Hello everyone and welcome back! If you missed the first installment of this series I'm attempting to pay off all of my outstanding debt in 2024 (except my house). Here is a little journey update since I started this quest in January.
Well the amount of money I was able to pay down so far is...$2,039.66. Now this is not a lot of money in two months, but I have only been paid once as I am paid monthly (yes it sucks). This means that in a few days I will receive my pay for February and be able to add more onto my current debt.
I have been doing some extra thing to make some money on the side, which I'll write a separate post for those interest in some extra income. Even with adding a few hundred dollars onto my debt each month has made a significant difference! It is crazy to see small decisions adding up to make big impacts. The main thing I have been doing is eating out less. I know all food is expensive right now, but I calculated I spend roughly $12 a meal when I eat out. Sometimes its more than that depending on how nice the place is. When I cook at home I can usually keep it under $4, which is an INSANE difference! That means for every meal I eat out I could have had 3 meals at home.
Now let's talk about the future. At the rate I am going now, I will not be able to pay off my debt in 2024. There is simply not enough money for me to accomplish this! This means I will need to increase my saving, and decrease my spending. With more revenue from these side hustles I'm trying, I think it may be possible. The key with these side hustles is that they can't cost me a bunch of money which most seem to do! I have found a few that I can do for free and it's been helpful.
So far I would say this experience has been great but I may think differently about it after a few more months of minimal meals and no fun! All in all I think if I can do this than almost anyone can. I will do my best to document my steps to so I can explain how to follow what worked for me. Until next time, thank you for reading! Leave me a comment if you have questions!
Spencer
Financial Counselor
