24 Aug
How to Get Debt-Free: Month 6 of the Journey
Has it really been six months since we pulled our heads from our butts and started this plan to be debt free?
Looking back at all the posts and great comments it seems ages ago that we did not live on a budget, but it also feels like the last six months have flown by.
Time for another state of the union update. If you recall in February we started with nearly $47,000 in credit card and medical bill debt.
Since then we have
- lived on a budget
- combined our checking accounts
- sold stuff
- and gotten teased for doing it all.
I think The Wife will agree the past six months have not only changed how we handle money, but our marriage as well. Money and talking about money has become nearly enjoyable as we have taken this journey together as a couple and as parents.
So how have we done?
We have paid off nearly $12,000 or 25% of our debts since February. That means we are averaging monthly payments of $2,000 on top of our regular household budget. If you had told me we could do that a year ago I would have laughed at you! I cannot believe how far we’ve come making less money than we were at this time last year.
I have added a debt-progress bar on the right and a graph showing our remaining debt. We will update their numbers about once-a-month so you can watch our progress and either make fun of us or cheer us on <grin>.
Thanks for coming with us on this ride these past six months. We hope yours has been as transformational as ours.
Cheers to the next six,
the Dad
Posted by the Wife on 24.08.09 at 1:18 pm
Yay us! We rock! Woo hoo! Go team Gazelle! Yeah!
Posted by rtc on 24.08.09 at 1:18 pm
$12,000 in 6 months is pretty darn amazing! Celebrate (frugally, of course)!
Posted by Money Funk on 24.08.09 at 1:18 pm
Congratulations. That is amazing! When we started we weren’t so serious, but we were trying. Now this year we are chugging at full speed and paid down $5K in 6 months.
You’re doing a great job. I think as a marriage… and this journey…really does make you grow stronger because you’re now building an even stronger foundation!
Posted by jpkittie on 24.08.09 at 1:18 pm
That truly is amazing & what a wonderful thing about it actually bringing you closer together. Once you are on the same page with money, it seems that everything else just comes naturally (for the most part) Keep it up! We are all here cheering you on!!!!
Posted by Kelsalynn on 24.08.09 at 1:18 pm
First, CONGRATS! What a wonderful 6-month post! I’m so excited for you guys… I feel like you take the words right out of my mouth when you write your posts.
Second, do you guys make 1 big snowball payment each month or send money whenever you have extra? The only reason I ask is because if you can wait to update your new debt payoff bar only once per month, I will be SHOCKED! When I added mine, that was the plan for me too, but I couldn’t do it. I couldn’t stand sending in a payment and not updating it PRONTO! It became its own little motivator! I have to say, though, I like yours better… jerk. lol =]
KEEP UP THE GOOD WORK! YOU GUYS ARE KICKING BUTT!
Posted by Kellie on 24.08.09 at 1:18 pm
Well Done Climbing Out Team!!!! Thanks for the update!
Posted by Dawn on 24.08.09 at 1:18 pm
I am new to the budgeting world having only just started within the last week or so. Thanks for your perspective and ideas. What I got most from reading your blog is that I really need to get my husband onside with me as he seems to be carrying on business as usual while I am trying to cut back.
Posted by Sharon on 24.08.09 at 1:18 pm
Wow, 12,000 in 6 months is nothing short of amazing! You are true gazelles!
Posted by Kim on 24.08.09 at 1:18 pm
Well done! Well done! Well done!
In reading your update, I am reminded of our journey to debt freedom (newly achieved) and with it the encouragement of the hope we gained, the joy of the changes made and the thrill of our growing successes. It brings chills to my spine even now…
Again, I say well done!
Posted by Danielle on 24.08.09 at 1:18 pm
That is awesome guys! YOU ROCK!!!
Posted by the Dad on 24.08.09 at 1:18 pm
Thank you, everyone, for the encouraging and kind words.
Update: the graph apparently wasn’t working the day this was posted. It is now, check it out!
@Kelsalynn – you’re welcome to steal our debt meter
Posted by Andres on 24.08.09 at 1:18 pm
Congratulations!!!! This post is encouraging, especially since we just started Step 2. Keep it up!!!
Posted by Tam on 24.08.09 at 1:18 pm
That is totally awesome!!! We started in April (at your wife’s recommendation) with a horrifying $180K. My Husband tallied a few days ago and we are down to $162K. That is $18,000 in our first 6 months. I get chicken skin when I say/ type it. I, too, never thought it would be possible and yet here we are…chipping away at something that seemed completely insurmountable. Thanks you two.
Posted by Climbing Out » Blog Archive » I’m Excited about 2010 – The Joy of Positive Momentum on 24.08.09 at 1:18 pm
[...] hard to put my finger on why, but after starting 2009 at the bottom and watching our lives turn around, 2010 seems to stretch ahead of us full of promise and I’m [...]