The last 3 months of our 2 year plan...

December 26, 2021

Almost 2 years ago we started a plan to really focus on paying off/down our debts and building our business. We've been pretty successful and are now in the home stretch. One debt still haunts us, though, our last credit card.

When we started our journey, we had 4 credit cards and a personal loan. We've paid all but that last, big, pesky credit card. That's the one that we packed our medical-related debt onto nearly 10 years ago. I was hoping to have it paid off by the end of this year, but the dog needed nearly $2000 in vet care, there were lots of vehicle repair bills, the washer and dryer both needed replacing...you know, the usual. We've been hovering between the $10,000 and $11,000 mark.

As of the end of the year, with the scheduled payments I have set up, we should be around or just under $10,000.

My plan is to put everything I can into paying down that card by the end of March. Here are my ideas:

1. A Spending Frost. I can't do a full-on spending freeze because, well, hubby isn't quite on board with that. He still wants to enjoy the fruits of his labors (modestly so, and rightly so!), so he wouldn't be amendable to cutting out his favorite coffee stop or the occasional treat. But, I can! I do have Christmas and birthday money set aside for any of my own treats, but everything else can go through the frost/freeze.

2. Eating from the Pantry. I tend to do this, anyway. I squirrel away for the winter and then eat out of my pantry until it's pretty well emptied by spring. Then, I start the cycle over again. I dislike shopping during the winter, and winter is when we're most likely to be housebound, so I make sure we have a stash. This year, I have quite a haul, so it should last us most of the remaining winter and greatly reduce our grocery budget, which can then go on the credit card.

3. Turn in Bottles and Cans. I HATE doing this and would much rather just donate them to a cause, but we really do need to allocate all funds we can to paying down this credit card.

4. Shop for Better Car Insurance. I think our insurance is high. I'm sure we can find a more competitive rate and save money. We'll be having a driver, soon, and teen boys are EXPENSIVE to insure. Plus, I'm going to be needing a new-to-me vehicle, soon.

5. Switch to Cricket. I'm not sure if hubby is on board with this, yet, but I do plan on switching from Verizon to Cricket for our cell phone service. Verizon is crazy expensive, and while we pay for 5G, we aren't getting it.

6. Reduce our Energy Use. I've already greatly reduced using my dryer, and I feel like I spend a good portion of my day going around the house turning off lights. Whatever I can do I will do. Throwing on a hoodie is cheaper than turning up the thermostat.

***Put the difference from these bills onto the credit card.

7. Utilizing the Cash Back on My Card/Rounding Up Pay-Off. This requires strict discipline so it doesn't run up the credit card bill, but the idea is that when I do make purchases, I use the credit card I am trying to pay off. Then, I pay off that purchase on the card ASAP and round up. So, if I spend $132.44 on groceries, I pay $135 onto the card. Also, as the cash back accumulates, I put it right back onto the card.

I've thought of getting a personal loan to avoid the interest charges, but I need to be able to get an auto loan, soon. I'm afraid it'll affect my credit.

I'll keep you posted how I'm doing!