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The Focus on My Debt

January 22nd, 2011 at 05:16 am

With my tax return, the goal is to pay off the old visa first. It is drawing such high interest. My property taxes are due on the 14th, so they will be paid along with focusing on getting the doctor bill paid off next month (February), as well.

The new visa has zero interest for 4 more months, so I prefer to focus on the others that are drawing interest, but none the less, I do want the new visa paid off before any interest kicks in.

Then I will only have the Discover and Wamu (which are drawing interest) and the Art Van cc (which doesn't have any interest for 36 more months) to focus on.

Right now my snowball says 33 months, but let's see how many months it says after I pay off a few credit cards/debts and delete them from the snow ball.

I am having a large yard sale this spring in which I will direct my monies to paying off debt.

And, I am having all of my summer beach job checks direct deposited into my savings. I am, at some point, going to have to purchase myself a vehicle. I have been using my daughters, but my youngest son is soon to get his drivers license and they are both going to have to share that car. I also figured if there is someplace I really need to go or be, I can rent a car for a day or two, so I am not too worried about.

Plus, my job is 5 houses away. I work at our local beach club right in my subdivision, so I usually just walk to work.

3 Responses to “The Focus on My Debt”

  1. Savings Queen Says:

    I love your focus on paying down the debt...you are chipping away at it month by month. We are in the process of purchasing a rental house and your post reminds me that I really want to pay it off as soon as possible!

  2. Tanya Murray Says:

    Try to hold off buying a car for as long as you can as they are such money pits. When you add up all the running costs (insurance, maintenance, registration cos it's not just fuel) and then add up all the public transport and car hire costs, you'll find a significant difference. I was a single mother from the time my youngest was 5 till she was 18. I had two small children, a mortgage and an annual income of $19,000. Admittedly our government is great and covered 95% of our medical expenses so that is a bill will didn't have but not owning a car meant we had money for other important things. I even managed to save the $5000 needed for my eldest daughter's braces. We had to be creative and there were times when young teenage children said "can't we sell the house and buy a car?" but it was a great learning curve.

  3. Jerry Says:

    The advice about the car is true... insurance and fuel and maintenance are hidden costs, and it can really wreak havoc with a budget. You are fortunate that your work location leads to a walkable commute, anyway! Good luck...
    Jerry

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