Mar 16, 2011 7:41:11 GMT -5
BOOM! It finally hit my GE account! YES! I think they got all confused with my available credit. But oh well.. who cares! As long as balance is going down! I will join WIR forums. Just have to get all my stuff together (balances, APRs, payments) Right now, it's in a big complicated and formulated spreadsheet lol Attachments:
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RoadToRiches
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Post by RoadToRiches on Mar 16, 2011 16:29:47 GMT -5
InDebt I'd really second you joining the WIRR boards, you'd have a bunch of people (mostly women, yes, but men too!) cheering you on and giving you frugal tips. There are five "regions" for "racers" who are actively paying off debt, as you are: northeast, south, west, midwest and international. You'll find all five on the first page. Good luck, whatever you decide to do! ETA: Here is the link to the Women in Red board. You'll see some familiar faces! And they are not mutually exclusive, you can post both here and there. I just think you'll enjoy the support. notmsnmoney.proboards.com/index.cgi?board=wir ;D |
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