On 14 July, Mrs. Micah likens staying on course on the debt-elimination journey to putting one foot ahead of the other when we walk. She further notes that, “A journey of a thousand miles begins with a single step.” With that in mind, she challenged everyone to take that small step here. Specifically, she asks us to:
“Find one step you can take to make your financial system better or more organized.
That’s it. It can [be] writing a budget for next month, it can be coming up with a basic budget framework, it can be finding out how much you owe to whom at what interest rates, it can be setting up a debt snowball, or organizing your bank accounts…one step you feel will take you towards your goals. Big or small as you like, it doesn’t matter.”
I really, really want to take this challenge. I do. And I think the next step for me is that instead of just paying something to whoever yells the loudest, my next step is to make a list of my personal debts (since I ony have one more credit card to pay off), so that I can begin aggressively paying them off once that credit card is paid. Further, I intend to pay that card off before the next payment on it comes due.
And, in the spirit of accountability, I will post updates to this entry.
I pass on the challenge to you, folks. What one small change can you make that will start you on your road, or help you stay on it?
Update 1 - 15 July 08: I have made the list and am vaguely appalled. Fortunately, some of the debts are small enough that I will be able to eliminate them in one or two payments.
Update 2 - 2 September 08: I have paid off completely two of the small debts. I did not get the credit card completely paid off, but I now owe less than $100 on it. I realistically expect to pay that off in the next two months, since my roommate screwed up and did not get us put on level billing for our electricity (what with two air-conditioners, our summer electric bils run about $170/month, and not having to swelter is one comfort I will not give up). Still, I see progreaa being made. Also, this is the month I get my free annual credit reports, so once I do that I will post what progress I’ve made on that front.