Where's Margie's Money?

Weekend Update & My Debt Free Date!

I meant to write a post during the week but that didn’t work out.  Tuesday is my last work day before my maternity leave (whoot!  3 months PAID – that’s 1/4 of a year!) so I’ve had to really kick things in gear to complete everything on my to-do list.  All of my high priority projects are done but Monday I have two more things to finish . . . and Tuesday I’ll be in meetings all day. 

I’m pretty excited to be off if only because it’s getting more and more difficult to focus on anything other than this baby that could be here, well, any day!  I did have my annual review done on Friday and was really pleased to get a stellar review: Exceeds Expectations in every category except for one having to do with recognizing and awarding positive work in others.  Since I don’t have direct reports, this category doesn’t apply to me so I simply “met expectations” in that one. 

Unfortunately, I won’t be getting a raise for the second year in a row because there isn’t room in the budget. Despite the fact that I’d love to make more money, I’m actually okay with that.  Since I started at my current organization in 2007 my annual pay has gone up 70 percent – I got a big bump in pay when I moved to a new position with much more responsibility in 2008 and then a minor bump in pay in 2009 when I took on some additional work into my portfolio of duties.  I honestly don’t think I could get this pay if I went anywhere else at this point in my career (still less than 5 years of experience in the field) so I’m just thankful and happy that they feel that I’m doing so well . . . and maybe next year there will be money for at least a small bump in pay.  In the development plan for the year ahead, we agreed that I’d take on more leadership opportunities in project management which will also help justify a raise next year.

Anyway, moving on from the boring work talk. .  .

This week Lane from In Mint Condition posted about the very cool (and FREE) debt reduction calculator Vertex42.  Then I read about how Life is Full of Sunny Days figured out her Debt Free date using it and decided to give it a try.

So . . . drumroll please . . .

I will be credit card AND car loan debt free by . . . June 2013!! 

Peeps, that’s less than 2 years from now! 

I learned from playing with Vertex42 that if I go with the avalanche method of paying off my debt (tackling debt by highest interest rate) rather than the snowball method (paying off smaller balances first) will save me about $50 in interest. 

The June 2013 date could definitely be accelerated if I can snowflake more cash at it . . . but right now I’m not taking an as aggressive approach because in just a few short months we’ll be adding a brand new expense: day care for the little one!! So that’s going to be huge and definitely deserves a post of its own at some point.

Anyway, very exciting!  So now I’m off to pick up some photos from CVS and purchase some frames – more decorations for the baby’s room . . . the FINAL touch, I swear.


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  1. * Niki says:

    It’s so nice to have an end date or at least an idea.

    It will go by so quick, I swear. I feel like it was only yesterday we were facing a mountain of debt and now it’s almost gone, that was about a year ago.

    | Reply Posted 6 years, 10 months ago
    • Thank you! I know it’s going to go crazy fast – and I’m hopeful we can even accelerate that date. I just didn’t want to over commit considering the new life changes ahead for us!

      | Reply Posted 6 years, 10 months ago
  2. * addvodka says:

    Wow thats really exciting! It’s so great to have an end in mind.

    The first time I went in to debt I owed my mom a whole bunch of money for a car repair that I couldn’t pay for. My debt free date was SO wonderful to reach. I planned for it for months and when I finally got to it it was seriously like a weight lifted off my shoulders.

    | Reply Posted 6 years, 10 months ago
    • That feeling of having the weight lifted is one I can’t wait to experience. These days all I can think about when it comes to debt is how AWESOME it will be not to have to make those darn payments every month – the things we could do with that cash to make a better life for ourselves. I can’t wait!

      | Reply Posted 6 years, 10 months ago
  3. * Lane says:

    hey hey hey!!! I should be credit card debt & auto loan free by June 2013 too. We’re sooo in this together.

    | Reply Posted 6 years, 10 months ago
    • * Lane says:

      D’oh, read my Excel spreadsheet wrong. I should be free of one of my student loans by June 2013. Either way, similar milestones are great to have.

      | Reply Posted 6 years, 10 months ago
      • Yay! It’s good to know that someone is about where I am in terms of timing – I can’t wait to celebrate!!!

        Posted 6 years, 10 months ago

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