I spent this week trying to figure out how we can cut back on the spending. I believe our problem is the fact that we don’t keep up with how often we swipe our cards and we don’t really see the impact on our wallets. So I came up with an idea that I am calling the $50 Challenge. This is how it works — on my payday I will take $100 out of the ATM and split between us. The challenge is to make it to my next payday (2 weeks) using only that $50. Groceries, gas and TRUE necessities will be the only things going on the cards. That is mainly because we don’t have the money right now to just cold turkey the cards plus we get some awesome cash back perks for those kind of purchases. I will be spending the next few days compiling a running total of credit card debt and the game plan of what will be paid when and all that jazz. I am going to continue to pick up shifts at my third job, chisel away at the designs for the second job and wake up every weekday for my first job. Ace will continue to pursue jobs throughout the holidays and hope that Spring brings the business people keep promising. (He does home renovations).
Because we were in midweek, we each took $20 today which should last us until Thursday. I am still trying to figure out what to do with the remaining money. Put it in a jar? Put it back in the account? I have to think more on that.
Till next time :)
For some time now I’ve been using tumblr as more of a dumping ground for pics. But today I decided that it may be a helpful tool to use while I documented our path to getting rid of our mounting credit card debt.
I’m sure everyone has experienced the mistakes of credit cards. This would make my 3rd. But I’m not completely screwed right now, just playing with fire. I have a bad habit of looking at the “x months same as cash” and doing it. While that’s a great thing, I never stick to my original plan of making monthly payments to pay it off. Before I realize they are all about to hit the interest mark and I’m faced with the hard decision of what to do — open another card, get a personal loan, empty my savings, pray for the best.. You get my point.
Today I am declaring day 1 of beginning the path to get all credit cards paid off and left alone unless the money is available. It’s hard to say that you’ll never use them again with all the deals they give you (ie target with 5% off) but there is a smart way to utilize them without putting yourself in danger.
I’m hoping by documenting this experience I can help myself not make this mistake again as well as help someone who may be in the same boat. We’re not close to loosing a house or anything crazy like that.. We’re just dangerously close to pay a lot of interest on a lot of cards. Plus we have other debts that’s we’ve accumulated in a small time frame which I’m sure I’ll be touching on as well.
Wish us luck!!
GAME! COCKS!!!! #gamecocknation #notigersallowed #gameday #alumniunited (at Casa di Hammond/Ellis)
Straight A’s on her report card = 4 trips to the Triple Fountain Yum & a mound of cotton candy. She’s not gonna sleep tonight!!! (at Golden Corral)