Debt Smackdown! Update

Time for an update on our debt reduction progress. It's been a month since I heralded our goal to pay $20,815 in debt.

We're a little over 1/8th of the way to achieving our goal. Extrapolating our progress into future months would put us smack dab into *debt free status by mid-September, 2009. Ever the optimist, I'm predicting we'll beat that handily.

By publishing this information I'm finding I think about being debt-free more than ever. Socrates was on to something when he said:

The unexamined life is not worth living.

Consequently, I've come to the conclusion that blogging changes behaviors. In my case, I'm grateful because I very much like the new and improved, financially astute Boomer.

Here's the detail of our progress from the original January post:

1) $384 medical debt (orthodontist) Paid in full
2) $6,887 $4,676 credit card debt
3) $13,567 2nd mortgage on the SFR rental.

*debt free, that is, except for first mortgages

Photo by w00kie

Financial Goal #1: Debt Smackdown!

We began budgeting last fall so we have a great handle on our expenses and monthly cashflow. Wife is salaried but I'm straight commission; makes it a little tough to budget but my income has been commission-based for years and I'm used to the roller coaster. The numbers have been crunched and now it's time to apply focus and discipline to the process.

Our #1 goal this year is to eliminate $20,815 of debt.

1) $384 medical debt (orthodontist)
2) $6,887 credit card debt (just plain dumb)
3) $13,544 2nd mortgage on the SFR rental.


The strategy is quite simple. Every available extra dollar will go toward debt reduction until we've ground that bugger's face right into the sweat-stained mat. I'll get one of those bar graph doo-dads up as soon as I figure out how to get it done. Stay tuned....

Photo by RJL20