LET'S PAY OFF SOME DEBT!!!! ~Credit Card Debt Update~

[@samanthanoelle6981]

Girl don’t worry about justifying or defending your decisions to anyone here. Be super proud and excited that you tackled more than half your debt!! It’s always a hard choice to take from categories but the interest that was accruing on your credit card is more debilitating for your finances and your personal goals. That’s why it’s called personal finance. You decide what actions are best for you and your family. I know you’re going to crush the rest of that debt and build up those savings again!!🎉🎉

[@tvf8192]

Paying off your debt is most important! The faster you can pay it off the faster your family benefits!

[@My2CrazyKiddos]

💜You did what was best for you and your family💜

[@heidisimonds2177]

Good for you!!!! As Dave Remsey says pay off all debt before saving money except for your emergency fund...VERY PROUD OF YOU!!!❤

[@alishamartin5579]

Paying off debt is the best thing you can do for your family!

[@tcslife4794]

Way to go! You do whatever gives you peace of mind.

[@karinaz8756]

You’re doing the right thing. You have plenty of time to repay your retirement. I’m right there with you. It’s the interest that stings so bad. It’s what made me get my butt in gear. Time for a no spend February.

[@rachelharrison7961]

You are doing great, even if it didn’t feel so great! I think you could take even more money from baby Lennox’s envelope because you already have a general emergency fund plus his separate binder plus his L bucks. He can afford to treat his mom!

[@susanhoover1820]

Great decision! Here’s an idea: keep those envelopes from your box on the “done” side. Keep stuffing the box and each month or so (maybe quarterly?) unstuff them and put towards your debt. Since you have amounts written on the envelopes, you still know what you saved. Make that money work for you instead of leaving it in the box where it is technically working against you.

[@tamip208]

I think that was a great decision! 🎉 Debt is so dumb!

[@santanabag9067]

Hey Girllll, It's YOUR MONEY and YOUR DECISION, you don't have to be so guilty and justify your decision

[@shawnajones8149]

Yes, right decision! I would have taken all out of retirement, I’m not trying to be rude and mean this in the nicest way but if it’s not being invested it’s just sitting in an envelope too! You’ll be able to build it back up again.

[@amandapope-weisenborn1319]

Fully understand why you did what u did. Debt is very stressful and if u got the money use it. It’s replaceable.

[@ceceliacarter1670]

Great job Sav. It was the right move. You sound so stressed and frustrated. There is no wrong in the financial reset. Girl do what you have to do. 👍👍👍👍

[@maureenodonoghue]

Way to go Savannah for making that big payment. Life has those seasons where sometimes you get to save everything and sometimes you have to pay everything and have nothing left over. I’m currently in the same boat where I’ve moved things around. I give you props for saving this much money, with having a new baby this year and still working and adjusting to the new income. You’ll be back to saving soon, once the debt is paid off. As someone who worked in banking prior and trying to help people get on the right track to afford their goals, I’d maybe hold off on paying towards retirement and save that towards debt. The other thing I would consider is using your money from your New Car sinking fund. With your car newer and paying debt on your current car for that AC repair, technically it’s like your car was never paid off and that was left on your CC I would think about applying what’s there to the CC or not contributing for a while, until your debt is paid off. Your car has equity to apply to a new car, but hopefully that won’t be for a long time if you’re already contributing to your car maintenance SF. I’m glad though you realized that saving challenges should be on pause with that amount of debt, I feel that those became popular the last few years, but it pains me to see people contribute to those when that could go to debt right away, since CC companies charge interest based on the average daily balance of your CC every month, not the ending principal typically.

[@juliefortier1305]

Good for you! In my experience, when the debt is gone, the savings stacks up SO FAST compared to trying to pay off debt AND save both at the same time! Here's hoping that final $1900 goes quickly!! 🤞

[@BlissfulBudgeting]

Awesome job. You are doing right by your family, you do not need to explain to anyone. You are a role model.

[@pamelam1500]

Great job. You’ll never get ahead if you’re in debt. You’ve got this!!!

[@cashflo.]

You got this girl Like you say you have à emergency account so don’t stress you may want to take all the baby sinking funds a pay the rest . Look at how much you pay on interest and added it up and see if it makes since . You got this 🌸

[@shawnaw3139]

Girl take YOUR money from wherever you need to to pay off debt. Personally I'm draining most envelopes and flipping over couch cushions looking for change if I have debt hanging over my head 😅 Opinions and other people ideas are great to share and to possibly implement but at the end of the day it's your debt and you have to do what works for you 🙂

[@memine4884]

Great video. This is what real life is about everything does not happen the way we want but we sacrifice, will look back (good or bad), and be proud that we made it through.

