Wednesday, August 22, 2012

Dude, Where's My Car?

So today was my first day of aggressive attacks on my debt, and here's where I stand:

Student Line of Credit - $10,060.35
Bank Line of Credit - $0
Bank Visa 1 - $0
Bank Visa 2 - $0
Car Loan - $0
Misc. Other Debt - $3,225.51
Savings - $3,171,21
403(b) - $5,255.91

Yup.  Ladies & Gentleman, I sold my car!  Look at how beautiful that rid of $16,608.35 of debt in one shot!  I sold the car for about $15,500.00 so I put in about $1,100.00 of my own cash.

Frankly, the car was a convenience.  Though I live in an area that essentially "requires" one, I can feel free to buy one, cash, when I have the money for it.  For now, that is not an essential part of getting this debt mess cleaned up asap!!!

Not only was the car sale a relief, but my budget reaped the benefits overall.  My monthly transportation cost was drastically reduced, and my insurance bill was eliminated.

Next goals:

i) Get rid of the "Misc. Other Debt" item.  I should be able to do this by combining $1,150 or so from my next paycheck with Savings-$1000, so that I still have an emergency fund.

ii) Find ways to increase my debt reduction speed!!  I want OUT, ASAP!!

p.s. You may be wondering how my savings increased.  I worked a very small extra part time summer job that allowed this to happen.

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