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The Starting Point

May 7th, 2005 at 07:01 am

Hi everyone
Have read just about everyone's journal and loved it - you all seem to be making such progress, so I decided to join in - I journal daily in my journal book and it helps so I am hoping that this will help too.
I am a single self-employed mom and have racked up some serious debt over the past 2 years due to being irresponsible and careless. Now is the time to get things back on track.
I have lived in South Africa all my life but have been fortunate enough to travel extensively (this won't be happening now) to Europe and the USA.
My starting debt is:
Credit Card: $ 20000
Credit Card 2: $9000
Personal Loan: $8350
Car Loan: $20000
Mortgage: $135000
Business Loan: $ 45165
Total: $219515
Uggh - how embarrassing - oh well there is nothing like a starting point.
Fortunately, being self-employed I can determine my income so the harder I work the more I earn. At present I average $5800 a month after tax.
I think that this is part of the reason I got myself into debt - the banks see the earnings but not the easy undisciplined use of the credit.
Goals for May:
Reduce Credit Card Balance by $1500
Sell extra stuff (Garage Sale) $250 - pay into credit card
Increase earnings by $3000 a month through hard work and following up on Sales Leads faster and using a Client Contact Management System
Reduce Groceries by using coupons from $250 to $125 - savings to credit card
Pay school fees (Private School) $900
Sew clothes this month
Cook from scratch

Okay so now that I am on my way I just have to figure out how to use the "faces" down below.
I would welcome any comments or encouragement - I have a very very very long way to go before I reach my goal of Debt Free Living


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