Revised resolutions

The last few days, I've been thinking about our New Year's resolution to pay off $25,000 of debt. For the first two months of 2009, it seemed like the perfect goal- it was going to be difficult, but we were keeping a good pace and getting creative with finding money to throw at the debt.

With the car now considered a total loss, our car loan is completely paid off and since we don't plan to replace it with any new debt, I consider it debt reduced.

With our car loan now $0, our current debt REDUCTION for 2009 totals $25,768.95.

As of March 1st, our debt has been reduced $25,768.95!!! I like typing that. It feels good. Our financial position is 25-thousand-dollars LESS RISKY than it was just a few short months ago.

But, it's not over yet. I still have my student loans left to payoff. And since I've already reached my $25,000 goal for the year, I need to change the resolution.

I decided to up the anty. It's going to be difficult. In fact, it's damn near impossible, but I'm shooting for the moon on this one and we'll see where I land.

New resolution- be DEBT FREE by the end of 2009.

Here's the details:
In September of 2008, we had (large gulp) $60,952.75 in debt- mostly student loans but also our new car.

Today, March 1st 2009, we have (slightly smaller gulp) $29,901.93.

It's still a lot of debt, but guess what? It's only been 6 months and our debt has been reduced by 51%- that's more than half!!!

That means that in order for us to reach our new goal by the end of this year, we have to pay almost $3,000 per month. ha ha. That's almost so insane that it makes me laugh. Like I said, it's probably impossible, but I'm sure as hell going to try!!!

I've updated by debt payoff ticker on my blog to account for the new figures and the new goal.

Wish me luck.

Kelsalynn