Pay Day ep. 13 – hustlin’ and strugglin’

Here’s what I know about me: no matter what the distance I’m running, the final 3 km are the worst. It’s true for a 10km run, and a 42.2 km run. Because I know this about myself, I’ve worked on strategies to overcome the negative thinking that tends to rear it’s ugly head at this point in a run.

I tell myself ‘just go 100 steps with your left foot, and then you can rest’, and then of course at 100 steps I tell myself ‘well you did that, try 100 with your right foot, then walk’.

I negotiate running 10 telephone poles, then walking 1.

I myself offer treats (fuel!) at the next km mark.

Inevitably, I get to the end. My mental game has become stronger over the years, and the more I talk to other runners the more I realize that a) I’m not the only one who feels this way and b) they have strategies I can use too.

When I hit ‘transfer’ on last weeks payment, I was overjoyed to see the LOC balance under $3k. And then I realized, it’s the dreaded ‘3k’.

So here’s where I need to engage some jedi-mind tricks to get myself to the end of this particular debt. Because right behind it is another one I have to tackle, so stopping now isn’t an option.

So I’m asking you – what’s your strategy to stay motivated when you’re so close to the goal, but it feels so far away?

So far I’ve come up with:

  1. Focus on the fact that it’s just 2(ish) paycheques to go until it’s done
  2. Get a side hustle – shopping for an audi just got me $80!
  3. ….yep, it’s a little on strategies right now. So…help?

Just like long distance running, it’s a work in progress.

Before I go, the numbers:

Total applied to LOC:        $2350

Current LOC Balance:       $2929.90 -UNDER $3K TO GO! But, oh! 3k, so I’m not done yet?

Progress on LOC to date:  $11,678 – holy cow that’s a lot of money, if only I had spent it wisely😉

Car Loan:                               $15,662.64 -This morning’s thought: I should transfer the loan balance to my LOC so that I can pay this off faster and more easily through direct account transfers each pay day. Thoughts?

 

Pay Day ep. 12 (I’m still alive!)

So, hi! This month has been awesome. With a full week on the boat, and a mini-girls weekend this past weekend, I’m feeling (somewhat) rested and relaxed. Summer reading list was attacked, sleeping in was achieved, swimming with kids and being a general goof all check-marked off the to-do list.

AND – I’m still paying off debt. Did you think I forgot? I really didn’t! I missed the last update, but progress still happened!

Total applied to LOC:        $750

Current LOC Balance:       $5279.90 -Not quite the progress I wanted, but I pulled back a little on this payment to make sure I had enough for our holiday. And we did – all paid in CASH.

Progress on LOC to date:  $9,328 – double digits are coming with the next payment. Yeah, baby!

Car Loan:                               $15,662.64 -It’s still there, it’s still in the cross-hairs.

With school, September and everything-pumpkin-spice looming, I’m all gung ho to get rid of the LOC, clean up house, purge what we don’t need, eat healthy etc. etc.

Here’s the drop date on the LOC  – October 7th.

It will mean some serious focus on sticking to the budget, finding fun in the free stuff, and keeping the goal in mind.

4 payments of $1250 each. And then  – BAM- no more line of credit.

My payment this week is a little delayed, as I have been putting my rental property income towards the debt and this doesn’t’ come until after the 1st of each month. To keep honest, I’ll update when it’s applied.

I’m considering taking just a one-paycheque break after the LOC is cleared as some celebration breathing room. Can I do that? Did you do that?

Till the next updated, I’m enjoying the last few days of summer – hope you are too!

 

Pay Day (ep. 11) – the one where holidays are adding ($$!!) up

Don’t worry, we’re still making progress. But with the hot months, day camps, boats in the water and working to make the most of it all, my July expenses were DOUBLE March…and April, and May!

I get that we do more ‘low cost’ stuff during the winter. In our house, in this part of the world, we hibernate, work on projects on the house, train for races coming in better weather, entertain at home and read more during the winter. And my spending reflects that.

Summer? It’s like we drop all common sense and, because our summer season is a short 10 weeks or so, just figure ‘eh, go for it!!’. After looking at July, we went for it A LOT.

We’ve already coined this winter as the ‘winter of discontent’, also known as the winter of ‘NO’. Till then, we’ll make hay while the sun shines and the weather is hot, hot, hot.

The numbers, although showing progress, indicate that I’m a little behind plan. Meaning final pay off may not be till October, not September as hoped. C’est la vie, I’ve got to little a little too, right?!!

Total applied to LOC:        $1245

Current LOC Balance:       $5999.23  -see what I did there? Just couldn’t resist pushing the budget a bit to get it below $6k🙂

Progress on LOC to date:  $8,5778 – man, that feels chunky. That’s a needle move!

Car Loan:                               $15,662.64 -ugh, I want this to MOVE. I’ll update the balance on the day I make the last payment on the LOC.

Pay Day (ep. 10) – double digits , baby!