[@Hotmessbudgets]

Girl. PEACE OF MIND is EVERYTHING. I would hate to have that amount and making payments and not seeing progress. I would have empty all my saving envelopes, as hard as it is sometimes it’s best to start them over.

[@Goldenrodbudgets]

Girl yes! Pay it off. It’s better to pay it off than you keep owing more and more and for what? That interest eats us alive!

[@ashleykbarks]

If you think about the interest that you are accruing on a credit card , it is usually higher than interest made in a high yield savings account. You are very smart in paying off more of your debt because you would not have made the same amount of money in savings and you would have maybe owed more on the card. Unless it's 0% interest for any amount of time on the credit card, it's worth it to pay your debts

[@BrittanieRaynor]

Paying off debt is so important! I'm in the same boat but almost $17K in the hole.

[@ashnichole8060]

I was thinking before you should take some your savings to pay off that credit card because it's stealing from you. The interest is just stealing money from you. The interest has went up alot on credit cards. I'm soooo proud of you!

[@gabsbudgets]

Good for you Sav! It’s your personal finances and in my opinion you have made the right decision in the long run. ❤❤❤

[@judycox7880]

These are the things we put this money aside. Thank God you were putting it aside. Putting the money aside is to help make your life simpler. You just did that. Proud of you

[@BudgetwithVee]

Great job x ❤

[@susbudget]

You say that your not gettting any of that money for you but when you really think about it, it is for you because out of that debt you received a handsome son that will have eternal love for you! Proud of you!!

[@Nursedesibudgets]

Good job! So proud! Big decisions like these are hard and especially the unknown and not knowing if it's the right thing to do! If it feels right in your gut then it's usually the right choice for you! ❤

[@janettauzin670]

You do what’s best for you and your family. It’s your hard earned money! You don’t have to answer to anyone on social media. This is your life!!! Love ya sis 🎉

[@donnagalvan1047]

Paying off your debt is more important then having debt.

[@stylishbudgeter7951]

Girl you're good because I would empty all to get out that debt! When you're at peace baby at peace, no explanation needed. PERIOD!❤

[@shailynnlawlor295]

Hey girl! Don't feel bad for doing what you need to do. The fact that you are making these moves instead of just ignoring the issue is amazing and better than what most people would do. Sometimes, hard decisions need to be made, but yall will only come out stronger for it in the end. My one suggestion would be to pay off the rest with your future house fund and start rebuilding that. You will be saving yourself a lot of money in interest that way. Just a thought, anyway 😊

[@RobinsDocumentedLife]

You are doing the right thing. Get rid of it so you can do what you want with your money. This is temporary, Savannah, and I'm very proud of you. Just think of when you're my age where you'll be. I did the same thing towards the end of summer 2023 with my 100 envelope. It was the $5,050 challenge, but I took the $2,900 and paid off 1 whole bill. My husband was like...WTF?! haha I paid 4 cc off last year, then got a consolidation loan for the rest, and knocking that out with paying only 1 interest rate and not 5. Saving soooo much in interest each month which goes towards the payment. That remaining $1,910 can be paid down quickly. Nice job.

[@ashnichole8060]

You did right! People that are financially literate will not be upset! It's your money and you are doing good!!!!

[@shirleymetatla396]

First of all, you don’t have to justify your actions to anyone and I can tell you ..not only as a mother, but someone who has worked in finance for 28 years you are doing the right thing if you have debt you do not have savings!!! So get debt free then back onto your savings journey. Very proud of you for knowing this needs to be taken care of . GO YOU🎉

[@kcmarie3774]

Girl that is awesome. You are still so young and being debt free will be amazing for you and your families future. I think that was a good decision to go towards your debt

[@savvybsaving]

Paying off these credits card are worth the sacrifice, not only does it charge you interest just making the minimums but it hurts our credits any spare money can go to that card. You got this! You’re a warrior Sav❤️

[@amyfletcher4749]

We all have to make tough decisions. Your young. Retirement is far off. You can build it back up and beyond.

[@BrianaBudgets]

Yessss you go girl! You are so smart for doing this! I know it’s painful but this is soooo good for you in the long run.👏🏼 I’m proud of you, Sav!

[@robertab1986]

Hey girl, heyyyyyyyy 🥰. I love that you made that discussion 🎉🎉🎉🎉.

[@ashnichole8060]

It's interest girl! I'm sorry! You will be glad the debt is gone!

