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Almost debt-free
Posted by: HoboSylvain | 2012-04-14 06:20:12 | Dorval, Quebec, Canada
Keywords: budget, finances, money, preparation
Iím virtually debt-free now, 5 months ahead of schedule. In a bit more than 3 months, I cleared over $8 000 of my debts. I did it by reducing my expenses, embracing the simple living mentality, and selling items on eBay. That spirit helped me greatly to get rid of things since I wasnít so attached to the things I was putting up for sale. I realized that we donít own things, they own us.

One important factor that helped me reduce my was the fact I had 3 paychecks in March, thatís why Iím doing this budget so late in the month. That extra paycheck went straight to the VISA balance.

But the most important factor was the fact my sales on eBay really took off.  I was able to transfer almost $2 000 to my bank accounts, then off the credit card balance.  I sold some big stamps items, but Iíve barely done a dent in my spares.  That made me realize how much stuff I have and how much value is sitting on my shelves accumulating dust. 

One important step in the budget analysis Iím doing every month is to re-evaluate things and re-adjust my goals.  Just as I had first estimated my debt-free status to occur sometime in September, itís now just around the block due to my savings, sales, etc.

I first estimated I could get $4 000 selling my stuff to help reduce my debts.  I had estimated to get about $2 000 for my stamps and another $2 000 for my records collection.  Iíve already sold for over $3 000 in stamps and Iím far from being done, even if some big tickets are gone.   I havenít touched my records yet.  I now estimate my overall revenues from selling my stuff on eBay will be above $7 000.

Technically, I still have some credit card balance... but since they represent less than a paycheck I donít think it can really be considered as debt.  Next month, Iíll be totally debt-free and Iíll have some true savings towards my goal.

On my birthday a few weeks ago, I didn't buy myself a big cake... but I signed a new lease. On July 1st, I'll move into a smaller apartment. This is an important move that will allow me to save money on rent but also since it will be much smaller it will help me get rid of things. The chosen apartment has two important features: it's within walking distance of my work and it's also furnished. So, I'll be able to get rid of all my furniture, making an important step towards leaving.

Related posts:
Itinerary and finances
First year of savings
Spent more, produced less
Totally debt free!
Prepping goes along


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