• Like a bad penny, debt always turns up…

    unless we change how we interact with money, of course!

    The Bad Penny is dedicated to two pursuits: getting out of debt and staying out of debt! It recognizes that frugality and caring for our planet go hand in hand, and that our unsatiated need for stuff is hurting us in so many ways.

    Easier said than done!


    I am not a finance professional. I write about the world as I know it, and my advice may not be the best course of action for you! Please seek qualified advice for your particular situation.

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December Progress Post

Let’s see how we did in December:

Personal Credit Cards:

Citibank: Was: $2261.81
Now: $1787.71

We paid off $626.39 on this card this month – $20 of that was snowflaking, and $6.39 was a returned item at Walmart. We also charged $152.29 on the card – all automatic debits but mostly our cell phone bill ($130, half of which my father-in-law reimburses us because they are on our family plan,) which will be a paper bill next month.

Business Credit Cards:

Was: $5375.25
Now: $5375.25 (I just realized that I had paid $300 to this before I started this blog, so the initial amount reflected this month’s payment.)

Chase: Was: $6366.37
Now: $6,236.37 ( I paid $130)

Citibank: Was: $4951.43
Now: $4,927.42 (I paid $115 to this card in December.) More automatic debits kept this one from being lower – this time the shipping program I use for my business, and I had to pre-buy postage, which should last a while. But those purchases pretty much ate up most of my payment.)

Total Credit Card Debt: Was: $18, 954.86
Now: $18,326.75
Difference: $628.11

I’m disappointed that the difference is so small.  The purchases were what caused the problem.  Next month our phone bill will be paid with cash, so we should only see about $55 in purchases (our sponsored child ($32), the business stamps program ($16), and one subscription that can’t be done in any other way($7.))  Still, we need to find ways to reduce those or remove them from our cards and pay in cash.  Or keep that money aside specifically for those items on the credit cards.

I didn’t get much snowflaking done – I blame that partially on Christmas and partially on me. There were several things I was going to sell and never got around to it. Plus having started in the middle of the month, I wasn’t able to stack up an impressive snowflaking pile (ball?) to awe you all. 😛

January we start our spending plan and our debt reduction plan in full force. We tried to stay within our plans this month, but since we had spent half the month not paying too much attention to what we were doing, we had pretty much already blown it.

But we’re on our way, and if we continue on this path, we will eventually pay off our cards.  Our goal is to pay them off as fast as possible, however, so we’ll be looking for ways to reduce expenses and reuse what we have, as well as maximize our income.  Because if this month is indicative of anything, we won’t be getting to our goals fast if we don’t continue to change for the better!


3 Responses

  1. $600+ in the month of December is impressive. You should be proud of yourself.

    One of the best side benefits I could see in a project like this is a chance to learn to build your patience. As long as you keep this up, you’ll be seeing steady returns every month and that’s gonna be a great feeling.

  2. Thank you for the encouragement. I think the hardest part was knowing I paid in much more than I paid off! It’s definitely going to be about building patience!

  3. very interesting.
    i’m adding in RSS Reader

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