45 Days to Debt Freedom How We’ll Raise $8572.91

FiscalGeek's Debt Snowball


in debt,debt snowball

My wife and I sat down this week and decided rather than hoping we could end our debt snowball sometime in February that we should just bust it and complete it by the end of January. The problem is after this months extra payments and what not we need to come up with $8572.91 to make that happen or $190.51 a day. That’s a lofty goal but we’re up for the challenge. We’ve done quite well since January of 2009 when we began our financial reckoning, paying down our outstanding debt from a starting point of $63,535.65. Yeah that’s right $54,962.74 taken care of in just under a year!  I’m proud of us for that considering where we where just a year ago it’s all been worth it.  You really can’t go wrong paying down your debt.  I’ll save the recount of how we got this far in my victory post in January.  That’s right I’m claiming it, January 31st Debt free.  Except for the house.

Where will the Money Come From?

That’s an excellent question that I hope we can answer. We’ll be able to squeeze approximately $3000 from my paychecks in January so we’ll need to find alternate sources to raise the $5500 and change.  I haven’t done our full January budget yet, but we may be eating a lot of Top Ramen and Mac and Cheese.  I have a motorcycle that I’ve decided to try and sell at arguably the worst time of year but it’s worth a shot to get this done.  That does hurt a little but it’s part of the reason we had so much debt, I love toys.  I also have a utility trailer that I’m going to sell as well.  After that it’s an Ebay extravaganza closing out various items we have left around the house. It’s going to be tight but as we come towards the finish line of this particular race.  It’s going to take some serious hustle but I believe in us. The most important part is that we’re in this together, we have a plan and we’ll execute. It’s so important that you and your significant other are on the same page with these goals.  But I digress.  I’ll document how we’re doing along the way but wanted to share with my readers our plan of attack. Have any ideas or tips you’ve got I’d love to hear them.

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2009/12/17 at 6:35 pm


Money Funk 2009/12/17 at 8:18 am

Wow! That is some awesome progress for one month. I really wish I could get my family to go along with being so aggressive in paying down our debt; we are about $10K over your starting point right now.

We also put the Motorcycle up for sale. Ya, no luck. 2 weeks in Cycle Trader. Then a friend told us to list it on Craigslist Arizona as motorcycles are selling well. Ya, no luck again. Just waiting. So, I wish I had info on how to sell the motorcycle. If you come across anything… let me know. 😉

I’ll be sure to watch your progress. 🙂
.-= Money Funk´s last blog ..Debt Consolidation Loan =-.

paul 2009/12/17 at 8:28 am

Sorry to hear about your motorcycle not selling, that doesn’t bode well for me. Mine is a Dual Sport so I’m hoping there will be some hard core people looking to ride to Argentina or something. Having your family on board is key. I love it that I come home from work and my wife has Dave Ramsey podcasts playing why she’s doing stuff.

I’ll keep you posted on the motorcycle. I’m going to wait until after Christmas to list it and go on a marketing blitz. I might even try eBay for that too.

Peter 2009/12/17 at 11:53 am

Good luck trying to kick it out! Even if you can’t kick it out early, you guys will be done in no time. Congrats!
.-= Peter´s last blog ..5 Ways To Give More And Spend Less This Christmas =-.

Matt Jabs 2009/12/17 at 11:54 am

Awesome to read Paul. As it draws closer, the lure of debt freedom grows sweeter and sweeter.

I feel like I’m already debt free – we have a solid plan in place, so now it’s just a matter of time. That said, I am in utter anticipation for the day when I owe no man anything.

