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August Debt Payoff Update

August 19th, 2017 at 07:00 am

July was such a busy month for our household, I did not get a chance to post.

Debt Update:
We finished paying off CC#4 entirely, Woohoo! We will begin focusing our efforts on CC#9 before the promotional balance transfer rate expires. My annual review is late so any retroactive pay from my increase will go toward CC#9 as additional payment.

Personal Update:
I have completed 12 credits out of my 35 credit MBA program. Work has not slowed down and I have been accelerating the pace of my MBA program. I'm not going to lie, I am very tired and fatigued. I am taking almost an entire month off work soon, so I will rest during that time. We have some travel lined up soon. Denver for 24 hours in September then a Baja cruise in October. All is cash funded and none have been put on cards, I'm really proud of our efforts.

I have been keeping my eyes peeled on the labor market and it seems pretty good for my industry at least in California. The additional responsibilities and experience I've received over this year coupled with my MBA, should yield me an increase of at least 30% when I transition to a new company. I am beginning my strategic exit plan for this and so far it looks promising. We will see.

That's all I've got so far. I hope my posts thus far have been somewhat inspiring or motivating to those lurkers out there afraid to take the plunge and commit. I promise it's hard but totally worth it!

5 Responses to “August Debt Payoff Update”

  1. CB in the City Says:

    Congrats on the CC payoff and an upcoming cash-funded vacation!

  2. snafu Says:

    Good on you ! Consistently paying travel up front is an important symbol of your change of money management. I'm so impressed, you've gone from $ 40,000. CC debt to $ 24, 788 in a mere 9 months. I hope you're getting a ton of support and co operation from DW & son. I wish you'd share the factors that changed your thinking.

    The fact that you're prioritizing debt, working, career planning and completed 15 credits towards your MBA puts you in the ' Phenomenal' class of achievers.

  3. creditcardfree Says:

    Congratulations on more debt paid off! It is always worth it.

  4. viewsfoggy Says:

    Thank you everyone! DW and Son have been really supportive during this time. When it's not in the budget, it's not in the budget. We find other free ways to enjoy life.

    About 2 years ago, DW quit the corporate world and decided it was time to embark on a self-discovery journey. At the time I was months away from from a huge promotion however during that time money was extremely tight and the mere thought of not being able to provide for my family really scared me. We immediately sold the newer used BMW we had and decided the $550/month could go better used and that was the start of us slowing changing our thinking over time. I'm happy to say we still have our 13 yr old and 14 yr old cars that run just fine and are paid off. Many relapses into hold habits but back in November we went to an open house and after explaining our situation the realtor was thankfully candid with us. He told us while collectively we make a lot of money, our debt would prevent us from buying a home. In December we started the aggressive debt payoff and haven't looked back since. Our goal is to buy a home next year and in southern California the average home price starts at $500k.

  5. rob62521 Says:

    Way to go on paying off the credit card. Keep up the good work!

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