[@Savings_SuperMom]

First of all, don’t ever apologize for bettering your financial situation. You’re doing the best you can! I’m starting out this year with over 19K in consumers debt and it’s a tough pill to swallow. We got this mama! ❤❤

[@lucytrunk9834]

What you just did it’s called Adulting 😊 be proud 😊it doesn’t matter what other people think 😮just do you! Love 💕 your videos

[@BudgetingwithEmilia]

I estimate you were gaining $75 in interest a month roughly. So if you’re adding $160 monthly due to the hospital bill, you’ll have to pay $235 monthly just to keep up. Anything under that would cause the credit card to actually increase. Anything over $235 would be hitting principal and paying that down faster. I’d recommend doing a balance transfer to a 0% card. The fee is usually 3%, in your case $57. It will actually take less than 1 month to break even on the balance transfer expense.

[@TheOscar15432]

Hey friend. Glad you are doing what’s best for you. Don’t worry about no one else it’s your money you do what you want. Have a blessed day.

[@patcole1537]

Savannah, you have made some hard , wise, and mature decisions right here. I think you definitely did the right thing. You will be able to save up those categories again soon. You did what is best for you and your family and I applaud you!👏👏👏

[@meganinmiddleclass5884]

It's your money! Use it the way your family needs it. People will always have an opinion on it! I bet it feels so great seeing the account at a more manageable number! ❤

[@kathysnyder3881]

You should be proud of yourself! You are saving SO MUCH in interest. You are saving yourself the added stress of seeing that number that is scary to you. You are a VERY responsible young lady and a beautiful Mom! Be proud of that, sweet girl... don't worry about what anyone else thinks...they don't pay your bills! ❤

[@amyharris5928]

❤❤❤great video !! My daughter and I just got our goodies and are so excited ! She said “mom she is good” !! She is 9 and wants to cash stuff cause she sees me doing it. Also , she loves Stella and Lennox !! Just wanted to say don’t worry about anyone else. U do u ! Love ur videos girl !!

[@thriftytxmom]

The interest is not helping. You do what you gotta do. Like you said, it’s your money spend it the way you want or need to. Can’t wait to see that paid off! ❤

[@monicamoss375]

This is the first video I have seen from you. The entire time I was saying “I’m so proud of you”. Debt can affect you mentally and honestly physically. You made the right choice for YOU and that’s all that matters. I love that you did this for yourself.

[@Moonblossom62]

Your interest rate has to be very high for you to put that much money on you CC and the balance doesn't go down that much. I applaud you for making the choice to pay it off. Your doing great!

[@authenticallyallison]

In the end this is helping your family more. You eill build those things up again. I support your decision!

[@Dhjdndkkdjfdjj82833]

Thank you so much for this! I just made a chart for my future payments for my credit card debt. This video really inspired me to take action and live a debt-free life! We got this!!!!!!

[@deloresbrown2036]

Sav, I am So Proud of You for paying your debt down! You are doing the Right Thing for You and Your Family and that is what is Most Important. You are Very Wise when it comes to Finances and are Still doing a Great Job at Managing Your Monies! Be Blessed.

[@amyangellie]

Great job on paying down that debt! Letting go of that money is hard but once you're debt free it will be sooo worth it.

[@DreamingonaDime]

Technically your not saving when you have debt. Your doing this right!! This fire that was lite under you is motivating!!

[@JustTammie7296]

Great job girl. It's your money you do what you need to do

[@JennieB87]

Congrats Sav! You are making good decisions for you and your family's future, no need to explain anything to us! We're here supporting your financial journey🧡

[@emily4444]

I have about 2k worth of debt and it still stresses me out even though I know it's relatively nothing LOL. Any amount is debt is too much debt. Thanks for the video!! ❤🎉

[@BeautywithLily1]

I agree! I have right under $900 of debt and it stresses me out so much.

[@GreenRain84Cheryl]

Girl, I salute you to the highest for this! Dont apologize! You saved all this money and you gotta do what you feel is right and pay that debt off! I’ve been working on my last CC this last year. Only thing that’s helped me was a 0% balance transfer. I can see the finish line! It’s there! You got this! We got this! 👏🏻💪🏻

[@joannwagner4940]

Sounds right to me. Good job 👍

[@mspoochiehu97]

Why not pull from your house savings instead of retirement?

[@cherrystarr8470]

Credit Card interest is a budget killer. Once you get rid of that drain on your finances, you will be able to put that much more money into your binders. You are doing the right thing, in my opinion.