Congrats. Get it done, then set your gaze on the house!
.-= Matt Jabs´s last blog ..Honor | The Importance of Character in Success =-.

paul's wife 2009/12/17 at 2:55 pm

Maybe we should sell my electric guitar, too. To be fair, I play rock band on the Wii much more often than my real guitars. I could still keep my acoustic. I’d sell my sewing machine, but now I remember you broke it trying to fix your ski helmet strap last year…

Walter 2009/12/18 at 5:30 am

You have made a decision. Therefore it shall be granted in accordance to your faith. 🙂

Wojciech Kulicki 2009/12/18 at 12:24 pm

You have done awesome over the last year, and that’s a huge amount to be able to get rid of so quickly. It must feel great to be so close, so I’m wishing your family the best of luck and sending good vibes your way to get to $0.

Take a photo/video when you write that last check! 🙂
.-= Wojciech Kulicki´s last blog ..Alternatives to Traditional Christmas Gifts =-.

paul 2009/12/18 at 1:29 pm

Thanks for the inspiration everyone and Wojciech that’s a great idea, we’ll film the final payment. Normally pay online but this one is going to be a cashier’s check sent via certified mail just to be sure!

[email protected] 2009/12/20 at 6:23 pm

Wow! $54,000 plus in debt payments in less than a year. That’s really impressive, especially with little ones in tow.

Do you ever regret not having saved some of it???
.-= [email protected]´s last blog ..Making Work-At-Home Work For You =-.

paul 2009/12/20 at 11:36 pm

Thanks Kevin. No I haven’t regretted not saving it for a second. We do have a baby emergency fund of $1000 to hold us. But come the end of January and I’ll be saving like nobodies business. I fortunately have been saving for retirement through a work 401k but we put that on held when we started paying down our debt. We’ll be kicking that up shortly. Onward and upward!

Daniel 2009/12/22 at 4:55 am

What happened between July and September that you were able to make so much progress? Congratulations, I hope you reach your goal!
.-= Daniel´s last blog ..How Should I Spend My Money? =-.

paul 2009/12/22 at 8:44 am

Excellent question. Well why my employer did cut out pay raises this year they did not cut out annual review bonuses. So that all went towards our snowball minus our giving. And to top it off I had 5 years of stock awards that vested at the same time from previous reviews. Translation: enormous snowflakes. It’s what’s sickening about all this debt is that I could be using that extra income for so many different uses.

Daniel 2009/12/22 at 10:02 am

Awesome, congratulations! Not sure what the difference between pay raises and annual review bonuses are…but it must be great knowing that you reached that threshhold.
.-= Daniel´s last blog ..Why I Don’t Go Shopping =-.

Ken 2009/12/23 at 8:21 am

Congratulations on you’re determined journey….please keep us posted on how you do it in this last month…Ilike to learn from others’ experiences.
.-= Ken´s last blog ..How to Finance Fun =-.

Credit Card Chaser 2009/12/28 at 10:35 pm

Awesome job with the paydown progress so far!
.-= Credit Card Chaser´s last blog ..Your Credit Card Debt is Your Fault: Stop Reading Self Indulgent Blogs =-.

Til_Debt_Do_Us_Part 2010/01/25 at 6:41 pm

Wow, that impressive! I’m in the same boat as you and your wife were. What was the monthly amount that you put towards your debt to eliminate it so rapidly?


paul 2010/01/25 at 9:42 pm

It varied from month to month, you can see our debt snowball paydown on my We’re Debt Free! post.

Suzanne 2010/02/09 at 8:31 am

We just started Dave Ramsey’s program, with a little over 50k in debt, but we’re going to get gazelle intense with our debt snowball and blast the debt! We’ve already been surprised how much we can cut back pretty painlessly.

Thanks for the encouragement with your website!! Lots of good ideas, tips, and inspirational stories. Thanks for sharing this with us!

paul 2010/02/09 at 8:52 am

You got it Suzanne. I’m reminded of Kung Fu Panda when he finds out that the secret ingredient in the secret ingredient soup is that there is no secret. Pay off debt, spend less than you make, live on a budget and focus, focus, focus. Best wishes to you, and when you hit that day and become debt free I hope you consider writing a guest post on your story, I would be more than happy to publish it.

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