Quantcast Finally Frugal: $1,000 lighter. . . . .

The bumpy road to financial independence. . . .

 

Thursday, October 2, 2008

$1,000 lighter. . . . .

My credit card debt, that is! I sent off my electronic payment to American Express yesterday, and although it hasn't shown up on my online statement yet, once the payment is processed I'll owe a bit less than $550 to AMEX. It's a fabulous feeling!

I'm going to keep my emergency fund just where it is at $1,600, and try to send a bit more to AMEX this month from my regular pay (I just realized that in October, I'll receive three checks---rather than two---from my night job). That way, I'll still have a shot at killing my credit card debt by the beginning of November.

Another little bit of help I'll be receiving is the fact that I was offered a promotion and small raise (15%) from my night job! I just completed my first timesheet with the new pay, and although it's only a $2/hour raise, it really does add up!

I can finally imagine a time in the near future when I can breathe a little easier each month when the bills arrive---without my credit card debt, I can build up my emergency fund and then start working on that behemoth of debt: my student loans. I get tense just thinking about the $55,000 I owe to Uncle Sam, but I suppose if I can work at it little by little I'll eventually take care of it.

Continuing to watch my spending habits and learn more about frugal living strategies will help me keep my budget in line with my goal: to be debt free!

4 comments:

Frugalchick said...

Congrats on the huge payment! That is going to be such an awesome feeling when it's all gone.

Michelle said...

Congrats this is a huge hurdle you have overcome! I hope to reach this mark in the very near future:)

Melanie said...

Way to go FF! Those "three check months" can be a real boon - I managed to eat up nearly that much student loan debt in just a few years by throwing every tax refund, "third check" and found dollar I could find at it. I'm now down to under $6k. Have faith, you're on the right track and I'm cheerin' you on.

RTC said...

Wow, you are so close! Congratulations! I hope to be where you are in 4 more months.

Related Posts Plugin for WordPress, Blogger...