Posts in this series
So last month, Kate and I kicked it in the pants to start the Total Money Makeover.
Starting in the hole: $74,114.30. (Includes the fancy new minivan.)
Current load: $70,900 (Rounded.)
Original projected debt-free date: August 2016(!).
Current projected debt-free date: TBD
The Garage Sale from Hell!
We had planned on doing this in August, but with all our time commitments, it was easier to do it in September. We’re going to be holding it from September 11th through the 14th, and
we’re slashing prices, everything must go! it’s going to be awesome.
Money Makeover Step 2: Debt Snowball
In August, we established our $1000 emergency fund. Then we paid off two credit cards — Amazon and Macy’s, both of which had sub-$1K balances. Then not long after my first post in the series, we paid off the Chase card, which was in the $1800 range.
Current credit card status:
Amazon— done, August 2014 Macy’s— done, August 2014 Chase— done, August 2014
- Citi — projected complete payoff in October 2014
- Wells Fargo — projected complete payoff in December 2014
- Bank of America — projected complete payoff in May of 2015
Citi ($2100) receives a huge chunk this month, but probably won’t be paid off until October, depending on the revenue generated by the garage sale. After that, we start digging in to the bigger-balance cards. Wells Fargo ($3100) kicks off the bigger balance items. After that, it’s the Bank of America card ($6900), followed by my student loans and then the Honda. Holy crap.
10/10. Highly awesome. Having a small amount weekly spending money, weekly movie/pizza night with the family, and a pretty awesome State Fair trip in August was enough to make me feel like we weren’t living like total monks. Additionally, I am actually able to have discussions about money with my wife without feeling an overwhelming sense of dread or anxiety. This is good.