One payday to go … my $8K challenge

Well, with one pay week to go till the end of the month, my debt stands at $8695. Not bad at all since it was $10,750 this time last month.

But my goal was to cut it from $10K to $8K over the month of February. This was always highly ambitious but I thought we should go for it anyway.

So as things stand, how likely are we to hit the $8000 mark by the end of the month?

Well, I expect to devote $525 towards debt reduction next week, cutting the balance owing to $8170. However, that’s before the interest kicks in. I’m predicting that will amount to just under $95, meaning that as things stand, we will be about $265 off our goal.  

Am I disappointed? Not yet. For a start, we haven’t reached the end of the month. Anything could happen to help us get to our goal yet.

Secondarily, I’m already a lot closer to $8000 than I would have been without this challenge.  As I’ve said before, I’m naturally a bit all-or-nothing about things, so it’s easier for me to just go hard on paying down a debt than to keep money aside for small pleasures at the same time, so though I’ve missed out on some fun money over the past few weeks, looking at that rapidly diminishing debt does wonders for my psyche. And my husband has been too busy with work matters to notice the lack of funds in the bank account, so the timing has been good on that front!

Let’s see how we go in the coming days. I’m learning that having a little faith goes a long way sometimes.  



  1. At your current rate of debt reduction I’m sure that you’ll easily meet your goal.

    You are doing a fantastic job of debt reduction. It motivates me every time I visit your site to see just how much you’ve reduced it.

  2. debtfretter said

    Hi JW,
    I also find your site very motivating. And I agree with other commentators who say you need to look at how much debt is gone, more than how much debt is left. But I know as well as you do this is easier said than done. I am also very impatient and tend to spend a good chunk of my time trying to think of ways to get rid of it faster. The good thing is, our debts WILL be gone! And soon …

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