Weekly report: Ditchin Debt & Murphy’s law #1

Every week I’d like to do a weekly report of our progress getting out of debt (I know we’re finally starting) I’m not one to jump into something without doing a lot of research and obsessing over it for a few months.

This week we paid $100 towards debt. Not a lot but it’s something. We have a bunch of pending medical bills that we’re paying before we tackle our credit cards (which I can’t wait to do)

After paying off the $100, the next day we had to take my one and a half-year-old daughter to the ER. She was diagnosed with RSV, bronchitis, and pneumonia. Instead of putting the $150 on my credit card I paid for it fully!

I was talking to my wife about how Murphy’s law really does poke their head out when you’re trying to do something new, or get out of debt. I won’t let Murphy control us though!

I would like to pay off some sort of debt every week. Next week I would like to pay off 2 more bills that have been pending for a bit. Slow and steady wins the race!

We are also using Debt Free Charts to visualize our debt-free journey, so that’s going to be a fun way to stay motivated!

What do you do to stay motivated on your debt-free journey? Tweet me @ditchindebt or comment down below and let me know!

Comments

Saving towards $1,000 in 2 months!

When we started the long journey to saving up $1,000 we were already about $250 shy of reaching $1,000. I like to think that most people have a good sense of saving at least SOMETHING in their savings. Even though we only had $250 to go until we met the amount, we couldn’t just drop that much from our checking to our savings because of our budget. We spend about $4000 a month on our debt, including our mortgage and we bring in about $4,200 (we found that out by doing our budget, we were very sad https://pixabay.com/photos/coins-currency-investment-insurance-1523383/ to see how close we were to not being able to afford anything) There was only one thing I could think of doing in order to get ourselves out of debt, and that was to do Overtime. If you are trying to get out of debt, overtime is your best friend. I’ve been working overtime an hour extra every weekday for the past few weeks and my check has increased a couple hundred dollars. The way my work does over time...

Weekly report: Monetizing my blog + Social Media #5

This week we focused on staying on budget. I also applied and was accepted to an affiliate program which I'm very excited about! I'm looking up a lot of information on affiliate marketing and best practices. Some of the info I've learned is how to market the products on Pinterest. I plan on doing most of the affiliate marketing on there, and maybe sprinkle some cool products on twitter and the blog. Right now I am using ShareASale to find affiliate links to try and make money. My strategy is to find programs that will help people get out of debt. So far I am doing affiliate stuff for a Cashback website called DollarDig ( https://shareasale.com/r.cfm?b=569535&u=2292638&m=51865&urllink=&afftrack= ) and a discount jewelry store called Balla. (https://shareasale.com/r.cfm?b=785753&u=2292638&m=52317&urllink=&afftrack= ) For those of you interested, the way I can make money with these company's is if you click on the links and register ...

Understanding debt snowball and avalanche methods

If you have heard about Dave Ramsey you’ve heard him talk and praise about the debt snowball. The debt snowball is when you pay off debt from lowest monthly payment to highest and disregard the interest. There is another known way of paying off debt called the avalanche method. That is when you pay your highest interest rate debt and disregard monthly payment. But which one is more time efficient? Let’s find out! The following are random amounts and interest rates to give a good idea on the time it will take to pay off the most common kind of debt. The debt: Credit card: Amount: $8,000 monthly payment: $264 interest rate 15% Student loan Amount: $10,000 For 10 years Monthly amount: $88 Interest rate: 6% House loan Amount: $9,000 for 6 months Monthly amount: 125 Interest rate: 0% Car loan Amount: $15,000 for 5 years Monthly amount: $262 Interest rate: 5% Debt snowball method: If we were to do the debt snowball method, the order would be student loans, h...

Ditchin' Debt

Search This Blog