Chronicles and life of a single man exploring the world at human speed.
Front Page Articles World About Me Cause FAQ/Contact Other Sites
You are not logged in to access all the features. Login or Register - First time here? There's a special page for you!

In this section...

 Articles Search 
 Articles by Date 
 Articles by Keyword 
 Articles by Location 
Share this page


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

Comments



In order to leave your comment, you need to be logged in.
Please go to the Log-in / Registration page.
Front Page
Login/Register
Edit Profile
Terms of Services
Privacy Policy
Articles
Articles Search
Articles by Date
Articles by Keyword
Articles by Location
World
Before this trip
This trip so far
This trip - next stops
About Me
Support Me
Contact
Cause
UNESCO
Heritage sites
Support Cause
FAQ/Contact
FAQ
Contact
Site Map
Other Sites
HoboDiary.com
HoboVisits.com
HoboPath.com
HoboThoughts.com
HoboEats.com
HoboCards.com
© 2019, HoboPath.com