Tuesday, November 10, 2009

My Debt Roundup - November 2009

This month, I managed to lower my debt by mere $524 to $23,890. With this pace, my earlier estimate of being debtfree by December 2010 is moved back 2 and half years to the summer of 2013. This new estimate also assumes that I keep the same spending habits and my net income doesn't change drastically. So, what did I do wrong this month? First, I went for a major grocery shopping at the local Costco (see what to buy and what not to buy at Costco) and other local store breaking my more than a month and half long sabbatical from grocery shopping. I also bought a dresser to organize my clothes. In addition to that, I went out to eat 3 or 4 times and went out to two birthday parties.

This month's low debt repayment teaches me that it's very easy to stray away from a disciplined financial path. In my mind, I didn't buy anything major or made any stupid financial moves. Still my debt payment was a third of what my last two payments. Being debtfree process seems somewhat like dieting, you need the dedication all the time. You may not binge eat or eat unhealthy at fast food joints, but snacking here and there adds up and ultimately ruins your diet.

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