Let me explain the 52 challenge, I discovered it at The Financial Diet in an article written by Audrey Gonzalez and was inspired. I wanted to save money and this seemed like the perfect way to do it. Every week for 52 weeks I would put money aside to save. Each week would go up a dollar in value. So, the first week was $1 and the second was $2, and so on and so forth. You could do it in whatever order you wanted, I could have started with $52 and worked my way backwards, or I could have started in the middle and worked my way sideways. There were lots of ways to do it and still be successful. It was relaxed in a way, but with manageable and measurable goals.
What I did not account for was my growing credit card debt and the pandemic. When we were told to shelter-in-place and I started seeing so many people lose their jobs I became very concerned for my family’s security. I know that saving money is really important. But saving money and having so much debt sort of negates the savings in my mind. So, I changed tactics.
As previously stated in my “I’m trying and not giving up…” post, I am blessed to still be employed. I have made a much more drastic and challenging goal to pay off my credit card debt. I spend most of my money on food and fun activities with friends and family. Due to the pandemic, all the activities have been postponed or cancelled, so that is no longer a problem for me and my wallet. I have made a goal to not order out as much, to shop with more of a purpose by actually following my grocery list, and to make easy but filling meals. This will save me a lot of money and I think will help me pay off my debt faster. So far I have made a dent in by debt and I am so proud of myself. I’m not perfect, I have definitely faltered. But, it was in small ways and I was able to bounce back quickly and repay the amount I spent in that moment of weakness quickly.
This does not mean I have given up on my savings, I am still saving. I am just not doing the 52 week challenge for right now. I had a savings account before, and it is still there. I will not use it to pay off my debt for two reasons. The first is that my debt is far larger then my savings account. Secondly, if I have an emergency that needs cash I would be unable to use my credit card. So, for right now focusing wholly on my savings account makes no sense to me. Paying off my debt as quickly as possible does make the most sense for right now.
Not sure if I want to post where I started and how quickly I’m doing it, because of how personal that is. But I do want to say that because money is so personal, debt and the severity of it is subjective. Just know that the amount I have to pay off seems like a mountain, and right now I feel like I have only just crossed the foothills. I look forward to the day I can say I am almost at the peak and can finally fly free without the weight of debt on my shoulders.
Being Page For Life 