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Another One Bites the Dust

February 2, 2015

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I've paid off another credit card! Read on to find out more about my debt repayment plans @shoeaholicnomoreIt’s been a while since I got to announce that a debt was paid offย (September to be exact), and looking back on that post I can see how excited I was to have freed myself from my first “big” credit card payment. Today I’m even more excited because I’ve finally got another debt paid down to a $0 balance. CC#6 is GONE! #anotheronebitesthedust

I made my final payment online on Friday, so technically the debt was paid off in January, which puts be a full 2 months ahead of schedule (based on my latest debt payoff timeline). I made several extra payments toward this card in January thanks to my freelance income and encouragement from my accountability partner,ย Laurie.

Every time my account started to show more than about a $20 surplus above my monthly budget, I made an extra payment toward my credit card. Admittedly, there were aย couple of times that I didn’t want to use all of my extra toward debt, but Laurie’s encouragement helped me to just do it! Prior to January whenever I’d have a surplus in my account, I’d think “well, I’ll just wait and make one large extra payment at the end of the month”. But by the end of the month I’d have found different ways to use that money instead, like going out to eat.

I’m still not perfect, I spent a bit of my extra income toward things I probably shouldn’t have, but I also used a good majority of the amount above my “required” side income to pay off CC#6.

Now that CC#6 is paid off, here is my updated payoff plan.

CC#Balance (1/31/2015)Monthly Payment (Minimum Payment)Interest RateGoal Payoff Date
#8$1,343.36$194.00 ($34.00)22.9% (ABOUT $375.00 AT 0.00% TILL 9/2015)9/1/2015
#5$489.52$25.00 ($25.00)22.99%11/1/2015
#4$1,203.75$39.00 ($39.00)26.99%4/1/2016
#7$1,141.11$40.00 ($40.00)24.99%7/1/2016
#10$1,260.20$29.00 ($29.00)15.24%10/1/2016
#11$1,896.31$59.00 ($59.00)24.9%2/1/2017
Parents$2,950.00$50.00 ($0.00)0%6/1/2017
Student Loan$6,674.37$93.07 ($93.07)6.55%4/1/2018
TOTALS$16,958.62$529.07 ($319.07)--

My total monthly (planned) payments will stay right around $529.07 each month. But as I did in January, I will try to put more toward my debt whenever I can thanks to my freelance income and anything else I can do to get my hands on some extra money! ๐Ÿ™‚ I’m still hoping to get this debt paid off well before the estimated timeline shown in the table.

How should I celebrate my latest credit card payoff? (Something frugal please!)

Stay tuned to see my total January results on Wednesday.

I've paid off another credit card! Read on to find out more about my debt repayment plans @shoeaholicnomore

I've paid off another credit card! Read on to find out more about my debt repayment plans @shoeaholicnomore

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39 responses to “Another One Bites the Dust

  1. You should celebrate by cutting the card up, then go to your balance sheet and marvel at the slight downward tick of your debts and upward tick of your net worth. ๐Ÿ™‚

    1. It feels great, though I expect I’ll notice more of a difference next month when I don’t have to send them a payment. ๐Ÿ™‚

    1. It does feel good. Can’t wait to get more debts paid off. It’s nice that there’s less to put in on my table and tracker each month as I get rid of more and more payments too.

  2. Congratulations! That’s wonderful! It seems like your strategy of paying off the debt right away is really working. Keep up the great work. ๐Ÿ™‚

    1. Thanks Jenna! Making overpayments toward my debt whenever I see extra at the bottom of my monthly cash flow has worked great for me so far.

  3. That’s great! It’s got to feel so good to cut that one up and close the account. And on to the next ๐Ÿ™‚ With progress like that you’ll definitely blow through the timeline on the table. Congratulations!

  4. Congrats on paying off another loan! Sometimes it is super hard for my to dedicate extra money toward my debt payments. Initially I have good intentions, but very little will power as the month goes on ๐Ÿ™‚ I’m glad you found a way to make surplus money in your budget work for you. Keep it up the good work!!

    1. I have a hard time with that too Chonce. I did get it done in January though ๐Ÿ™‚ I think if it weren’t for Laurie helping me out I wouldn’t have gotten that debt paid off so quickly.

  5. Congratulations, Kayla! I’m so proud of you for knocking out another CC debt. You’re doing great and I love the accountability you have with Laurie. It really does make a difference to have someone who you can lean on during tough days and challenges you to up your game too.

    1. It’s worked out well for both of us so far (I think). I’m glad I have her for accountability and encouragement. I’m excited to make a TON of progress this year.

    1. That’s true, but it was getting a little messy with so many bars on the side, haha. Now I like it because whenever a debt is gone, my site looks cleaner and cleaner. ๐Ÿ™‚

    1. That’s a great idea, haha. I might have to do that this weekend ๐Ÿ™‚ I am using my money to rollover into my next payment for now, but soon (after the debts are gone) I’ll be able to greatly reduce my budget and the amount of money I NEED to make each month. Excited!

  6. That’s great Kayla! I bet Laurie is a brilliant accountability partner too! I like the way you overpaid your debt using any surplus you found in your budget. In terms of celebrating, you deserve a treat! Maybe get a friend to give you a manicure, pedicure or just enjoy a cheeky bottle of wine? ๐Ÿ™‚

    1. Great tips for celebrating but still keeping it cheap. Laurie is a great person to help me stay accountable. We are both making some huge strides forward this year!

  7. Congratulations! That’s awesome. One less bill to deal with and one less minimum payment ๐Ÿ™‚ keep hustling! I see you all over the internet.
    Can you make a fancy dinner at home as a celebration? Or treat yourself to a decadent dessert out?

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