Choosing to Spend for Value

I am thrilled with the progress my family has made as we focus on making mindful decisions about where our money is going.

I don't mean to leave this blog by the wayside, but I am a bit busier these days.

Here's a status update...

I have taken on a full-time job, which is a wonderful source of additional income.

I have made some choices that have slowed down our debt payoff snowball, and I am 100% comfortable with those decisions. Here they are...

1. The main reason I took the full-time job was to afford to pay private school tuition for my children. So, although I make a salary now, we are not "rolling in dough," and that is fine. I don't wince one bit at the check I write each month. And, I am FRUGAL. So, that tells you the importance of this educational choice for our family.

2. Last summer, we did some wheeling and dealing and bought my husband a new vehicle. We pay way more than the monthly payment, and he'll drive that for 10 or 11 years. So, I felt solid about that choice. :-)

3. I've been focusing on stockpiling for savings lately. So, although we're paying extra on the new vehicle, we are not aggressively paying off bills at the moment.

Current Debts:
Car Loan: 15K
Student Loan: 16K
House: 91K

I'm setting some new goals for this coming year, now that we have a good stockpile in savings.

I'd like to pay off the car loan within 12 months, which we can definitely do. So, I'll post updates on that as I make additional payments. That'll re-energize the blog and getting me moving again towards ZERO debts of any kind.

The Freedom to Choose

As I see and read the news of how the economy and the government budget cuts are affecting jobs across the country, I am grateful for the position I'm in...not my professional position, but my financial one.

If I were to be laid off, I would be ok. I wouldn't HAVE to run out and get another job. I wouldn't HAVE to do anything but choose what will work for my family.

Why? Because I spent the past few years making focused decisions to reduce my family's cost of living. Rather than upgrade to bigger, "supposedly better," pricier cars and house, we remained frugal.

And, I am ever grateful for the position we are in at this time.

A Cash Christmas!!!

Every year my husband and I cannot seem to stick to a designated spending amount for our children. We just get swept up in the spirit of the holiday and the joy of giving. What separates this year from all previous ones is the fact that we actually can afford to splurge on our children this year, paying cash for gifts!!

What a blessing!!

Living a VISA-Free Life...Final $11,305 PAID OFF!

Today is a day of CELEBRATION!!! Along with having just commemorated our country's independence, I can now celebrate my family's independence....no longer relying on credit cards for ANYTHING!!!

I've been busy attacking VISA, and here are the final results...

April: Dropped $2,105
May: Dropped $2,100
June: Dropped $3,000
July: Dropped the FINAL $5,100

So, VISA is kicked to the curb, and my family is left with only a house payment and a student loan. It's UNBELIEVABLE the feeling I have right now, and I know it hasn't even sunk in yet just how FREE we are. Next month, when money comes in with no credit card to put it towards, maybe I'll truly absorb just what a monumental achievement this is.

Staying Strong & Moving Mountains

It's been a while since my last post, but that does not mean I've lost focus on the goal to drop debt. I have continued to make payments and drop the balance on the final credit card, and it WILL be gone soon!

I will update the total soon.

What a difference a year makes!

Thanks to another wonderful website, www.pinktruth.com, I was discussing with some efriends today just what each of us has accomplished this first quarter of 2010. That got me to thinking about just where I was a year ago in terms of the debt snowball...

In looking back at older posts, I can see that just a year ago I still had a car payment AND I still had a home improvement loan, credit card, and student loan. TODAY I am close to paying off our final credit card. Then, I will just have the student loan. A year from NOW, we just may be DEBT-FREE!!

Taking Necessary Precautions

Well, I tried to avoid it for as long as I could. I didn't want to require anyone to register with the blog in order to post a comment. However, I have had so many spam posts of a "Nigerian Scam" persuasion, that I'm forced to require it.

If you ever wish to post a comment, just know that registration is only there to hopefully deter the phishers out there. I look forward to your words of support, suggestion, or otherwise.

Sincerely,

SnoBaby