A year to become debt free?

Well there’s only a day to go and it doesn’t look like we’ll hit the $8000 mark on the car loan (barring an unexpected windfall tomorrow). Still, $8265 is a good achievement, given that if we hadn’t made the extra effort over this past month, our debt would stand at $9044 right now.

It has inspired me to continue to set specific goals with our debt reduction.

Perhaps the most ambitious is to become consumer-debt free within a year of starting this blog. My first post was on July 7 last year.  It is possible for us to make it, but only if we work hard. Really hard.

It would probably entail me working an extra night a week, and us curtailing the entertainment for a bit. Thanks to this big effort we’ve made in February, we have already brought forward the car pay-off date to September 4 (from September 23). However, our efforts currently need to go into putting the money aside for our birthday party, which is going to cost at least $1000. We also have made a $500 commitment towards another family matter. This means our ability to put money directly on the debt is going to be curtailed for a bit, let alone trying to make extra payments.

I don’t know how realistic all this is. However, just like February’s $8k challenge, even if we don’t quite get there on deadline, this continued intensity will get us debt-free so much faster. And who knows what’s around the corner that might nudge us that little bit closer?

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