The hardest part of approaching the finish line

Our debt free journey has been a long one. We started our journey in 2008. It’s been a long seven years. Now that we are approaching the finish line, we have also entered the most difficult part of the journey, making it to the end.

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We started this marathon with over $220,000 in debt. We have paid off over $158,000. It started slow but as we cut our budget and increased our income, we started making huge progress. We faltered a bit after we paid off the credit cards but we got back on the track and started running again.

We have $62,071.23 left and it is becoming more difficult to stay motivated.

When we started our minimum required payments were over $2,000 per month. That was a tremendous amount of money, especially since we were making about half of our current income. Today, our minimum payments are $436.48.

It’s easy to get into a false sense of security. When I make those large debt payments every time we get paid, I think of all the things we could do with that money. $436.48 per month isn’t a lot. We could swing that even if one of us lost our job. We should ratchet up our savings, go on a trip, buy my husband a car. There are so many things we could do with that money rather than sending it to the stupid bank.

Then I remember the outstanding balance. $62,071.23 hanging over our heads. It’s like a weight holding us down. While $436.48 doesn’t seem like a lot of money, $62,071.23 sure is. It’s keeping us from fully following our dreams. It is risk that we just don’t want to have.

Next to my desk, taped to the wall is our debt snowball from when we got back on track in August 2013.

Debt snowball

 

It is a reminder every day to keep me on track. It not only reminds me where we are now, but also where we have been and how far we have come.

While I enjoy the sense of security that I have from paying down the debt, I’m fairly certain that I will love the sense of security when that debt is completely gone.

 

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  • Leah Holamon

    Good for you. Focus on the finish line and where you’ve come from.

    • That does really help me stay focused. When I see how far we’ve come and how close we are to the end, I want to finish!