IT Pilgrimage

A Journey From IT to Freedom

Mrs. Micah’s Single Step Personal Finance Challenge

Posted by IT Pilgrim on July 24, 2008

In acceptance on Mrs. Micah’s little personal finance challange … Here I go. Time to get old Microsoft Money and update it. I have to admit, I HATE Microsoft Money, not for itself, or the software, or anything like that, software is software to me. I hate what it shows me, which is how bad I have been in the past and how much fixing I still have to do.

The Gory Past

  • The Home: I bought my home when I was 18, making minimum wage in retail, but that was not the bad part. I could afford the home, which I still have, but the bad part is that it’s value is on a permanent down-slide. oh well, what’s done is done, time to pay that puppy off.
  • The Credit Cards: Man, oh man do I hate credit cards. I fully recognize that my credit card debt is my own fault, I got complacent and stopped paying enough attention to my bills. I later discovered all their tricky little maneuvers such as moving the due date, raising interest rates for no apparent reason, and my personal favorite, changing the billing address. Somehow I managed to rack up something like 15k in credit card debt.
  • The Student Loans: Still paying for sending Mr.Pilgrim to an expensive private school to finish his degree.
  • Cars: I wish I knew then what I know now! I would have paid in cash.

The Present

Now, I am currently working on making lots of things go away concurrently. I was doing well for a while, but got a little carried away. I thought that if one snowball was good, two were better, right? Wrong. Time to go back to basics and pick one to fix first. Probably going to be that evil credit card that I made myself a whore to, then the car, student loan, and finally that house. I am, as we speak, updating my money so I can see if I have made any progress in the last few months but I have my doubts. As a whole, I feel I’ve done fairly well, down to less than 5k in credit cards down from the high something around a year and a half ago. The house and car loans have shrunk pretty significantly as well.

The Future

In the future, I hope to return to paying things off a step at a time, taking things one month and one bill at a time. I tend to get a little too wrapped up in the big picture and lose the trees for the forest. 😉 In the more distant future, I hope to pay for everything in cash, and maybe sell some stuff and hit the road for a while. We’ll see. OK, back to updating now.

Tag You’re It! Next Victim


2 Responses to “Mrs. Micah’s Single Step Personal Finance Challenge”

  1. Francois said

    Hi IT Pilgrim

    Firstly, I think you’ve done well!! To have gone from 15k to 5k in credit card debt is no small achievement.

    For many people it is easier to stay motivated when they focus on one loan at a time, and do the smallest loans first. I wrote a post about it here: in case it helps.

    Good luck & keep up the good work!


  2. IT Pilgrim said

    @Francois, thanks for the tip, and the article as well. Just have to keep putting one foot in front of the other.


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