Throw Back Thursday – Debt Repayment

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(Edit: Due to some technical difficulties, Throw Back Thursday is late. My apologies)

It’s that time of the week again, Throw Back Thursday. One of the best ideas I’ve had yet, even though it’s not totally original. Each Thursday for the month of January I post something regarding goal setting from my past and this is supposed to help me set my goals for 2016.

My first post was about my life time goals where I discussed what I achieve in the long-term (by 2029, when I turn 40). The second was about my reward list. I have to admit, after that post I have identified a few other goodies I could add to that list. Finally last week I posted about habits I want to either gain or get rid of, mostly to do with health, finances and organisation.

This week’s throw back is about debt repayment. I found a sheet of paper in one of my files. I think I must have come up with this plan right after my place was broken into and they took about everything material I value like my Xbox 360, TV, laptop, iPod and some clothes.

I needed to come up with a plan to get some clothes to just go to work but I had no money. I reviewed credit card and consumer debt situation and came up with a plan to pay off most of it.

It was a pretty simple plan. I was going to commit $2,000 NAD (about $120 USD) per month for the next six months to the repayment of my debts. There was a total of $12,800 NAD ($780.80 USD) outstanding.

Well I managed to close the one account and buy the engagement and wedding ring for my fiancé without making more debt but I couldn’t pay off my credit card and I didn’t have enough money to buy my own wedding ring, so I had to open another consumer debt account for that.

I didn’t make my goal but I think I came pretty damn close. Now I’ve created a new debt repayment plan for 2016 and hopefully I stick to this plan and pay off all my debt and go into 2017 debt free. Below you can see my new debt repayment plan.

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Please note that one NAD is equivalent to $0.061 USD. (Most of my readers are from USA).
The toughest thing about repaying debt is not creating any new debt and actually sticking to the repayments amounts set out. I really hope I get to stick to this.

It’s been a pleasure writing these series of blog posts. Maybe I will start a new Throw Back series soon, but I don’t have much in my archives. Next week I will post my final 2016 goals.

Until next time. Thanks for reading.

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