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Debt Monster: Facing It!

I’ve been reluctant to make New Year resolutions. Why may you ask? Fear! The fear of failing by not following through with them that is. But there is one goal I want to set for myself, and that is being debt free!  Last month I posted about something that was personal. I debated whether or not it was something I wanted to share with the worl5d. I ended up sharing it and was glad I did. I read every single comment that was posted on that post, and I was left feeling like I wasn’t alone. And that there is hope. Since then, I have been watching my spending, and I am happy to say that I ended up the year with a positive balance in my bank account YAY ME!! The most expensive present I got were gold dice my boyfriend wanted (he is a big nerd).   

 Debt Monster

Debt Monster: Facing It!

The first thing I did was face my monster head on. The way I did that was by writing down all the amount that I owed, the amount that I have in savings, investments, etc. Once I was able to visualize my monster (I was freaked out) I was able to come up with a game plan to get rid of it.

In the month of December, I went ahead and opened a free checking account with Tangerine. That’s right, FREE. Not paying the “other” guy 15$ a month to use my own money! You can read all about what other services Tangerine offers here.


(When you open an account with them using my key we both get 25$, how awesome is that?!)

I also started to use cash only when going out to buy things. I tend to spend way over too much when I use my debit card because I don’t “see” how much is being spent.  

I’ve also been following some blogs that give tips on living “frugally.” Plus I have a friend that is very “savvy” when it comes to money, and he just LOVES giving me advice.

So here’s my December report (below). I like that I can SEE the amount that I owe going down. It makes me want to do better each month. Can’t wait to see what January has in store for me!
 

Net Worth Report for December 2013

Assets $ Diff % Diff
Cash $465 $220 89.80 %
Stocks $0 $0 –
Bonds $0 $0 –
Annuities $0 $0 –
Retirement $2,404 $25 1.05 %
Home $0 $0 –
Other Real Estate $0 $0 –
Cars $0 $0 –
Personal Property $0 $0 –
Other $126 $25 24.75 %
Total Assets $2,995 $270 9.91 %
Debts $ Diff % Diff
Home Mortgage(s) $0 $0 –
Other Mortgage(s) $0 $0 –
Student Loans $0 $0 –
Credit Card $3,620 ($94) -2.53 %
Car Loans $0 $0 –
Other $14,465 ($265) -1.80 %
Total Debts $18,085 ($359) -1.95 %
Net Worth ($15,090) $629 4.00 %

I’d like to thank Tristan for his awesome abstract coloring =)

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Comments

  2. MikiHope says

    I have been facing this monster for a while–but since I am now semi retired I have to re think and re do the entire budget!! PRAY for me!!!!

  5. Marilyn says

    Awesome! It is a monster that we need to get real with and focus on. Congrats on you being brave to face it and display it. I does make things easier to have the visuals to watch as it gets closer to 0.

  9. Jo Casey says

    You’re certainly not alone in facing this one. Well done for being so open – I’m sure you’re honesty will inspire many others and let them know they’re not alone.

  10. Masshole Mommy says

    I think we all have some sort of debt. While I don’t have credit card or car payments, I have all the other bills, but the sad thing is – we’ll probably never catch up.

  13. Sonoran Oasis Landscaping says

    Great job on getting your finances in order. It’s better to deal with them than not think about them. I’m almost free of credit card debt. I only have one credit card left and the balance is $3,000. It feels good to get this under control. Good idea about opening an online banking account with no monthly fee.

  15. Nicole says

    I am dealing with debt issues too. Not fun! I’ll have to check out ING, I’ve seen a lot about them but never really looked into them. Good luck facing your monster!

  19. Casa Vilora Interiors says

    Good for you Marielle. Like any “monster” in life, you have to first face it to fight it. You will definitely do well now that you know what you’re up against. I’m glad you shared your story. I made the decision years ago to never use credit cards and I am happy to say, I pay cash only for whatever I need. Against popular beliefs…because people thought I was crazy…I downsized from a grand home to a much smaller one, saving myself $85,000 plus interest in the process. It’s still a struggle being single and self employed but being debt free is also in my near future

  20. Chubskulit Rose says

    Awesome step to start the year. I started my year with less money as I paid a big amount last month but am glad I did, it’s stressful when you have a lot of debts.

  21. amanda ripsam says

    we stayed positive balance too. I’m glad we did as well it’s not easy getting out of debt but there’s more self respect for when your able to. right now were trying the 52 week saving challange hubby and self as well as dave rambsy money make over and wow when you follow basic accounting rules and make sure each dollar has a name it’s wonerful feeling.
    congrats

  22. Cheap Is The *New* Classy says

    Congrats on the positive balance. You can definitely get rid of that debt monster if you just stick to your goals. We cut a lot out a few months ago by paying our insurance in full {avoiding installment fees}, cord cutting {we now use Netflix} and a few other things. All of this saved us about $700 a month!

  33. Mommy's Heart says

    Glad to know that you are on the right track 🙂 All the best to you! Yes, ING is awesome. I have an account with them too.. recently I opened up a THRIVE account as well as a means of saving more money.. Cheers to Savings, everyone 🙂 -Vinma

  35. Tess says

    This is our year for downsizing our debt-so we can move to a bigger house. It will be nice to have more cash in our pocket!

  40. blueviolet says

    I went through this many years ago and it took a long, hard and very committed 4 years to pull out of my HUGE and terrifying debt. But I learned so much that I’ve been 100% debt-free ever since.

  42. Tough Cookie Mommy says

    I can totally understand how you feel because I want to become debt free too. I’ve been working towards that goal and made some progress but I need to focus more and work harder.

  44. Tina says

    I have to admit that 3 yrs ago we were over 30,000 in credit card debt alone. Thanks to a debt free program, we will be paying all of it off this year. To have that weight off our shoulders will be an immense relief!

  45. Mommy 2 J.A.M. says

    I despise the F and B word, agh the sound of FINANCES and BUDGETING OH NO the monster is lingering under my bed for sure. I need to face this monster head on and get cracken, I need to get this burden off my shoulders. I am happy I don’t use credit cards however I am really bad at budgeting. I would love to fix my credit for all the stupid mistakes I made in my early 20’s

    • marielle says

      LOL we all seem to have made those mistakes in our early 20’s. Budgeting sucks but it helps. And using cash is a huge change. Face that monster! Show it your in control!

  47. Ashley Gill says

    I really need to start paying cash for things. I have the same problem.. Just use the debt card.. then at the end of the day you’re felt feeling sick because you thought you spent about $50 less than you actually did and now your budget is all used up! ARGH!!!!

  49. BabsProjects says

    Congrats for taking the steps and admitting you had a problem. I am glad you have an account now. I think more people should be encouraged to save than spend.

  50. Chrishelle Ebner says

    Good for you for confronting your “monster”!!! It is good to put it down on paper. I am glad you have a plan of attack. We have to watch our money close. I do not believe in credit cards and we have one in college and two more heading that way soon.