Reaching a debt payoff goal takes discipline, focus, and believing in yourself or ideology and staying committed. And today I have a goal achieved I want to share. You may recall a previous post of mine http://getwealthyfarmer.com/im-resurrecting-my-lunch-bag-and-16-reasons-why-you-should-too/. In this post I had talked about making my lunch versus buying it. As posted I come up with an average of what it was costing me daily to buy my food for a day at work versus making it from home.
Well I am proud to share with you this debt payoff as of July 24, 2017 my RRSP line of credit had a balance of $2073.53. As of December 15,2017 of this year the balance in that line of credit is $0.00. So including principle and interest a total of $2122.85 was paid off in the timeframe of July 24 till December 15 of this year. Now my account summaries may look a bit silly as there is payments made to it for as little as $5.00. These mini payments at time served two purposes 1) It all helped the progress that I could see daily as my bar graph on my account got fuller and fuller indicating how much was paid off which empowered me all the more to keep going. 2) By doing these transactions no matter how small, it put that money out of sight out of mind so to speak.
The main things I learned from this endeavour was even little amounts make a difference especially when consistent. It becomes a “habit” to do daily and no more thought is put to it. By being able to see instance feedback on progression towards completing the goal I was that much more engaged in seeing it completed. So now I can take the $50.00/month minimum payment plus the daily amount saved from my lunch bag ritual and apply to either another debt or investing.
The next project whether it be debt reduction or investment I will be sure to share with you all. Till next time keep bagging it 😉
Goodnight GFW