Inspired by Cait from Blonde on a Budget I’ve decided to go on a one year shopping ban! Yup, you read that correctly… One year. No shopping.
Below, I have identified some rules for myself.
Here goes nothing!
What I’m allowed to shop for:
- essential cosmetics (only after I run out)
- toiletries and household supplies
- gifts for others
What I’m NOT allowed to shop for:
- books and stationary
- non-essential cosmetics
- not eating out for lunch during the week
- no take out coffee/tea
Hello, my name is M, and I have a lot of debt…
As of today, I have the following debt to pay off:
- two credit cards
- a car loan
- student loans: provincial and federal
I plan on paying off my two credit cards first as they have the highest interest rates. My goal is to pay off credit card #1 by the end of this year and credit card #2 by mid 2016. I will then pay off my car loan and lastly, my student loans.
I get paid bi-weekly with a net pay of approximately $1,300. Currently, with each pay cheque, I am paying:
– credit card #1: $400
– credit card #2: $20
– a car loan: $176
– student loans: $200
Beginning August, I am going to start a shopping ban for a year. I will revisit my repayment plan during this challenge in hopes to implement a more aggressive strategy.
Cheers to this new and exciting journey I am about to embark on!