For us this has been quite a difficult one. This year hasn’t been the greatest as far as money is concerned. Things have been tight at times to say the least, but we have managed to put aside about £30 a week into a pretty standard savings account. Since about January, the £30 plus anything else we could lay our hands on, has been squirrelled away into that savings account, amounting to just over £2000 up until yesterday. Not a bad achievement at all I don’t think.
Now back on New Years Eve, Tina, Elizabeth & I wrote on a note on a Chinese Lantern, a short note, asking to be personally debt free in 6 months, which we both agreed would be the end of June 2012. In a flash of inspiration and alarm this Saturday, it dawned on me… we had just 7 days to be debt free and we still had £3124.80 on our personal credit card! There’s no way we could manage that!
After much discussion, deliberation and thought, we went through every savings account we could find, to try and get our wish to come true. With the money we’d saved and some that was sitting dormant in a couple of other accounts, we could just do it. It would wipe out our safety net once again, but we decided…
…Let’s Go For It!
So yesterday we took that bold step. Why? Because the interest on the credit card is WAY higher than that we’re earning on our savings… So paying it off would save us £100’s if not £1000’s if we only paid it off a little at a time like we were doing.
Plus, there’s nothing like a little motivation! If ever there’s a reason to get the stuff I’ve got stored in the garage cleaned up and sold, this is it… If ever there’s a reason to work smarter and bring in more money… this is it. No safety net is a dangerous thing, but sometimes you’ve got to fly by the seat of your pants, take a chance, and have faith in whatever you believe in, yourself, your family, God… Whatever your faith, you’ve got to believe you can do it.
So has our wish come true?
In a fashion yes… Debt free in 6 months… Done!
Maybe not in the way we thought we’d do it, so maybe we need to be a little more specific with next years wish. But in a day or so’s time when the credit card company confirms receipt of the payment, we shall be debt free. Now the massive challenge comes in building that safety net once again… £30 at a time, even £1 at a time. Rome wasn’t built in a day, so if we keep focused, all pull in the same direction, we can do it.
What’s happening to the credit card now?
It’s going to be locked away in the drawer… where it belongs.