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November update: Debt down by over $1,000!

November 30th, 2012 at 09:21 am

This was what the start of the month looked like:
Student Loan #1 - $3,250.22
Student Loan #2 - $33,939.51
Credit Card #1 - $9,587.76
Credit Card #2 - $3,505.83
IRS Bill - $4,618.65
State Tax Bill - $897.00
Total (11/1/12) - $55,798.97

Here is what I paid down in a month:
Student Loan #1 - $3,204.46
Student Loan #2 - $33,739.51
Credit Card #1 - $9,356.03
Credit Card #2 - $2,954.29
IRS Bill - $4,408.65
State Tax Bill - $756.34
Total (11/30/12) - $54,419.28

Down by $1,379.69

Basically I used about 40% of my income and paid down debt.

My back of the envelope calculations tell me it will take me 39 months to pay down the debt at this rate. Hope to step it up so that I can hit the goal of being debt free in 27 months!

6 Responses to “November update: Debt down by over $1,000!”

  1. creditcardfree Says:

    Nice job!! You can do this.

  2. Petunia 100 Says:

    Congrats on a successful month!

  3. Shiela Says:

    Great going. 1 month down 27 to go.

  4. wowitsawonderfullife Says:

    Congratulations. Great job!

  5. snafu Says:

    Totally phenomenal to stick to your plan using 40% to pay down debt. Cheering for you!
    I recll you're mentioning meal planning and offer this pre made short cut.
    http://www.womansday.com/food-recipes/month-of-menus/december-2012-month-of-menus

    [hope the link works] I print this out and use it as suggestions. Don't make the meals your family doesn't like and switch days so that your very busiest day is something prepared over the weekend or really fast like a pasta dish with canned sauce. Friday is always left-over buffet here with everything lined up on the counter cafeteria style or sometimes just piled atop a halved baked potato. Soup or chowder is another easy peasy throw-it-all-in-the-crock pot and buy some quality rolls at the bakery.

    This system has cut my food budget more than 25% and frees up designated $$$ to spend in another category. The unexpected benefit was stopping having foods in the pantry going to expiry and getting pitched.

  6. Sian Says:

    great job!

    btw r u doin the snowball method?

  7. Jerry Says:

    That is definitely doable, and I hope that 2013 leads to continued success for you in paying this debt down. If you stick with it I am sure you will have some insurance of meeting your 27-month goal.
    Jerry

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