Thursday, March 20, 2008

Do Over!

Paying off debt is a lot like weight loss. It takes years to put it on and its going to take time to get rid of it. Knowing that fact doesn't make it any easier. Instead, I tend to get frustrated, do something really stupid, beat myself up about it, and then get back on the wagon. Its a vicious cycle, but when I'm done, I know I'm good for awhile.

To readjust my thinking, I officially published my full debt load and replaced my previous pie chart from No Credit Needed. (For the record, I really appreciate NCN for everything he does, but I felt I needed to be brutally honest with myself.) I pulled all of my hidden cash and made an extra payment on a credit card to get a jump start. The hidden cash came in the form of:
  • $5.50 from returning pop cans for their deposit - I also return the cans from work
  • $28.67 from my loose change jar - I save all of my loose change in a glass which I turn in when it reaches a certain point
  • $20.00 from my dollar coin stash - When I have a few extra dollars and find myself making a deposit at the bank, I swap them for dollar coins and save them as an emergency fund for end of the month gas in the tank or other surprise expense

The next step in my "recovery" is to look for ways to make extra money. This week I am putting up Easter orders at a bakery I used to work at. That will be an extra $50 for the evening. Next week, I'm participating in a taste test which will earn me an $20. Its a start for the snowflakes.

Finally, I get to have an honest look at my spending habits. I was lucky enough to have a very nice gentleman buy me lunch today, which was a complete shock because I didn't know him. He apparently won on Keno and appreciated the fact that I talked to him. I still feel guilty about it. My kitchen is not set up for cooking right now. I somehow have lost my can opener. Don't ask me how. I have NO idea. The fridge is looking like a bad bachelor commercial. Its time to get real and time to put the plan together.


JW said...

I agree with your statement that "paying off debt is a lot like weight loss." I'd like to add that you can aways get back in debt just as easy as you can put the weight back on after loosing it also.

Making Cents of Debt said...

Thank you JW. You are so right.