Last Thursday was the official 1 month milestone of our debt diet. We are doing great so far. In fact I give us an A++.
We got our tax return and were able to put the entire $6000 towards paying off one of our cards. Which then enabled us to transfer $7500 of a high interest card to the other card we just paid off for 0% interest for six months. Then with all of the money we saved in April we were able to pay another $1500 towards that high interest card to pay it off completely. You have no idea how much weight this takes off my shoulders. We are making half mile strides in being credit card debt free instead of just teeny tiny steps paying a little bit each month and feeling like it will never end.
I am really proud that we have been able to follow through with this. Each day is a struggle and each day is a triumph. There have been many many times where it would have been easier to go out to dinner or when we just felt like taking Eva somewhere for the day that would have ended up costing us $100 after everything. Instead we have to get creative and learn how to keep ourselves occupied without spending money and without feeling like we are depriving our child during her most formidable years.
Not having cable was a huge adjustment. I swear Chris went through withdrawals that first day. I couldn’t get him to leave the TV alone, he kept adjusting the antenna trying to get more channels. I’m sure it didn’t help that it was the same day he quit smoking. Yep, you heard right. My 34 year old husband who has been smoking since he was in the womb has not had a cigarette for 16 days! I am more proud of him than if he had become an astronaut and flew to the moon.
What keeps me going is knowing that this August we will have paid off two of our biggest cards and that in November we will have a third one paid off. That will leave us with one final card with a balance of $2000 that we will have paid off in February. We are taking a break from our debt diet for December and part of January as a reward for all the money we have been saving by doing without. This Christmas is gonna be like Biggest Loser contestant big!
After the new year it is back to business. Once we get that last card paid off in February we are on to our next goal of building our savings up to 8 months worth of pay. This debt diet has really opened up our eyes to just how much money we are wasting on things that we don’t need and how much we really can do without.
To read about how this all started click here:
http://www.modernmommyblog.com/index.php/2009/03/25/my-debt-diet/
and here:
http://www.modernmommyblog.com/index.php/2009/03/26/entertainment-on-a-tight-budget/
*photo credit: http://www.flickr.com/photos/chmurka/3053828420/
Linh says...
Congratulations! We just decided to not get cable starting next week. I am scared! I know it will be okay but it will be a bit of an adjustment. That is wonderful that your husband quit smoking!!!
April 28th, 2009 at 3:37 am
Heidi says...
I seriously thought (because of the picture) that your GUINEA PIG made it one month. Of course I read on and learned you’re kicking ass w/ this new debt diet thing. I’m so impressed! No cable? No cigarettes? No Carrabba’s takeout? You should be so proud. Changing your spending habits is just as difficult as changing your diet.
Well done!
And tell your hubby I said WAY TO GO on the Marlboro front. (Joe quit when we started dating and every now and then I smell it on him when he gets home from work. Nonetheless, I’m happy he’s taking baby steps. I sometimes tell myself it’s better he sneaks one at work then goes balls-out and quits completely and one day for whatever stressful reason, starts smoking like Winston Churchill.
April 28th, 2009 at 6:20 am
Anonymous says...
Holy Smokes!
That’s absolutely stupendous! on all counts!!
Wow. Congratulations!
April 28th, 2009 at 12:46 pm
Kelly says...
Congrats!
You may have heard this one already, but considering adjusting withholding so you get more cash in your paychecks. That way you can grow that debt snowball by a couple hundred $ a month.
We gave up cable and I love it! I spend more time doing more important things. We use Hulu.com for a lot of our TV needs.
Big congrats to the hubby for quitting smoking. Saving money and getting healthier-it’s so worth it!
April 28th, 2009 at 12:58 pm
Cascia @ Healthy Moms says...
Congratulations! My husband (who just so happens to also be 34 years old and named Chris) and I need to take some lessons from you! I wish we could save as much money as you have been. We have cut way back on eating out, though. So that is a good thing. But there is still a few areas we need to work on.
April 28th, 2009 at 5:45 pm
wendy says...
congratulations! i feel your triumph over these things. continue holding on!
April 28th, 2009 at 10:16 pm
Stephanie says...
Great job! My husband won’t part with cable, but I am looking at ways to lower it! Thanks for the inspiration and praying you have another great month!
April 29th, 2009 at 5:27 am
Anne says...
Congratulations! That is really great. Good luck!
April 29th, 2009 at 9:26 am
Jill says...
Thanks to everyone for your support. Hopefully I can help others who are also in over their heads in debt. I know that reading your responses helps me!
April 29th, 2009 at 4:44 pm
Chimica says...
Congrats! I wish I had done that with my tax return but instead we moved out of my moms house.. more bills instead of less!
April 29th, 2009 at 8:27 pm
Lisa says...
wowee, that is even more impressive than losing the last 10 pounds on a diet – because it involves EVERYONE in the whole household and you’re ALL making it work.
Just finished reading “power of small” (new ad book about lots more than advertising) and this is such a perfect example of thinking small to get huge results. I don’t know quite how you get the discipline… guess I’ll have to keep reading!
Lisa
April 30th, 2009 at 5:47 pm
Jill says...
Lisa,
You hit it right on the nose. It is ALL about the power of small. In the past I always used to think “Well it’s only $20 or $30 or $15.” But now I have realized if I cut out ALL of those small little expenses they add up to $1500!
April 30th, 2009 at 9:31 pm
SHIMI says...
hi
nice to be here and read ur post
May 4th, 2009 at 6:20 am
Jill says...
That is so great! I’ve thought about doing that, but it’s hard to get The Hubs on board! I’m not sure he could live without ESPN in all it’s forms.
Thanks for stopping by my blog
Us Jills have to stick together. Funny story- in HS there was another Jill with my same middle name, and we were both seriously dating guys who had the EXACT same name(First, Middle, AND Last!)
May 4th, 2009 at 10:57 am
Sarah @ BecomingSarah.com says...
Congratulations! It’s tough to go on a debt diet, but we started doing something similar a couple years ago and it makes a world of difference. It’s really worth it. I hope you continue to take pride in and enjoy this adventure!
May 4th, 2009 at 2:03 pm
Amy@Coffee with the Mrs. says...
YAY!! We’re paying down our debt over here too. Our tax returns went to paying off my car (largest interest rate by far) and we’ve done away with 2 credit cards. We still have a ways to go but now we can throw my car payments at the rest of the credit card debt and finally start building our savings up BIG.
May 6th, 2009 at 5:17 am