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?