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Thread: Paying Off Big Debt - June 2018

  1. #1
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    Paying Off Big Debt - June 2018

    Well, it turned out I did get a little windfall, in the form of a tax refund that was higher than expected, so I was able to reduce my debt by 37% today which felt GREAT.

    However, I still have a sizeable amount to pay off (lowish 5 figures), and I'm a teacher on a ten-month contract so don't get regular paychecks in August and September. I put a little bit of the refund aside in hopes that will keep me from sliding into more debt this summer, and I'm also going to work on lining up another income stream for August and September.

    I'd originally aimed to pay off my debt by next April, but I think if I stay focused, I can pay it off by next February now. I also will need to start saving an emergency fund.

    Lots to do, but I feel like I'm finally making some progress.

    Thanks to all of you out there who offered encouragement and suggestions in April. It's helped motivate me to keep living frugally.

  2. #2
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    That is awesome!

  3. #3
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    Congratulations!!! Getting rid of debt is so empowering.

  4. #4
    Senior Member flowerseverywhere's Avatar
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    Wonderful news. Each step in the right direction is a great one, small or large

  5. #5
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    Excellent! Are you also have less withheld from your paycheck due to the tax cut?

  6. #6
    Senior Member rosarugosa's Avatar
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    Nice - glad to hear your good news!

  7. #7
    Senior Member razz's Avatar
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    Setting the goal that you have and being able to meet it are wonderful when they unfold as hoped. Wishing you continuing success!
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

  8. #8
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    It is remarkable to me how setting a debt-free goal and achieving it so so incredibly life-changing. I hope it is for you as well. Now we can afford to buy stuff cash, and we just don't care anymore.

    Congrats to you on stepping up your timeline on your goal. May your summer be filled with joy and maybe some gifts of food so you can save those bucks!

  9. #9
    Moderator Float On's Avatar
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    37% is really great at one time. Good job in being dedicated to paying down.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  10. #10
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    Thanks, everybody, for your support! It really helps me stay focused.

    I'm not sure how the new tax cut is affecting my paycheck because I have other things taken out - flexible spending accounts for dependent care and health care. Have to look into that.

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