First, happy 2010! Second, I have to apologize for the technical difficulties that I’ve had since mid-December. I changed hosting companies and the migration wasn’t very smooth! It took me some time (you guys know that I’m not very tech savy) but I figured it all out myself without losing any of my old posts. I lost most of my images though, but that doesn’t matter, I’ve got you!
Well, it’s been a full year since I began this journey. Now would be a good time to see where I began and just how much progress (if any) that I’ve made. But before we look at the numbers, let’s talk a little bit about what I’ve learned. it’s a short list.
1. You almost never have to pay full price
2. Just because you want it, doesn’t mean you need it
3. Something ALWAYS comes up that will cost you money
4. Have some kind of emergency fund. Why? See #3
5. Other people can derail you
6. You can’t be all money, all of the time
7. As much as you might want to get out of debt, you still need money to live
8. If you’re creative enough, you can find alternative ways of making money
9. Sometimes you have to be willing to sacrifice your pride
10. You know how strong you are when your back is against the wall
and the final one
11. Debt takes some SERIOUS dedication
Okay, I guess it’s time to review where I began and where I am now.
January 1, 2009
Student Loan #1 $2,741.65 @4.5%
Credit Card #1 $742.52 @13.99%
Credit Card #2 $6,513.00 @0%
HELOC $48,036.63 @3.875%
Student Loan #2 $39,663.11 @3.3%-7.5%
Personal Loan $1,751.80 @8.2%
Car Note $6,216.60 @4.5%
January 1, 2010
Student Loan #1 $1,871.04 @4.5%
Credit Card #1 $1,019.12 @13.99%
Credit Card #2 $3,907.79 @13.99%
HELOC $45,070.66 @3.875%
Student Loan #2 $38,301.68 @3.3-7.5% (it’s a bunch of Grad School and Undergrad loans together)
Personal Loan $1,580.52 @9.45%
Car Note $0
My debt was reduced by $13,914.50. I know that it does sound like much but I did accomplish at least one goal. I paid off the car note before Christmas which is 4 months ahead of time. I had actually paid off the personal loan and the smaller of the credit cards but alas, life intruded.
This year I plan on attacking the personal loan, the two credit cards and the smaller student loan, leaving just the HELOC and the student loan (both of which have tax deductible interest). I Hope to get my debt at least into the 70’s by the end of the year but I’m happy that I cracked the 6 figure mark. Here’s to a better 2010. Cheers!