Does it count as a celebration when I reach 10 pay day updates? I feel like it should. 10 Pay Day updates is 10 very deliberate steps towards paying off the dumb debt, 10 very deliberate days of planning for the future, 10 very intentional moves towards being in control of my finances.

10!!

I’m excited, can you tell? I think I can see the faint glimmer of light at the end of this particular dark tunnel. And while the light will be brief, as I dive into paying of the car next, even just a little sunshine can keep me going.

Total applied to LOC:        $750

Current LOC Balance:       $7,206.69  -totally flew by the $8000 numbers and dove into $7K(and change). I don’t know why, but this feels like a milestone to me.

Progress on LOC to date:  $7,333 – over half-way!

Car Loan:                               $15,662.64 -your turn is coming, car, don’t get comfy.

 

Pay Day (ep. 9)

Two days late, but not because of a lack of focus. With Canada Day on July 1st, both income and automated expenses were a little delayed – and I didn’t want to report on payments that weren’t yet showing in my bank account. I’m very wary of karma coming to bite me in the butt if I report on numbers not yet showing!

Total applied to LOC:        $1300

Current LOC Balance:       $7,956.69  -totally flew by the $8000 numbers and dove into $7K(and change). I don’t know why, but this feels like a milestone to me.

Progress on LOC to date:  $6583 – guys, I am THIS close to hitting the halfway mark on this stupid debt!!

Car Loan:                               $15,662.64 -I am so itching to change this number!

I’ll admit that my original plan was to throw $1500 at the line of credit. But, with a vacation planned this coming weekend (a relatively frugal weekend on the boat – camping, with water), I wanted a little more cushion just in case. The aim is to spend very little of the $200 cushion, and whatever remains on Tuesday morning when we get back will head directly to the LOC.

Sometimes, ice cream on holiday just has to become the major priority.

Pay Day (ep. 8)

Whew, it’s getting hot out there! Grab a cold one, let’s look at the digits:

Total applied to LOC:        $750

Current LOC Balance:       $9,204.44

Progress on LOC to date:  $5,283

Car Loan:                               $15,662.64 -it’ll sit that way until September or until I reach the end of the LOC debt and start to attack the car debt…whatever comes first! (oh man, I gotta push for the latter scenario!). There’s only 5 pay days until September (bummer – why am I already counting to the end of summer?). So it’ll be a focused effort to make the milestone.

It’s a 3-pay cheque month next month (yahoo!), so I’m already planning to see more significant movement of the debt needle. Also, we’ll be on vacation for a portion of the month which, weirdly, means spending less.

With a floating cottage and no commute to work, we live a simple fun life on our summer holidays. Think: swimming in the lake, bbq’s on the beach, drinks on the back of the boat looking into the sunset. It’s a great life, and pretty easy to do without breaking the bank.

As summer becomes a welcome reality, and schedules get more loosey-goosey than ever, I promise to keep the updates coming. They may be small, like this one, but will keep me accountable to myself. If I slip up and buy too much ice cream, it’ll show in the numbers – both financially and on the scale!

So here’s to rolling down the windows, turning up the tunes, sandy feet, sun-kissed shoulders and enjoying life for what it is without breaking the bank to do it.

What does your summer hold for you?

Pay Day (ep. 7)

I love it when a plan comes together. A couple of months ago, I had predicted that I’d hit my $100k net worth in June. I purposely left it a big vague, I think I was scared of telling you guys the date and then not hitting it.

That didn’t happen.

I was actually excited to call the bank on June 1st and get an update on the car loan balance. Excited, but then quickly disappointed at the lack of progress those minimum payments make – ouch! If that’s not a kick-in-the-ass to get one debt out of the way so I can attack another, I don’t know what is.

So, the numbers as they stand today:

Total applied to LOC:        $1100

Current LOC Balance:       $9,954.44 (Under $10k baby!!)

Progress on LOC to date:  $4,533

Car Loan:                               $15,662.64 -yikes, that didn’t move as fast as I would like!

And here’s the best part:

Net worth = $100,237.84

YESSSSS!

Big thanks to J. Money , Josh Overmyer and the gang on Twitter for celebrating with me on Friday (I couldn’t hold back on the news!). Join us on there if you haven’t already, you can find me @runoutofdebt

You know what this did? It motivated me to be more focused this week. It’s been a slow couple of weeks without much progress, or at least that’s how I’ve been feeling. Sometimes you need a nudge/nod that you are headed in the right direction. This is my nudge, my confirmation.

I’ve noticed that I’m consistently struggling to make sure I stay within my spending limit on day -to-day items like groceries, gas etc. So this week, I’m writing down every purchase I make, every cash withdrawal, and logging it against my total allowed spending for the 2 weeks until my next paycheque. Yes, I’m using pen paper. The pain of writing it down has already led to less spending.

What’s your success been this week? What are you doing to stay on track?