Budget Talk: Eliminating Debt

My latest obsession is watching YouTube videos of people who are working hard at chipping away their debt. I find these videos extremely inspiring and motivating, so much so that last week I took a good hard look at my own budget and in particular… debt. Of course, I currently pay what’s owing each month on each individual debt that I’ve lumped myself with, but to be honest I never pay much attention to it beyond that. Which is a mistake. I’m not going to include my mortgage in this little eliminating debt challenge that I’m sharing with you all, because honestly I think I’ll be old and grey by the time I’m done with that. However, I do have some lesser amounts, that I’m happy to share in the hope that I will inspire others to start eliminating their debt. I’m using the “debt snowball” method, and currently focusing all of my attention on my smallest debt. My goal is to completely clear that amount before the end of this year. I’m going to keep a running tally of what I pay off of the smallest debt, and bring you all along for the ride. Here’s hoping I can get this debt GONE by the end of 2015!

Paid in August: $175
Currently Owing: $2371.94

4 Thoughts on “Budget Talk: Eliminating Debt

  1. I just realised that Mister and I used the snowball method for our debt too – we had a couple of different debts and wedding things to pay for and chipping off the smallest ones while popping a bit of money on all the others (and mortgage, natch) worked really well for us! We’re currently down to 2 manageable, almost done ones and would actually be done had we not had to book a holiday to go to a friend’s wedding for next year- we are big fans of the snowball method despite not knowing the term for it until now! Can’t wait til we are debt free in that regard and can do more to the house and build up our savings a bit faster.

    • Jessica on September 6, 2015 at 3:35 pm said:

      Sounds like you have everything under control! Debt snowballing is the best way to manage it I think, and seeing those small amounts get knocked off is so satisfying! Good luck with building up your savings πŸ™‚

      • Haha I don’t know if it will ever be all under control πŸ˜‰ Such is life though, right? I had a good chat with Mister about this new found term and we are big fans now πŸ™‚ It’s the best feeling to get rid of a section of debt, so freeing (and then you begin the next one, ha!)

  2. Pingback: What I Bought: GAP | the belle lumiere

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