Debt Elimination Progress Update

04 May
by Jenny, posted in Ditching Debt, Making More, Money Honey, Saving More, Spending Less   |  20 Comments

April is now behind us, and our debt ditching efforts are continuing to roll forward. As many of you know, my husband and I are working to become non-mortgage debt-free by November of this year. I’m happy to report that as of May 1st, we are on track — and even a bit ahead according to our planned completion date of November 1st.

Throughout the month of April we were able to come up with a total of $2,765.59 to plow through some more of our final consumer debt, a car loan.

Here is a break down of how we came up with this $2765.59:

  • Sold CDs to Half Price Books: $60.00
  • Sold miscellaneous unused electronics on eBay: $50.00
  • Sold curio cabinet on Craig’s List: $50.00
  • Received small refund from an overpayment on my student loan payoff: $13.94
  • Sold mother board on eBay: $34.00
  • Web hosting freelance (Kirk): $357.65
  • Budgeted monthly contribution to debt repayment: $2,200.00 (includes $400.00 car payment)

This brings our total consumer debt balance down to $8,892.74!

Debt Repayment Chart as of May 1st

You know what? With each passing month I’m growing more confident that we’ll be non-mortgage debt-free by this fall. Can you even imagine?

Confession time. This month I did indulge in two purchases that were wants rather than needs. I bought a small container of lemon essential oil ($4.99) to use in homemade cleaning products and a small bottle of Dr. Bronner’s citrus scented liquid soap ($5.99).

I’ve been enjoying these pleasure purchases immensely, so I don’t regret making them. And $11.00 is well within the range of extra spending money we allow ourselves each month. It’s just that so far this year, we haven’t been spending any of our extra spending money! We’ve been finding more joy in watching the cash cushion build up in our spending account. :)

I keep wondering what would have happened had we not decided to attack this debt like a Navy Seal on Osama Bin Laden this year. Would we still be floating along, possibly dreaming of what “thing” we could upgrade next? Probably.

A year from now you’ll wish you had started today.

~Karen Lamb

It feels so freeing and right to be breaking out of the work-spend-accumulate cycle. I’m SO ready to be done with this heavy, restrictive, suffocating debt once and for all!

How about you? Have you been working of any goals — financial or otherwise? How are they coming along?

Did you like this post? If so, please consider leaving a comment, and signing up to receive updates by email or RSS feed from Ex-Consumer. It’s completely free and I never spam! You can also follow me on Twitter and Facebook.

Related posts:

  1. Consumer Debt Remaining
  2. Goodbye Debt. Hello Hawaii.
  3. One Debt Bites the Dust
  4. Decluttering and Making Money
  5. Why I Love to Pay Bills
Tagged , , , , ,

20 Responses to Debt Elimination Progress Update

  1. Hi Jenny,

    you are doing an incredible job of attacking your debts, that’s very exciting and will certainly make you feel freedom when you reach your goal

    • Thanks David! It always helps to look back over the month and see how far we’ve come. It’s hard to see the progress while we’re slamming through the month, but in retrospect, it all seems worth it! :)

  2. This is very inspiring Jenny – seeing that slope downwards on the graph it really hits home that it is possible. In fact I started ‘graphing’ my credit card/debt payments recently and it does help to have that visual image. I’m behind you in terms of amount still owed – but this post has encouraged me to keep going.

    Plus I’m really pleased you ‘splurged’ a little – how was the soap – do you like it…?


    • Thank you Steve! You’re doing a great job paying down your credit cards too. A graph really does help in visualizing our progress.

      Yes, after our little chat over at The Spartan Penguin I decided to go ahead and purchase the Dr. Bronner’s! I love it so far. I didn’t like it as a shampoo, but as a soap it’s great. :)

      • robbiekay

        I agree, I’ve tried Dr. Bronner’s on my hair and it didn’t work for me. I think of myself as a “needs only Nancy”, but even I don’t think of soap as a splurge! :)

        • robbiekay

          Of course, having said that, I remember that I used up my Dr. Bronner’s a little over a week ago and have just been using DH’s bar soap because, even though it doesn’t seem to be as good for my skin, I just hate to go out and buy more of anything!

  3. Oh, Jenny, you continue to inspire! Congratulations on getting closer to goal. I have so many things I’d like to sell on eBay, Craigslist, Kijiji, and Amazon, but the first step is always the hardest for me. I guess, it’s just a matter of jumping in and doing it. :)

    • Thanks Nenette! I’ve actually been a slacking a bit on things I need to list on Craig’s List and eBay over the past several weeks. The weekends have been busier than usual and it’s hard to find a block of time to list the stuff! We’re planning a big yard sale in June, so hopefully we’ll be able to clear out most of the stuff then. ;)

  4. I’m afraid I’m going in the wrong direction financially recently. Congratulations on all your success. I feel I’m poised for something big and something new, but I haven’t moved much yet!


  5. Thanks Jenny for sharing. I know that tracking things carefully works, but for some reason hubby is having a difficult time with all that. Even though we have been married for almost 30 years, talking about money is one thing we still struggle with! If we ever hope to retire early, we are going to have to get used to talking about it!

    • Hi Bernice! I know a lot of couples that avoid talking about money. It really does help when both parties are on the same page financially. And it’s so fun to work towards a joint financial goal like early retirement! Maybe if that’s the focus of the conversation it will go better?

      I’m glad my husband enjoys talking about our finances, because I talk about them A LOT. Ha, ha. ;)

  6. Well done Jenny, and I bet life actually feels better without all the trapping you used to waste your hard earned cash on. Achieving something always feels better than acquiring something.

  7. I just analyzed my spending for April and did some extensive blogging about it I basically see myself as on the right track with my vague financial goal (save a ton, spend a little haha), but there is room for improvement!

    I am so impressed that you have only spent $11 of “spending money” all year!! I didn’t realize you were THAT serious about all this ;) It’s quite inspirational.

    As I may have mentioned before, my husband and I keep our money separate, and he has student loan debt. His parents just took out a lower interest rate loan to pay off his student loan, and he will pay them directly at lower payments per month! It was soooo generous of them to do that, and I could just see the weight lifted from him!

    • I’ll have to cruise over and check it out Liina!

      Yep, I’ve been pretty intense so far this year as far as spending goes. There isn’t anything I want more than for the debt to be gone, so that’s where I’ve been pouring my resources. Hopefully it will pay off!

  8. Wow Jenny. Dr. Bronner’s is a luxury and not a need? I have shifted too far from my frugal ways. You’ve definitely outpaced me! Luckily the practically debt-free moment is near completion for us. I’m laughing at that last sentence I wrote. How vague can a girl be?

    • Hey Tanja! Well, Dr. Bronner’s was a luxury to me because I’m not supposed to be buying any *new* products that I wasn’t already using. So, soap isn’t a luxury (thankfully), but a new kind of soap that I may potentially not like is an indulgence. The reason being that I would have to waste the soap and the money spent on it if I ended up not liking it. I’ve wasted a lot of products and money in the past trying new personal care items!

      Congratulations on being near your practically debt-free moment. Ha, ha. What does that mean exactly? ;)

  9. Congratulations Jenny! That is so awesome!!! You’ve made so much progress just since Jan.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.