Monday 9 March 2015

Debt Freedom Day Pushed Back

I have talked long and hard about July 22, 2015, being the day when the last of my credit cards will be paid off. Well, reality is setting in that I will miss that mark by as month, at the most eager estimate. I got my statement for Card #3 on Friday, so I was able to do some calculations based on it.

It now looks like I will not pay off the last of the card until September, but most likely October. If I pay off Card #1 this month and then aggressively pay down Card #3 I could have it done by the end of August. 

This would leave me still mired deep in the overdraft which would take another month or two to get out of. Then another month after that to get myself up to that plus $1000.00 mark in the main account that I want to be at. 

My next option is to pay off Card #1 this month, then next month drop that 1K into my account to get myself near zero in the account, I would then save as much as I can as I go, to get myself up above zero as I pay down Card #3. This would take me until the end of September. 

If I pay down Card #1, then put two months amounts in the account before moving to pay down Card #; that would take me up to the end of October. The same is true if I do take that possible trip down to the coast in early summer. I know from experience that to do any trip like that, I would need to set aside at least $1000.00. 

I am split on this vacation as I just want this paydown thing done and over with. I want to get past this so I can move on to the savings phase which is much more fun. So I am tempted to just hunker down, not go anywhere and get through this. I also know that time moves on and we need to enjoy life as we go. So most likely, I will go down to the coast. 

Again, this is just reality and what I have done to myself. Any way you slice it, it will take another warm season before these cards are done, which means that I won’t be refinancing Wanda and getting to serous saving till November. 

Interestingly enough my savings will start Almost two years after I started this odyssey. It won’t be until at least January of 2017 before I can even start to look for a house or other place to stay.  

Well, deadlines are mostly arbitrary dates we pick. I will pay off my cards and I will get myself out of my overdraft. This much is certain, one way or another I will get off this hamster wheel of living paycheque to paycheque, having nothing left for me. 

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