Day 3 of being Gambling Free:
I was reading one of the forum posts here when I stumbled upon a post that talked about having a spreadsheet with monthly debt payments visible and I thought it was a great idea. So I sat down and created my own spreadsheet that shows how much debt I have, how many years I need to pay it back and how does the monthly debt amount change as I close different loans.
I initially thought my debt was $40,000 (excluding my savings loss) but apparently it’s $2,000 less than I thought. So in total I owe banks $38,000.
I was scared to check my total debt before as I thought I’d have a heart attack if I knew the totals but I’m glad I checked it…. Big step for me as I’ve been avoiding it for many months now.
I also thought I’d be paying my debt back for next 10+ years but it seems that if I pay my debts the way I’m paying now, I’d be done in 6.5 years. However, if I close one of my loans and move the extra payment from that closed loan to a new one, I’d be done in about 4.5 years.
If I get about $200 salary increase during the next year, I’d cut down my time to nearly 3 years.
On average I have 10% increase in salary each year meaning that I should be done with my debt most likely 2-3 years. This was an incredible news to me.
Previously I’d celebrate it by going to gamble more because I’d think “oh actually I can afford a bit more of gambling” but today, I didn’t do that. I’m determined to pay my debt back in less than 3 years so by the time my kid is 4 years old, I could start treating my kid and my wife to nice vacations and gifts.
Stay safe and clean everyone. There is hope for all of us!
- 該回覆由 ashamedofmyself 於 2 years, 2 months ago 修改。