TOTAL SPENDING FAST and SPENDING DIET SAVINGS
Started A Spending Fast®. Ended My Debt. You Can Too.
I paid-off $23,605.10 in debt in 15 months on my $33,000 yearly salary as a clerk for the state. If I can do it, so can you!
The Spending Fast and Spending Diet Summary
Total Debt at the Beginning: $23,605.10
Year-long Spending Fast Savings: 18,175.45
Year-long Spending Diet Savings: $6,532.61
$24,708.06 Total Spending Fast and Spending Diet Savings (after 2 years)
$27,183.82 This is the amount saved if you include the matched payments of $2,475.77 from my parents. (I don't really count the matched payments as debt I paid off since I didn't have to work for that but it needs to be included here since it's mentioned in the month-to-month breakdown and contributed to my Spending Fast.)
The Spending Fast Month-to-Month Savings Breakdown:
Month 1 of the Spending Fast (January 2010) Debt Paid-Off: $580.58
$430.58 paid towards credit card debt
$75.00 paid to my parents for the student loan they took out for me years ago (read more about this in this here post).
$75.00 my parents matched my payment to them
Month 2 of the Spending Fast (February 2010) Debt Paid-Off: $1,009.95
$75.00 paid to my parents for the college loan
$75.00 my parents matched my payment to them
$373.37 paid to the final payment of the highest interest rate credit card. (And, now it’s paid off!)
$486.58 paid to the next credit card debt
Month 3 of the Spending Fast (March 2010) Debt Paid-Off: $360.95
$360.95 paid to credit card debt
Month 4 of the Spending Fast (April 2010) Debt Paid-Off: $1,203.27
$30.93 paid to credit card (better than nothing I guess)
$1,172.34 (tax refund) paid toy credit card debt (without that this month would be a bust!)
Month 5 of the Spending Fast (May 2010) Debt Paid-Off: $1,123.70
$50.00 paid to my parents for that old student loan
$50.00 my parents matched my payment to them
$1,023.70 (!!!) paid to credit card debt (I think one more biggie payment, and it should be paid off soon!)
Month 6 of the Spending Fast (June 2010) Debt Paid-Off: $782.08
$782.08 paid to the last credit card and now it’s paid off! (THANK GOD!! Never thought it would happen!)
Month 7 of the Spending Fast (July 2010) Debt Paid-Off: $1,317.82
$263.57 paid to my parents for the student loan they took out for me
$263.57 my parents matched my payment to them
$263.56 paid to my student loan (maybe someday I’ll get that paid off)
$263.56 to savings account!
… change of plans…
After thinking about it a bit more I decided that could actually get my parents paid off during this year of the Spending Fast which would be a huge accomplishment and a relief for them. So, the money I put it my savings account is now going to my parents.
$263.56 paid to my parents for the student loan they took out for me
$263.56 my parents matched my payment to them
Month 8 of the Spending Fast (August 2010) Debt Paid-Off: $249.32
$124.66 paid to my parents for the student loan
$124.66 my parents matched my payment to them
Month 9 of the Spending Fast (September 2010) Debt Paid-Off: $519.86
$259.93 paid to my parents for the student loan
$259.93 my parents matched my payment to them
Month 10 of the Spending Fast (October 2010) Debt Paid-Off: $3,750.09
$1,364.05 paid to my parents for that old student loan! They are FINALLY, finally paid off!!! (I never thought that would ACTUALLY happen!!!)
$1,364.05 my parents, generously, matched my payment to them
$1,021.99 paid towards my student loan debt (it’s nice to start making a big dent in that debt)
Month 11 of the Spending Fast (November 2010) Debt Paid-Off: $1,726.11
$1,726.11 paid towards my student loan debt! Whoo hoo!!
Month 12 of the Spending Fast (December 2010) Debt Paid-Off: $8,027.49
Okay, this month was VERY different –
$6,727.49 paid towards my school loan debt!! (Here’s why this is such a large amount: I applied for a public art commission and my photography proposal was — thankfully— accepted. It should be noted that I only applied for this public art commission because I was trying to think of new ways to make additional income to get my debt paid off faster. This is something that I don’t think I would’ve considered trying before the Spending Fast. Related post: Make More Money.)
$1,300.00 put into savings and this will be used for taxes
**After the year-long Spending Fast-
$18,175.45 Actual Spending Fast Savings
$2,475.77 in matched payments
for a TOTAL of $20,651.22 IN DEBT PAID-OFF!** Hooollllly crappppp!
The Spending Diet Month-to-Month Savings Breakdown:
Month 1 of the Spending Diet (January 2011) Debt Paid-Off: $258.92
$258.92 paid towards my student loan debt
Month 2 of the Spending Diet (February 2011) Debt Paid-Off: $1,105.47
$1,105.47 paid towards my student loan debt
Month 3 of the Spending Diet (March 2011) Debt Paid-Off: $1,070.93
$1,018.58 paid towards my student loan debt
Remaining debt balance- $0.00!– WHATTTT?!! I never thought that would actually happen!
$52.35 put into a savings account (I have never had been able to keep money in a savings account without spending it so I’m curious to see how this goes…)
Month 4 of the Spending Diet (April 2011) Debt Paid-Off $1,243.37
$512.87 put into savings $730.50 (tax refund) put right into savings
Month 5 of the Spending Diet (May 2011) Debt Paid-Off $0.00
$0.00 a big ol’ zero (so depressing)
Month 6 of the Spending Diet (June 2011) Debt Paid-Off $147.61
$147.61 put into savings account
Month 7 of the Spending Diet (July 2011) Debt Paid-Off $547.78
$547.78 put into savings account
Month 8 of the Spending Diet (August 2011) Debt Paid-Off $387.35
$387.35 put into savings account
Month 9 of the Spending Diet (September 2011) Debt Paid-Off $412.22
$412.22 put into savings account
Month 10 of the Spending Diet (October 2011) Debt Paid-Off $211.03
$211.03 put into savings account
Month 11 of the Spending Diet (November 2011) Debt Paid-Off $823.44
$823.44 paid to the hospital for outstanding debt (See this related post)
Month 12 of the Spending Diet (December 2011) Debt Paid-Off $324.49
$324.49 put into savings account
Year-long Spending Diet Savings: $6,532.61
The Spending Fast and Spending Diet Summary (this is a duplicate of the summary from the start of the list)
Total Debt at the Beginning: $23,605.10
Year-long Spending Fast Savings: 18,175.45
Year-long Spending Diet Savings: $6,532.61
$24,708.06 Total Spending Fast and Spending Diet Savings (after 2 years)
$27,183.82 This is the amount saved if you include the matched payments of $2,475.77 from my parents. (I don't really count the matched payments as debt I paid off since I didn't have to work for that but it needs to be included here since it's mentioned in the month-to-month breakdown and contributed to my Spending Fast.)
Ready to start your own Spending Fast or Spending Diet? Start here. You've got this!