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July Debt Snowball Progress

July 13th, 2018 at 09:26 am

Hopefully I can look back on this over the coming months and see how much progress I've made. We are being financially strangled by a million small minimum payments on credit cards. The plus side of that is with so many with balances under (and mostly well under) $1k, progress comes quickly and keeps me motivated.

Accounts left to pay off

Truck

***Under $1500***
CitiBank CC
Capital One CC
Discover CC
Target CC
PayPal #1
Dell

***Under $1k***
Walmart
BN CC
Home Depot
Amazon
Ulta
PayPal #2
Old QS CC
BuyPower CC
Venus CC
iPhone
Lenscrafters CC

***Paid Off***
Lowes CC 7/'18
JCP CC 5'18
QS CC ?? '18
CareCredit CC ?? '18

6 Responses to “July Debt Snowball Progress”

  1. snafu Says:

    Welcome back to SA. Thanks for posting the list, we can see why you feel frustrated. Delighted you've already paid off several accounts. I'm confident you'll get the next bunch paid off quickly. I realize you're changing jobs but I'd look at the list with Super Woman focus targeting the next smallest balance and throwing every dollar cut from routine spending against that sum weekly. If you can get DH onboard with debt reduction focus I suggest, putting all CCs in fridge freezer and operating with cash for the next two pay cycles. Suggest taking lunch and coffee from home, instigating 'no spend' days so that spending aligns with days utilities, or whatever CC is due. [for safety sake, I've always pay bills electronically, two business days in advance of due date] Staying out of stores and restaurants, grocery shopping limited to a list.
    Just now I'm on a tear to reduce pantry 'inventory.' It hot so I look up 'Yummly,' 5 ingredient meals. If it's too hot, I throw everything in a crock pot, nice aroma, keep place cool. Looking forward to cheering your next pay-off

  2. melissalt Says:

    Snafu: Thanks so much. Unfortunately this is the third time I've found myself in debt since 2006. Twice it coincided with moving to different states, but this time it's purely uncontrolled spending due to the circumstances my new husband and I found ourselves in (the worst part is we knew what we were doing as we were doing it). Thank you for the suggestions; we are implementing many of them and working on the others. Thankfully summer groceries are light and easy, so we will hopefully stick to our food budget of $400 each, which, although high, is about 2/3 to 3/4 of what we have been spending!!!

  3. LuckyRobin Says:

    We've been sticking to an $800 a month food budget for a family of four after dropping it from $1200 and cutting out our eating out which was probably another $600, but I don't know for sure because I wasn't tracking it. I've found planning our meals out and then sticking to the plan has been super helpful in keeping to the new budget. As has accounting for every dollar spent.

  4. melissalt Says:

    LuckyRobin: Eating out goes in our joint spending money now so we aren't hiding that in groceries. Our past monthly grocery spending was in the $1100-$1200 range. We eat very different food (I'm a strict vegetarian, and he is not that adventurous when it comes to veggies), so it's hard to have meals that we both eat. It sounds like you have done an amazing job feeding four people on that budget. I need to do much better, I know. Thanks!

  5. rob62521 Says:

    Meal planning has certainly helped us with not overspending. Plus, DH has decided he likes my cooking far better than most of the stuff we can get eating out. We do go out and he will often order something I won't fix. I don't like salmon and I don't like the smell of most fish cooking so he will often get that since eating out dinner is a treat and he likes salmon.

    You are doing a good job needling away at your debt. Hang in there!

  6. melissalt Says:

    rob62521: Thanks. We're working at it. I miss going out for dinner and drinks desperately, but looking at my list of debts on the refrigerator is a constant reminder that I need to put that money on debt.

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