Debt dibby doo down down

Today's blog is brought to you by the letter D, and the number 4(ever wiser)

It is also a part of the amazing week being hosted at Women's Money Week. For more articles on Debt, mosey on over to, Debt Round up to see other articles written by all different kinds of folk.  Be sure to check back throughout the day as more articles get linked on today's topic, and check out all the other great articles on this site.

For those of you who have found me via WMW, thanks so much for stopping by. I hope you found something of interest here.

The ultimate four letter word

My struggle with debt is a bit like my struggle with weight. It's always been a part of my life. Weighing me down physically, emotionally and mentally. It's keeping me from living the life I want to. I look around and I see others struggling with it as well. Some deal with it more successfully than others. Some worse. Some try to deny it but eventually, it will come to bite you on the bottom as sure as lycra will only stretch soooo far before something pops out.

As I've watched episodes of Til Debt Do Us Part (Gail's show on slice tv) I realize that not everyone even understands all the ways debt can be in your life.

Student loans? ohhh I forgot to count those

Car loans are debt???

But if I consolidate my consumer debt into my mortgage it isn't really debt anymore is it???

When I first started my journey, the debt that really made me A HA was my Credit Card. The balance wasn't huge (less than $1500 at most) but it was ALWAYS there. I'd pay the minimum, maybe a bit more, then charge some more on there during the month. Like some sort of evil magic, when the bill came, the balance was STILL high. shocking, I know. I felt like I had been paying on that debt forever and wondered if I would ever be free.  When I began to get serious, that was the first debt to go.  I was SO excited the day I blogged about that.   I have not held a balance since that date. I have used my credit card, but I had the money to pay off what I was charging before the bill was due. SWEET FREEDOM.

The second debt I tackled was my Bank of Mom and Dad loan for home renos we had done. They had picked up some of the flooring items and bathroom fixtures on one of their jaunts to the city. I will have to say I was a very bad daughter a lot in the past. They'd buy stuff, and I'd never get around to paying them back and they'd never ask. What a sponge. With my newfound sense of financial responsibility and purpose, I was determined to pay them back, and I did.  I can't begin to tell you how good it felt to pay that off. To be responsible. To be honourable. It was such a psychological rush.

The third debt I tackled was my consolidated loan. Oh it was a wonderful hodgepodge of all kinds of debts. A car loan. Some credit card debt. A trip to Europe. A new fridge. It was a biggie. The balance changed over the years as I reconsolidated it a few times. At it's highest, it was at about $20 000. Scary stuff. but I was on a roll now and I could do this, and I did. Here is my blog entry where I did a happy dance when I paid it off!! (and described what was all on the loan)

The debt I am currently working on is my Vehicle Loan. There are many who would question what I bought, how much I spent etc, but I honestly am happy about the choice I made. I have had a vehicle that is road safe for winter driving, fits our family, fits our equipment for hockey or scouting or camping and thus far, hasn't cost me an extra cent. I may well have gotten that with a 'new to me' vehicle instead. The track record for friends and family around me who have done so, doesnt' support that theory, but I do know many of you have successfully found a very good new to me. I am close to having this bad boy paid off. Yup I could have used some of that money for another purpose - debt repayment, savings, retirement, a trip. It was  a choice and with choices are positive and negative consequences. I accept that.

Soon I can blog about having that debt paid off.

We still have a mortgage to get paid off. That will need to be done before hubby retires. I had really hoped my life would give me a normal sized house. (bigger than 850 square feet) but I don't know if that is my destiny. I would hate to get this mortgage paid off only to turn around and get a BIG one at this stage of my life. I don't know if I'd ever get it paid off.

Am I debt free? nope. But I have a plan and I am aware now. yeah!! I am a grown up.

How did I do it?

• I made a plan of what I wanted to pay off, and the order
• I created a budget line for extra debt repayment
• I blogged and blogged and blogged and honestly, I truly believe this was a HUGE part of keeping up focus and momentum.
• I snowflaked. I found little bits of money here and there and slammed it on debt. It made me realize how little bits can have BIG effects
• I used whatever psychological games worked for my head. I  have charts and graphs and stickers. I cross things off as I pay them. I celebrate the accomplishments with my boys. Whatever worked
• I tackled one debt at a time. It may contradict a lot of experts out there but I NEEDED the shorter term goals to keep me going and keep me excited about it.
• I recognized that more big $ events will happen in my life (graduations, weddings, university, vehicles) and I needed to clear out old debt and create good habits so I wouldnt' fall apart when new things were added to the list.

Best of all, YOU were all there for me during this (and you still are), and I get to share your journey as well.

thank you so much!!