General Goals 1) to be debt free in 3.5 years 2) save lots of money

Wednesday, October 5, 2011

Did I Make my Year One Debt Reduction Goal??

In September of last year I started this journey of debt elimination. At first it was on my own then after a while I found this great community of PF bloggers. This first year has been a crazy roller coaster. Thank you to everyone that has been riding it with me.

Last year I committed to having my debt paid off in 3.5 years. That means that Each year I have to have paid of at least $14,016.76 of my debt.

As of September last year I had $49,058.75 in debt including credit card debt.

The debt broke down as follows:

TD Line of Credit: $34, 380.81
OSAP: $13,058.00
Loans from friends: $727.41
TD Visa: $902.53

Today my debt stands at:

TD Line of Credit: $24,766.48
OSAP: $9, 462.71
Loans from friends: ZERO
TD Visa: ZERO

Total out standing debt left: $34,229.19

Difference of $14,829.56 (49,085.75-34,229.19)

Did I make my year one debt reduction goal? YES!!!!

How about you?? Have you made significant debt reduction in year 1? 

8 comments:

  1. Great job Sarah!!! That is outstanding!!! I tip my hat to you. Awesome! You're hard work is showing itself. Very proud of you!

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  2. Congrats Sarah!! You are well on your way to debt free! Be proud!

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  3. well done on reaching your goal!!

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  4. I knew it. I knew it. Congratulations. I didn't even have to work it out. Just by knowing your enthusiasm and seeing you throw everything including those little snowflakes I knew you would have had to make it.

    Don't forget all of your other accomplishments either like your savings and buying a car cash. You are awesome.

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  5. Thumbs up for your accomplishment. Sadly, I am quite unsure I have moved forward this past year (I'll evaluate in Nov). However, your numbers are very encouraging. Keep up the good work and be proud.

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  6. Woo hoo! You rock Sarah - I knew you could do it; you've been SO DETERMINED!! Fabulous!
    I had my line of credit up to its highest point ($56250)last summer due to using $20,000 towards my PEI home purchase. So that was weighing me down. Right now it stands at $34,300 which I am thrilled with. Hoping I can finish it off in 18 more months!!

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