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Furniture Loan Paid Off!

September 17, 2014

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5857728038_a70232596a_zI have some exciting news on the debt front today: I PAID OFF MY FURNITURE LOAN!

As you can see on the progress bars, I updated CC #9 (the furniture loan) to show that it is now paid off! Woot woot!!

The final payment went through today and now my online account shows a $0 balance. I’m so excited to be rid of that payment, and it came just in time too. (See my post at Red Debted Stepchild last week for more details on why it’s good timing.)

Like I’ve talked about before, I’m planning on putting most of the money from this payment toward the next credit card on the chopping block, CC#4. Prior to last week, my plan was to haveย CC#4 completely paid off in September or October, but now it’s looking more like it may be November before that credit card is eliminated.

I’m trying not to get discouraged about that setback, and the truth is I don’t feel too bad about spending the money on getting my car repaired, buying a new computer, and getting a new internet router (more on that soon), because all 3 were necessary for either A) safety reasons or B) to continue working on my side hustles/online income. Yes, it slowed down my debt progress a bit, but in the long run I think it will actually speed up my progress as I will be able to save time not waiting on my ancient computer and broken router to be able to work on the internet. It has already greatly aided my productivity online.

Anyhow, now that the furniture loan is gone, here is how I plan on using that $150/month instead:

$20/month toward a health fund (for my monthly RX and other doctor’s appointments as necessary)

$20 more/month toward building up my EF

$110/month as a snowball toward my other debts


$150/month from the furniture loan payment

Prior to deciding to get out of debt, I probably would’ve gone shopping for more furniture in August or September and charged it to the same card, thus starting the 12 month interest free promotion over and still having that $150/month payment for another year. Ugh! I’m so glad I’ve gotten wiser and decidedย I don’t want to be in debt forever. Yes, I still want some more/new furniture to replace my college freebies and thrift store finds, but now getting out of debt is more important to me than getting more furniture.

How has deciding to get out of debt changed your priorities?

Photo courtesy of: Images Money

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39 responses to “Furniture Loan Paid Off!

    1. Thanks Taylor! I know there were necessary expenses, though I hated coughing up that much money all at once. ๐Ÿ™

  1. Yay, Kayla!! Congratulations!! And I think you are right about it being totally reasonable to invest in a new computer and car repairs. Keep up the great work!

  2. Congratulations to you! We are in need of replacing a couch – it’s approaching that 10 year limit that most couches have, but we keep repairing it (it has recliners a both ends) and just trying not to focus on all the tears and such. Before focusing on getting out of debt, I’d probably would have stressed over how to pay for a new couch, but now I’m thinking it won’t be hard. Free ones are always sitting on the side of the road in our college town ๐Ÿ™‚

    1. Yes! That’s the spirit. I used to want all new and matchy-matchy furniture. Now I’m more into ecclectic pieces that can still go together but aren’t necessarily a “set”. I also have some wood pieces I need to strip and re-stain darker, or paint, to give them new life. Good luck on your couch search. ๐Ÿ™‚

    1. That’s a great idea! I don’t “need” any more furniture right now, so while I may do that soon, right now I’m going to put most of that money toward paying off my next debt.

  3. Good job Kayla!
    I especially liked the little blurb at the end where you wrote how in the past you would have taken this opportunity to go out and buy more as a celebration of the freed up money. I looked at some of my 3 year old credit card statements and let me tell you I was embarrassed by the unnecessary and wasteful spending. Reading PF blogs has made me changed my ways. It’s nice to see how far I have come but I still cringe at the old me. So much wasted money! It’s look like you have learned too!

    1. I have learned a lot and I still have a lot to learn. We all grow through each other’s experiences and most of all our own. I hope you keep reading, learning, and paying off your debt! That’s my plan too. ๐Ÿ™‚

    1. Yes, $150/month is going to make a big difference in my budget! Putting off big purchases is what I’m doing too (except the car repairs and computer, which were both necessary).

  4. Congratulations, Kayla! I’m so proud of you for knocking out another CC debt! And I agree with you – the computer and router weren’t random or emotional purchases. But thoughtful purchases that will help you grow your side hustles and earn more money to pay off debt. The fact that you took time to weigh options, rather than just rush it and buy them, shows how far you’ve come and how you handle money differently today.

    1. Thanks Shannon! You are so right, I am really trying to handle my money differently and consider my purchases before I make them.

  5. Congrats! I think what you’ve decided to do with the $150 is great and balanced. It’s awesome that you’ve come so far in your journey and realizing how different your present behavior is. It’s all about learning from our mistakes, moving on, and applying those lessons! Sorry so many things went wrong for you earlier this month, but at least it’s out of the way now, and you won’t have to worry about those things for a long time.

    1. That’s a great way to look at the expenses I had earlier in the month Erin. Thanks for the reminder to count my blessings and see the good in things instead of the bad.

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