One of the things that constantly surprisesme about money is my ability to somehow get large sums of it when I really want something.

For instance, three years ago I needed to save $2,000 for a trip to Europe with my grandma. I had 3 months to save up for the trip and was able to get $2,000 with a lot of hard work and very little effort.

Now, I’m saving for a house down payment. I need to get $10,000 for down payment and closing costs. And, as of today, I have $10,119 (withOUT touching my emergency fund, folks!). With nearly a month to go until closing I’ve done it. Which is pretty amazing. I only decided one month ago that (indeed, after 2 years of pining and indecision) that I did in fact want to buy a house.

Yet, somehow, after 4 years of blogging I still haven’t managed to pay off this last credit card debt of $12,000.

That’s right – 3 years ago I could get $2,000 in 3 months, now I can get $10,000 in a single month – but somehow in 4 years I haven’t been able to get $12,000? (Anyone else see the Math irony?)

It’s like, getting something for my money that is tangible and immediate is so much more of a reward for me than getting out of debt. I know, I know, I know about all the awesome things I can do once I’m out of debt. How all that money will be mine and working for me, but somehow that isn’t as exciting as a vacation or a house…

I guess once this house thing settles I’ll have to somehow find the motivation to get an extra $12,000 to pay this darn thing off once and for all.



6 Responses to $10,000

  1. Kara says:

    I can see that. The other sums of money have a tangible and real payoff. The paying off the debt? It doesn’t actually give you a tangible, “touchable” result. It’s not “real” in the sense that a trip is real or a house is real. It’s just numbers on a page.

    Is there something you can associate your debt with that will make it feel “real” to you so that you are equally motivated to earn money towards it? Can you pair it with a reward maybe? So if you set the total at $15,000 instead of $12,000, you can have a tangible result? A new sofa? A washer and dryer? Something that you can blend into the overall total and make it worth your while?

  2. Jen says:

    Congratulations on the house! What would motivate me to pay off the debt asap would be to calculate how much I would save in interest charges by paying it of asap and compare that to how much I would lose by paying it off much later. Then I would think about what I could spend with the money that didn’t have to go to debt service.

  3. I can understand that. I’m sure I would be able to save $2000 for a vacation a lot faster than I could put $2000 into RRSPs. Keep plugging away at that debt, it will be gone soon enough. Think of the interest you could be saving!

  4. Don’t wait! Do it now! Once you get the house there will always be something you’ll need to repair or want to improve more than you want to pay off your debt. Houses are big, enjoyable money pits. Pretend you need $22,000 to close on your house and freak out as though the whole thing will fall through if you don’t get it. Putting your immediate happiness on a contingency of fulfilling your long-term happiness is a good motivational tool. You’d be surprised the things you can trick yourself into doing… then again, maybe you aren’t surprised.

  5. JP says:

    my thought was along the lines of Money Madwoman….do it now! send that $10k to your debt, and come up with it again. (or do half)

  6. What Money Madwoman and JP said.

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