FREEDOM
Today I paid off my credit cards!Chase VISA balance: $0.00
Citibank VISA balance: $0.00
Discover balance: $0.00
That just leaves my car payment as my only outstanding debt that's earning interest. Once that's gone, I'm debt free.
Yesterday I got four checks from my liquidated mutual funds, and together they came out to just shy of a thousand dollars more than what I'd conservatively estimated (see how much better it is to be conservative?). That means that with the credit cards paid off, I can keep $1000 in reserve (as Dave Ramsey suggests), and now I can start saving for some much needed new furniture for my apartment.
When I think about how much money was being sucked out of my paycheck just in interest alone on those credit card balances over the years, I just shudder. With my new little system of tracking my spending and budgeting on the computer, as well as my little emergency fund, hopefully I will be able to put that money where it belongs--in my bank account!
posted by Craig J. at
10:57 AM
3 Comments:
Remember... $1,000 e-Fund is only the first baby step. Once you've got your debt paid down, you need to up the e-Fund to 6-months' living expenses. It's a big goal, but having lived off of my e-Fund on two separate occasions for several months a piece, I know how important it is to continue the discipline of building up a 6-month reserve.
Congratulations on clearing the debt, by the way! Pay that car off and you'll be amazed how much money you'll have to put away. Conservative spending is always the way to go. Will my Christmas presents be bigger from now on?
Hey man! So are you working the baby steps too? Sounds like you're an old veteran of the TMM.
Christmas presents BIGGER? Ha .. I got you a walking talking robot last year, whaddya want? :)
Yay! Congrats on almost being debt free! Every time I think I'm close to paying off credit cards, some other huge expense comes along, like having to fix my car.
I like all the cool stuff you added here! :)
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