February Progress for Debt Elimination!

In February of this year, I made a major life transition: I took a new position with my public school district that took me out of a classroom and into an office building.  Although I have been working on making this transition for the last few years through a graduate program, I was not expecting the opportunity to come so suddenly.  I had planned to wait until my now two-year-old daughter was in Kindergarten to make this transition, but a dream job posted.  I went for it, not expecting to be taken seriously at this time, and got hired.  

I absolutely love my new position, but am adjusting to a lot of things that come with a sudden major change in daily patterns.  Now that I'm about a month in, I am noticing that I have more energy and desire to read and write again.  I don't know if it will go anywhere major, but I think I want to start up my little blog again.  I used to have big ambitions for this blog, but this time around, I just want to use it as an outlet to explore some ideas and projects I have in the works.

If you are still reading after my lengthy absence, thank you.  If you are new, welcome.

My inspiration for blogging at this moment is that I am in progress on a new debt elimination plan and find that blogging about it holds me more accountable and helps me reflect on choices.  It is not the first time I've struggled with this problem.  However, my promotion has left me in the enviable position of having fewer "excuses" about why I can't get completely out of debt if I try really hard.  I feel excited again remembering my original commitment to reducing my consumerism when I returned from Korea (which I've let creep up a bit from addiction to convenience and laziness--thanks for the kick in the pants, MrMoneyMustache).

Progress from February:

• I became accountable to myself, looking at debt and owning my budgetary failures. I discovered that I have allowed my family to wrack up a LOT of consumer debt this year, mostly attributable to two major home renovation/improvement projects (HVAC replacement and removing a wall from our living area).  We have also traveled a great deal in the last year, which is great, but not at the cost of debt.  Additionally, my habits of eating out often (often fast food, just for me--neither healthy nor social) and aspirational purchases when I got my new position (I thought I needed to dress a lot fancier; turns out I probably could have made due with just a few items upgrading) contributed significantly.  I must own that.
• I refunded the emergency fund to $1,000. Along with the head/heart work above, I committed to a new understanding of what constitutes an emergency.  Then I used part of my tax refund to refuel my EF which had dwindled to about $300.
• I did the math. At the start of February, here is what I owed in really awful consumer debt, in the order that I plan to pay it back.  Note this made me SICK:
• Personal Loan: $3,529
• Wells Fargo Home Improvement Loan: $5,579
• USAA Visa Card: $8,360
• Bank of America AmEx: $13,488
• TOTAL (so ugly): $30,956
• I made mistakes, but I am heading in the right direction.  I devoted a large tax refund and salary reimbursement from my previous position to paying off this debt.  My new totals, at the end of February:
• Personal Loan: $0 (YAY!!!)
• Wells Fargo Home Improvement Loan: $5,000
• USAA Visa Card: $8,065
• Bank of America AmEx: $13,782*
• TOTAL (still so ugly): $26,847
• Amount paid off: $4,109 (WOWEE!)

*Early in the month before a strict commitment to this project, I used this card for convenience when I left my card used strictly for personal expenses and paid off each month at home.  This was part of my re-education about the seriousness of my problem I was treating far too casually in 2017.

That's a great feeling to see that progress.  (Haha: I'm already so glad I wrote up this blog post.) It's not a realistically sustainable level of debt payoff for our family every month (like I said, refunds and reimbursements made a huge difference), but it makes me acknowledge the power of focus.  Just like losing the weight (yes, I did make lifetime with WW), I have to remember that focus and commitment every day is necessary, but it's hard to see progress in the moment.  I also have set myself up for success going forward during this month.  That feels great, too.

Goals for March:

-Use grocery food more efficiently to reduce food waste and cost.

-Plan meals and cook at home unless socializing with another person (personal food purchases outside the home only from set cash allowance).

-No purchases of clothing/shoes for this month.  (I have developed a small addiction to shopping websites and stores... don't need that in my life right now... commence re-addiction to reading, a free source of entertainment)

These are totally achievable for me AND will help with my health!