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Author: dianakalt Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310321  
Subject: Diana's Coolest Payday Update EVER Date: 7/31/2005 11:24 AM
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Today is officially one of the Best Days Ever.

Here are the numbers. I think you all will like them. I know I sure do.

Card 5/1/02 Balance 7/31/2005 Balance
Discover 1337 0
MBNA 7875 0
Citi 7736 0(4.9 for life)
Bank Loan 8535 0
Chase 0 0
Total $25483 $ 0 $25483 gone!

For over 7 years I have been under the albatross of credit card debt. Until May of 2002, the albatross was up and down - sometimes larger, sometimes smaller, depending on whether I was out of work or in the middle of a move or whatever.

Today (well, actually the day all my payments post), is the day the albatross is gone. The credit card monkey is off my back. I wrote a check out of my emergency fund to pay off the rest of it today. I have been toying with this idea since the beginning of the year, and decided to do it now because I could pay the debt off and still have over $500 in the efund.

And that isn't the only financial progress I've made in these past three years and three months...my retirement accounts and net worth have made huge gains as well.

Card 5/1/02 7/31/2005
401k Cont Rate 6% 19%
401k Balance 1710.08 $37,514.40
Net Worth (-$9386.92) $45,016.99

Never in a MILLION years could I have done this without TMF. Never. I am a pretty disciplined person when it comes to doing what needs to be done, but if I hadn't found TMF I don't think I would have known that I needed to do these things in order to create a sound financial future for myself, and I certainly wouldn't have known how to do it or had daily reinforcement and encouragement.

Now, I get to look towards the future. I know some people have the problem after paying credit card debt off where they aren't sure what to do with themselves, since they've been so focused on the debt that they couldn't think much about what comes next. Having spent about seven years paying of debt, I can't say I have that problem. Here's a little bit of what's next for me.

a) When I get my raise in September, I will once again put it in my 401k. It is very likely that this year is the year which will put me at the 401k federal match, unless I did my math wrong or get a crappy raise.
b) Since I drained my efund to pay off the last of this debt, I am of course going to be saving most of my extra dough towards my efund. The efund stands at $591.30 at the moment. I would like to get that between 12K and 15K, which will be the 6 months of expenses range.
c) Another goal I have is to save up a wad of cash for my next car. This goal is pretty important to me, because my car is now 7 years old and while it has a few good years left in it (I hope), it won't last forever.

I plan to work on both the efund and the car simultaneously, but I'm not sure exaclty what priority/emphasis I am going to put on each yet. That's just something else fun for me to figure out as I go along. :o)

Thanks to everyone.

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