Frustration sets in.

It feels like I’m not making any progress this month. I’ve got waaayyy too many bills. Bills for house renovations that haven’t even started yet are starting to appear: the building permit application fee yesterday, appraisal fee for the house tomorrow… and that’s only the beginning. Frankly it’s all scaring the crap out of me.

Long road

I’ve pretty much accepted the fact that I’m going for broke the rest of the year but that doesn’t mean I like it.

See it sucks, it’s pretty quick and painless getting into debt but it takes a bloody eternity to get out again. I’m scared I’m going to come out of this year worse than I went in. So, just to be clear with myself I decided to pull out the monthly statements I get from good ‘ole Bank of Montreal every month for my Student Line of Credit.

Yep, when in need of a pick-me-up I stare at financial statements. 😉

On December 3, 2009 I owed the most I ever owed on my SLOC, checking in at $16,042.66. As of August 2010 that was sitting at $15,938.06, so not impressive. (But consider, I did pay off $5,000 in credit card debt in that time frame)

After August 2010 I started to actually make an effort in paying down my SLOC, observe;

Jan 3, 2011: $15,442.89
Feb 3, 2011: $13,108.94
Mar 3, 2011: $13,028.07
Apr 3, 2011: $9,417.90
May 3, 2011: $8,082.21
Jun 3, 2011: $7,825.94

and as of July 3 the balance should be about $7,000.

Am I making progress? Hells yeah! Does it feel like it? Nope. It’s a loooong road to debt free.

Ps: IMG source.

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

5 thoughts on “Frustration sets in.

  1. Aww, I’m sorry you are feeling frustrated. It’s easy to do when you are looking at the road ahead of you. Sometimes it is good to stop and look at the progress you have made. I do that with our house a lot. I am always thinking about the things that need to be done, but when I look at the pictures from when we bought the house, we have done so much already. It’s easy to forget.

    Okay tangent over, but you know you are making progress even if it doesn’t feel like it.


  2. Great progress on the student loans – I think you’re totally right. It’s so much easier to get into debt than get out, and it’s difficult to build up cash for the things you’re talking about (building permits, etc) until you’re completely out of debt – a total catch 22.

    I’ve been having similar troubles lately – so many expenses. Just keep at it, and you’ll be fine.


  3. I know exactly how you feel about bill, after bill, after bill being added to your pile… but you are still making major progress! You’re paying off $8,000 in 6 months!? Hellooo, that’s amazing, Andrea 🙂

    Being poor is the suckiest feeling, though… I’m trying to remind myself to enjoy everything I bought when I got into debt.

    Thank you for venting here! I’m sure it is beneficial to both you and your readers.


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