As I mentioned before, I have quite a lot of debt to continue working through. A couple of years ago, I decided to move back in my parents to attack this debt. I rented out my property and the rental income allows me to break even and have about $15 left over. This and monitoring my spending has allowed me to pay bigger chunks towards my debt than I was able to before. As of today, I have a total debt of $25,937 (not including my mortgage). I have brought down my expenses as much as possible and minimize my spending each month. I am currently working on figuring out how to start bringing in some side income apart from my full time job. So, I am learning how to complete income tax returns so I can get have a chance to get a part time job during the 2013 tax season. This is also will help my family, boyfriend and myself save the money of paying someone to complete our taxes every year. I am also working on decluttering and fixing small things on my clothes, such as sewing back a button or sewing a small hole so I can avoid buying new clothes. I have also been working on learning how to cut back and save on essentials such as haircuts, oil changes and groceries. This week coming up I am planning on being able to put about $800 towards my debt.
What are some of the steps that you have taken to pay back your debt?
For me it has been to work on my expenses. I used to spend so much money on stupid things like lattes, take aways, tons of clothes and shoes etc... Now that I cut off all that stupid spending I save at least US$300-400 a month and it all goes to paying down my debt. Of course I enjoyed the lattes, the clothes etc... but at the end of the day I enjoy much more being able to pay down my debt!
ReplyDeleteI know exactly what you mean. I have been doing the same thing and thinking on how to stretch my dollars.
DeleteI nominated you for a Liebster award! http://myyearwithoutwastingmoney.com/?p=270
ReplyDeleteThank you very much! I hope that others can feel they are not alone in fighting debt.
Delete