Watch Me Pay Off $10,000 In Debt In 6 Months
I’m about to set sail on a journey, Clever Friends, and I want you to come with me. I’ve consolidated all of my outstanding unsecured debt to a single credit card using a 0% interest offer, and I’m dedicated to paying it off by the end of the year. The balance of the account stands at $9,888.00 and I’m going to do whatever it takes to pay it off.
I’m going to pay off $9,888 of debt by the end of 2016.
On the 15th of each month (or as close to it as possible), I’ll be posting a debt take down summary. I’ll report how much I’ve paid off in the preceding month, and where the funds came from. When I say I’ll do whatever it takes, I mean it. I have resources available, and I plan to take advantage of all of them.
Discretionary Spending
To pay off the debt by the end of the year, our discretionary spending allocation has to decrease. My wife and I have done a full budget make over. We can sacrifice for a few months to get this debt taken care of.
Mystery Shopping
I haven’t done much of this lately, but it’s time to start scouring the job boards. I’m registered with several mystery shopping services, and at one point had maxed out at $100 – $150 a month. That could play a significant role in getting this debt paid off by the end of the year.
Work Opportunities
My employer has an intellectual property incentive program that pays out for ideas that are deemed worthy to be a patent application. I’ve got several ideas, and if any of them are accepted I can earn a nice slice of cash to help my cause.
I want this $9,888 of debt gone by the end of the year. By documenting monthly progress to you, my Clever Readers, I hope to gain some extra motivation and accountability to make sure that happens.
Do you have some debt you really want to pay off by the end of the year? How about we do it together!!!
Brought to you courtesy of Brock
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.
Best of luck. Sounds like you have the motivation which is step number one!
Thanks Money Beagle, the motivation is definitely there. I’m just not comfortable with that amount of credit card debt.
Treat it like an emergency and you will destroy that debt. Congrats on getting it consolidated to the 0% card and making the decision to pay it down.
I like your perspective, Millennial Moola…..I’m definitely doing it with a sense of urgency!
That’s a pretty aggressive goal – $1,648 per month or $412 per week. Good luck! I look forward to seeing how it goes!
It’s definitely aggressive, but I know we can do it. We just have to make it a priority – looking forward to having you follow along!
We have a similar debt and are on a mission to destroy it this year. We had to have the full 12 months, though. With 5 kids to raise, it’s slower going, but we’re doing it! And I know you can do it, too. Cheering you on.
Thanks for the cheers, Jamie….good luck on your mission as well!
Good luck; hopefully this will not only pay off debt but also change the habits that got you there to begin with.
That’s a great point, RAnn….if we don’t change the underlying spending habits, we’ll just get right back into debt again.
Good luck! I’m on a similar mission myself — I’m aiming to make roughly $50 a day for 90 days to supplement some extra summer money and pay off an $8,000 loan before the end of August. So exciting!
I love how you find it “exciting,” Alexandra….many people don’t understand the life changing implications of paying off debt. It certainly is exciting!
Best of luck! You sound like you have a clear plan to meet your goal. I’m trying to save £10k so I’ll follow your journey to see how you get on!
That’s great, David..let’s do this together!
Fantastic! I’m looking forward to following your progress.
Thanks Hayley…..looking forward to your support!
Great strategies. Totally looking forward to the updates. You can do this!
Looking forward to publishing my first update soon!