Wednesday, May 21, 2008

Credit Card Payoff Progress Report

I mentioned a couple of posts ago my plan to accelerate my debt reduction. I am happy to report that I did indeed pay off that one card with a check written out for $945. THAT felt fantastic. I also went ahead and paid the remaining $63 on another card so it’s down to just the two, totaling about $5400.

I did not, however, make good on my pledge to replenish my E-fund with some of the stimulus money. I spent quite a bit on food/spa treatments in Vegas and getting my hair done yesterday. I’m fine with these decisions and it felt good just to splurge a little for a change. Although it wasn’t the original plan, I am content knowing I didn’t go into any debt to do it.
So now the E-fund is down to about $350. Not great but not a disaster, either. I’ve decided to up my biweekly ING transfers to $200 (from $100). I will stockpile the money there so it’s accessible in case of an emergency but then drain it down to $500 periodically to make accelerated payments on the cards.

2 comments:

goodbyetoallfat said...

Hi Amelia. I so agree that losing weight is a discipline similar to getting financially organised.

I'm chanting the mantra: "LOSE THE WEIGHT, LOSE THE DEBT"

I've managed to clear off loans and credit cards but have just got one large (ridiculously large) overdraft left. I need to cut back a bit each month, to reduce that before the bank ask for it all back (eeeek! I really would not want that to happen) .... just like I need to cut back on my food portions!

Nice to find your blog (I am a newbie blogger). I will try to keep up with your progress.

Best wishes,
Sharon

Anonymous said...

I'm very proud of you!! In the words of the my Guru, Dave Ramsey, "Keep Living like no one else now, so later you can really live like no one else!"
-Dina