Wednesday, June 03, 2020

Debt reduction update

I haven't written about my debt reduction progress for a bit, other than continuing to save money staying at home. Commuting to the office is gone. I don't fill up my car with gas all that often. I go out twice a week for groceries, essentials, and takeout to help my favourite restaurants out.

As a result, I have more disposable income. It has been great contributing to my retirement saving and regular savings accounts. I had to dip into the former when my debt situation wasn't great. I didn't have an emergency fund. My regular savings account is that emergency fund that I have wanted and needed.

I get paid this week. It's a huge turning point. I will be paying off my line of credit completely. I am thrilled.

I do recommend having a budget and sticking to it, no matter how great or grave your debt situation is. I have been using an Google Sheets spreadsheet for a while and it does wonders. It's a question of being disciplined sticking to your budget, which is the toughest part.


  1. Well done for sorting out your finances.

    1. Thanks, Michael! It felt great paying my line of credit off. It's hard work and takes time. I'm glad that It's exciting seeing the results now.