Month Four Savings Total: Tales from the Spending Fast Trenches

spending fast savings total

This is a post by Chelsea who is currently doing a Spending Fast®.

Wowza, the end of Month 4 is here! It feels like it has just FLOWN by. I am now settled into my new life in North Carolina and must say that it is absolutely amazing. I have a new apartment which has a dog park so my bulldog Xena is happier than ever. I have a new job that I am extremely challenged by and there is tons of room for growth and advancement. I have finally found a career instead of a job!  My job is about 30-45 minutes (depending on traffic) from my house and my car crapped out so I had to buy another one. My old car was with me for 10 years and it was time to let her go. Although I now have a small car payment, I was able to find a car that should last me many years and will definitely get me to work safely. I am fully back on my Spending Freeze and it feels great knowing that I will have reliable transportation for a change.  Talk about a stress relief!

I have successfully completed my 4th month on the Spending Fast and I am happy that I was able to pay more towards my debt than last month! Unexpectedly moving from Ohio to North Carolina kinda put a dent in my ability to pay towards my debt, but I am happy to say things are back in action. Without further delay, here are my Month 4 results:

Starting debt: $24,996.98

Total starting Month 4: $23,502.54

Total debt paid during Month 4: $297.83

New debt total: $23,204.71

While this month wasn’t as amazing as what I was able to pay in Month 1, it was still encouraging! Things are on the rise and I am motivated more than ever! My new job had two weeks worth of training which took up basically all of my brain power. This week is my first week actually doing my job so I will have the evenings to focus on generating more income for debt payments! I am excited about the future and about getting one month closer to being debt free.

If you’re on a Spending Fast and have been struggling, stay postive and encouraged! You will always be moving in the right direction as long as you keep on truckin’.

 

How are you doing in your journey towards financial freedom? If you are already debt free (congrats!), what are the financial goals you’re working towards? 

Chelsea Overton is in the midst of a Spending Fast® and writes about it from North Carolina with her bulldog, Xena the Warrior Princess, by her side. She also has her own website where she logs her journey towards financial freedom. 

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18 comments


18 thoughts on “Month Four Savings Total: Tales from the Spending Fast Trenches

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  1. Jane

    Hi Chelsea–

    You have accomplished so much in such a short time. Your resilience astounds me!

    Getting back on track after a derailment is almost the whole challenge of making changes. No one has complete control of every life event and sometimes other goals need to be put on hold a bit. The trick is not to get permanently demoralized, not to feel like a failure, and not to use these blips as permission for a total train wreck (how well I know these all).

    Congratulations on getting back on track and chugging ahead :)

    Jane

    Reply
    1. Chelsea Overton Post author

      Hi Jane!!

      Thanks so much for the encouragement. Its so amazing to feel so much love from people on this site. Definitely keeps me going forward!

      Time to chug!

      -Chelsea

      Reply
  2. zimmy

    Yeah, it is sometimes best to take a cue from what fleet vehicle managers do in regards to how you manage your own personal vehicle. When the cost of the vehicle exceeds a certain dollar threshold, they retire the vehicle. It just doesn’t make any logical sense to keep putting money into a vehicle that you will never have the ability to recoup it from. The majority of all vehicles manufactured these days are of high quality and hopefully your new car will serve you well over the long term.

    Reply
    1. Chelsea Overton Post author

      Zimmy,

      Thanks! Yeah, my old car was leaving me stranded places pretty often and it was causing so much frustration. I am taking care of this one and making sure it will last me many many many years.

      Cheers!

      -Chelsea

      Reply
    1. Chelsea Overton Post author

      Hey!

      Thanks! I never would have thought my life could be this improved in such a short time. I think that life supports people when they start going in the right direction.

      The encouragement is so appreciated!

      -Chelsea

      Reply
  3. Jen W.

    I’m so impressed by your progress, despite the move! Moving can be so expensive. Keep motivated! It helps me stay motivated too, so I don’t lose sight of my goals. I must ask though, why not include the new car loan under your debts?

    Reply
    1. Chelsea Overton Post author

      Jen,
      Thanks for the kindness! That’s actually a good point…haha.. I guess because I was focusing on my college loan debt. But debt is debt, right? I guess next week I will be exposing the new total! Yikes!

      -Chelsea

      Reply
    1. Chelsea Overton Post author

      Hi!
      There are definitely going to be bumps. I did not expect the HUGE one that happened to me but there is always a new day. Keep up the good work!

      -Chelsea

      Reply
  4. Taylor

    Sorry to be a bit of a downer. Buying a car is a huge, huge deal – and adding a car payment is even bigger. At a minimum (and maybe I am just missing something), the new car purchase amount and details could be shared – and the amount of the new car is added to the total debt too, right?

    With very few exceptions, I am not sure how buying a brand new car is ever better than fixing an existing car (or even buying a used one), especially when you are trying to pay down debt. Not sure what “crapped out” means – transmission? timing belt? whole engine fall out? +$1000 repair? (I am a bit biased, I drive a 1994 Honda with 288K miles).

    Reply
    1. Chelsea Overton Post author

      Hi Taylor,
      You are definitely right. Buying a car is a HUGE deal. I have never had a car payment before so taking one on was no easy decision.

      I recently got a new job and when I went to sign paperwork for it, my car left me stranded. It would stop working many times each month. My wonderful parents took it to the shop and had it “fixed” multiple times for me but nothing ever worked. It was 16 years old and ready to be retired. The positive is that the car I bought isn’t brand new. It is used and from a family friend who owns a dealership. And my family put a substantial down payment on it for me so that is a huge blessing! It helped to keep the monthly payment low.

      Its awesome to hear that your Honda is holding up so well! Congrats!!!

      I was not including the total in my debt because I was focusing on my college loan debt but, you’re right, I should be including those numbers. This is about transparency, right?

      I will be sure to include all that info in my next week’s posting!

      Thanks for the feedback!

      -Chelsea

      Reply
  5. Sue

    Monte, as we affectionately called your old Monte Carlo, was in the winter of her life.
    She has been a great car for you, starting back when you had your learner’s permit, 10 years ago. After multiple trips to the mechanic, and multiple problems fixed, she seemed to have had a sort of “cancer”, where it just spread around to various parts of her……….As a parent, it hurt me to know that you were in Ohio, in the snow, without us, and stranded…..on several occasions. Purchasing a car is a big deal, and debt is never exciting, but I feel that in order to move forward in your life, you need to be able to move……forward…….and not be stuck sitting still…………….Just saying.

    Reply
  6. Kalen

    Hey! Don’t get down on yourself (or others) for buying a new (or newer) car. Everyone has their own goals and “rules” when it comes to this stuff. I can speak from MUCH experience when I tell you that as a Californian who puts LOTS of miles on a car and needs it (to get to jobs to make income), it is well worth not only the time and peace of mind but also you are saving by not taking the car to the shop every month or every other month AND getting much better gas mileage with a newer and cleaner vehicle. So keep on driving that old Honda for as long as you can, and big kudos to you, but when it starts leaving you in a parking lot late at night or (worse) breaking down on a busy freeway, you may rethink your strategy. Buying a newer reliable car with a payment of less than $200/month means I am no longer paying $200-300 in repairs almost every month and my gas bill is lower, AND I will have a salable item worth thousands after the loan is paid off. GO CHELSEA!

    Reply

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