Are your balances lowering? If not, what are you doing to work on that?

Share your progress and don't forget to check all the posts around here with great tips for saving more money!

End of February Balances:

• $1,556.60- Truck
• $600- Radiology
• $825.08- Cell Phone

Total Debt: $2,981.68

I still have not gotten a statement from radiology and no cancellation fees from the cell phone company. I am not counting my husband's work debt in my debt payoffs.

Credit Card #1: $2000

Mortgage: $97,500

Our goal this month is to pay $1000 on the credit card as we don't have a mortgage payment this month because of refinancing in February. (New payment starts April 1st). So we are putting our normal credit card budgeted amount plus the amount we would pay for our mortgage toward the debt to really knock it down. I feel like we are finally seeing light at the end of the tunnel with this particular card! It's high was $6000 six months ago and we have been aggressive in paying it down without using more credit.

Well, our debts won't go down because except the standard mortgage payments because the money I am getting from the homestay student this month will pay for the latest vet bill that will be.  Cat needs teeth out so that is $400 - $500. hopefully that will fix the problem.  good news is that will a new student  after that for a few months hopefully I can put that money aside. 

February was dismal as far as debt payment goes . . . big SIGH!!

Currently working on my Visa bill-balance is $4833.28.

Goal is to pay $500 extra to debt this month.  If we can finish our taxes and get our refund, than we will be able to pay this balance off and move to the next one.  February we only paid an extra $50 to debt but sold a bunch of stuff and put that money in savings so rebuilt our emergency fund (just in time to pay the roof repair bill of $1800).  Another big SIGH! 

I am very hopeful that March will be an improvement!  I really want to start making some progress here!

wish I had your balances Brandy !

I think I owe $2200 on one card and $3900 on another because I only put $2000 against the first one and held the rest back in savings for now. If i don't need to use it (a new trainny instead of a rebuild as planned) then next month it'll pay off that card. Getting closer....

Michelle,

We have lived in small homes, owned only one vehicle and lived frugally to not incur too much debt. It doesn't always seem so great but when I look at those debt amounts, I don't mind so much, lol.

How did you get by with only one vehicle? Even though I'm a SAHM I'm always the running the kids around or taking care of things for dh while he's at work.

Does your daughter have her own car to go to work?

We kicked booty in February:

Our credit card debt went from 12627 down to 10400

Our car loan went from 2664 to 2324

Our morgage went from 146200 to 146000

We are pushing on the credit card balance and letting the car loan be the minimum payment (will end in October), and the mortgage will be another year before we can really push that balance down. but hey!!!! this time last year, we were adding 1000 to the Credit card each month so I'm thrilled with out progress.

We did this by watching our driving, getting our heating bill on a budget (which freed up some cash), working more hours, and not eating out at all and buying groceries on the cheap, sales plus coupons, etc. We did no other shopping either though I did give my son $6 one night to get a sub when I was working... peace, pam

Feb 4 credit cards, 6 open   

$31,932

have officially closed one and sent in the close account letter on the other-

March 4 cards total

$31,652  pd off $280

Feb 3 home loans $250,682

used the severance to pay ahead one month on main mortgage

March 3 home loans $250,105  paid off  $578

I feel in a better position to deal with debt as we start to get unemployment and dh goes back to school this month- our cards are fewer with lower interest, I'm going to try to keep one month ahead on the main mortgage for a few months, so I could skip in a really bad month.  He'll have 7 weeks of class, starting March 17, and 8 weeks of internship for train conductor.  

 Medical expenses will go way down with state health insurance.  We had been paying about $500 for insurance and then about $400 for copays.  

I've got my fingers crossed that we stay the same next month, this month I feel good about decreasing total debt load by $858!