Monday, December 27, 2010

Debt Update

It's been a while since I've given a debt update, so I thought now would be a good time to do so. We started our debt diet on July 27th, so it's been exactly 5 months. I'm happy to share with you that to date we've paid off just under $16,000 of debt!!! Isn't that exciting?!?!

Here's a quick run down on how we've done it:
-Emptied all our savings (leaving only the $1,000 emergency fund)
-Withdrawing some investment accounts that weren't doing well and/or weren't active any more
-Lived on a cash only budget
-Saved and applied every spare penny we could find in our income toward debt
-Sold stuff we weren't using
-Picked up extra jobs/shifts
-Applied for higher paying jobs and asked for raises
-Cut back on bills or non-essentials any where we could

We still have a long road ahead of us, but the progress has been amazing and we are so thrilled!

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