Hotcouponmama's Personal Debt Cutters thread

[2mnyteens]

It seems like you knew what you were doing when you started the credit cycle. Now it will take effort and consistency to whittle away at the debt. Remember every little bit toward the principals is good in the long run. Good luck! Julie

[hotcouponmama]

I had a "want" today - and that's a better treadmill. I use mine less frequently these days cause it's in the basement and it isn't quite as solid as it was when I bought it 5 years ago. I'm going to move one of the couches in my living room and create a treadmill workstation that would all me to be on the computer doing work, standing up and walking.

Slapped it on a card since today was the last day of the sale for them (would have paid cash on the 15th). But, I'll pay it off on the 15th when Mark gets paid. I won't make as big a dent in the debt, but I'll also list the other treadmill for sale on Craigslist. It's not going to be a cheap set up, but I can write the desk off on my taxes since it's a business expense, and at least I'll get a bit more exercise. Sitting on the couch working isn't conducive to my health.

[hotcouponmama]

Ok, bumping this up for the end of February.

Goal for the year - $50,000 in debt reduced.

Reduction so far this year - $8250.

Total left before 12/31/2010 - $41,750.

I've been craigslisting as much "junk" as I could, and have made quite a nice chunk of change. Got rid of some old couches this month, a couple of the kids' old toys, and odds and ends.

We've also really refrained from eating out and other than some really good stockup sales, I didn't shop much at all this past month.

And then just doing lots of extra work. It's been a busy past few months, but I'm seeing some progress.

This month, our goal is no dinners out. We have enough stockpile stuff to get us through, and if we're really disciplined, we can achieve this. It's just tough being mom and dad and having no energy at the end of the night to do the cooking after all the homework and other household chores, that facing a sink full of dishes isn't all that fun. That's been the general problem all year long with Mark being gone.

I really have to give it to single moms cause I couldn't do this in perpetuity with three kids on my own.

This month, I'd like to shoot for another $4K gone if at all possible. I think between the conserving costs, our electric bill falling as the weather gets better (saw a $100 reduction over january already, should fall another $50 beyond that this month), and finishing up the craigslisting stuff, we can do this. Plus, other than paper products, there isn't much I need to either buy or stockpile. So I'm going to try to limit grocery shopping to about $200 this month.

I've also gone a week with no soda and trying to cut it out permanently - that's another $50 a month easily just cutting that out of our diet. More than the costs is the calories. But the extra savings is helpful too!

[puakinikini]

Update? How ae you doing with your soda reduction? I am failing miserably....but at least I am still trying! I am now addicted to crystal light, but need to figure otu how ot get at least a small caffeine kick!

[hotcouponmama]

Doing better with cutting down on soda than I am with debt - I've had less than 10 sodas in the past two months.

The taxman came and derailed me from paying down debt, but I did chunk $2500 down today. My tax bill was pretty outrageous - I love how the taxes are due and the quarterly taxes for the current year are due, both on the same day.

But, hoping to get back on track with debt next month. I've moved the dial on about 10K of my $50K goal this year, with only 8 months to go.

[puakinikini]

Wow! IT sounds to me ike you are doing well on both fronts. Keep up the good work. We also owed taxes this year and are saving for vacation, but I am plugging away at the debt (slowly, but surely). The key for me is to not get overwhelmed by it.

[hotcouponmama]

I'm trying to save simultaneously with paying down the debt. I think we've saved about $11K this year between funding my IRA for 2009 taxes and what Mark's set aside for his TSP account. He's maxing that account -which is about $16K. Of course, there are people that might say that we should be using that money to pay down debt, but since Mark is going to retire next year from the military, we only have another year or so to fund that account, so doing that is a priority for us.

And then in order to defray some of the taxes, funding IRAs saved us about 1/3 on our tax bill, so that was a no-brainer. I'd rather give it me than uncle sam, even at the expense of not paying down the debt quite as fast.