A Decade To Freedom · Budget · Saving Money

A Year Ago!$20,000 Paid Off! (Post 361)

Last year I made a video about where we were at financially.

The numbers we showed our YouTube Subscribers which were probably 2 at the time were $166, 609 owing (including the mortgage).

This was an accurate amount and in that included the mortgage, one credit card (Visa), one large credit line, one couch, one Jeep payment.

On the one year anniversary are you ready for it:  We owe (drum-roll please) $146 600. Yep we paid $20 000 in one year (well not quite one year), will be one year by next week.

piggy_bank2

It could have been lots more, but a few things happened to set up back a bit. One was my husband getting surgery and being off for a month in October/November (one months salary), then his car dying and needing to buy a new one (cash) this summer, my younger sons drivers course (another thousand) and our holiday and renovation of the laundry room in April (we needed a break ).

Over the course of the year, I soon realized that an emergency fund and sinking fund were both needed for things, but all in all with everything that happened, we kept the debt going in the right direction, which was going down, even if sometimes it slowed a bit, it still moved down and not up and we are very happy with the results.

Out of all the debts we had to pay, we only have the big credit line left to pay, so the visa is paid, the couch is paid and the Jeep is paid out of that list. For the credit line, we are at one/sixth of the way done.

And even this month I found a way to increase our entertainment while decreasing our expenses with an android box (future blog and video I’m sure).  Every month I try to find ways to be more independent without the need for money which is really what we are trying to do. Only by minimizing your expenses while still having a great quality of life can you ensure that you can sustain this way of living and make some real savings for a better future.

We are hoping that by next year at this time we can say we are debt free. We are working real hard with that goal being that we owe $25,000 on our credit line and then there will only be the mortgage left to pay on. We figured the first 5 years of our decade to freedom journey would be to pay off everything outright and the last would be to save for the day when we could work/live/play on our own terms.

We will continue our journey to pay off our home since we consider it a forever expense, but it can become one that does not require a monthly (bank) payment.

Our goal would be to have land taxes to pay (our are low right now), house insurance, internet, maybe one cell phone bill if we can’t do both of those for free (lets hope they make that free in the next 10 years), food and gas. Sounds pretty simple but people like to give themselves so many more bills than they need. We trade perfectly good things for newer things and overstock our houses with clothes and such every chance we get and it’s usually to cover up a need to fight boredom or a lack of satisfaction in our current life.

My peace has been knowing that every day I go to work, I am less a slave to any job I may have. Every day is a step to the one day where I won’t get up and think…I can’t lose this job because I would not be able to live. I am looking forward to the day when I can wake up and say “any work I do will bring it sufficient money to survive if needed”.

Wouldn’t you love to be able to say this as well? If you want to save and feel the time is right, please don’t hesitate to explore this blog and the money saving books that are on sale at .99 cents right now to help you start your journey. And there are tons of free content on this site as well as on our YouTube Channel that |I have started to help people start saving money.

It’s really easier than you think. You just have to start with one thing and you’ll see just how easy it really is.

Happy Journey!

 

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