[@FortynBudgets]

I know credit cards are very stressful! You could look into transferring your balance to a card that’s interest free (not another discover card) You could also try calling the billing department from the hospital & see if they have a financial assistance plan, sometimes they’ll knock money off your bill. Also, I know you set aside money for your taxes from KZbin & Etsy, you should get some kind of return for having a baby last year (not sure if you & your boyfriend have talked about your taxes yet or how you’ll plan for those) Baby steps girl, youll get it all payed off!

[@FortynBudgets]

Also, you could pull like $100 or $200 from car maintenance & put that toward your credit card

[@patriciabrown2270]

Great video 😊

[@jacquelinegaudet2866]

Smart move!! Get rid of that debt first, plenty of time for saving challenges later.

[@juarez3170]

I totally understand, I got paid yesterday and paid off $510.72 a credit I almost had anxiety attack. Then minutes later I felt great 🎉 having one less debt 🤗

[@susanhinson7559]

You made a wise decision…you can always get back to saving once you get your debt under control!!! Good for you!!!

[@Tebble5]

Completely agree with what you did, I probably would have taken all of retirement and paid it. We know when you set your mind to something you’ll accomplish it 😊❤ Also have that bill from hospital come out of your checking you maybe are getting a charge for using your card 🤔

[@rox_budgets]

You definitely did the right thing! No point on paying high interest rate while you have money sitting on your envelopes.

[@dees_sweet_chaos6700]

You're doing great! I think it makes great sense. Why pay all that interest, get that paid off then you can use that payment in the future to resave for your funds.

[@JackieBudgets]

Good for you! I’ve did this multiple times 😅 When a Woman's Fed Up!

[@terryhenderson424]

Last year, a number of utube folks on a debt journey emptied all sorts of cash envelopes last year to pay down debt. It seemed to happen more in the late spring and summer of '23. In this video you speak of this big debt paydown acting very much like generating passive income with the interest savings. And yes, you are correct in that you are stemming the tide of blood going to interest and ues, that is actually returning money to your budget. - For personal affirmation, look at the interest dollars charged and paid on the last bill with the @$3k balance. Then look at the bill after to see the difference in the number of dollars of interest. It may take 2 billings after depemdimg upon how interest is charged on this account. The difference is what your budget is saving each and every month.

[@ashleyphipps4380]

This makes me want to do friggin cartwheels for you! I am so excited for the sense of relief you must feel. I have a little over $2,300 in debt currently and it WEIGHS on my mind so much, it literally feels like I will never get it paid off despite making multiple payments per month. I think you made THE BEST MOVE! Great job girl! You got this!!!!

[@plantobebooked-Alicia_Allen]

Yes it is the right move! Great decision. You are so young! Retirement will come. Once debt is paid off you have more to put to savings and retirement!

[@myrahinson7314]

You made a wise decision!! Paying off your debt is a smart move.

[@Becomingmeagain]

You gotta do what's best for your situation and don't let anyone make you feel bad for that. Paying off this debt will create more money for you to save in the future. ❤️

[@N.M.N.]

What I am doing is saving challenges and then when i get to $500 i deposit it and put towards debt and then leave prop money in its place. Then i get the best of both worlds

[@Meekachii]

I think paying off high interest debt is more important and you made the right choices

[@reginasadventure7105]

Great job!!! Don't worry about what anyone else says, if it was right for you, then it's right.

[@BudgetingMomofGirls]

Absolutely it was the right move! Get that debt paid off!!!

[@debbieweibley3899]

You do you. I did something like that to pay off my car a year ago.

[@angeleduguay4343]

Paying off debt is the best feeling ever !!! 🤗

[@jessiearmbruster7902]

In this day of high interest, what you're doing is the smartest thing at this moment. The faster you get that debt down, the quicker you can save monies into the categories you took from. There is no shame in paying off debt - we all gotta do what we gotta do! And you are doing a fantastic job!

[@jennieruiz2989]

You do what you have to do. Can't believe how insane the interest on credit card.you did the right move😊

[@SOFBudgets]

I hear the pain in your voice. I totally understand bc my student loan debt is crazy esp now that interest has kicked in. The monthly payments only touch the surface of the principle and the rest goes towards interest

[@JeanineSmith-y7w]

I had to do this at one point, best thing I ever did...now debt free, best feeing ever.. your doing great

[@lauramacias5135]

You did the right thing for your family

[@MariaCastillo-xn4uu]

OMG Sav I literally on the same page $ 3500 on debt and you are right , I been thinking about it to do the same thing is insane girl good luck I feel you hhuuhgggg let’s do it 💪

[@Brisbudgeting]

Let’s goooo🥳 you’ve inspired me to work harder on getting my debt paid off! You’re killing it

[@c.parker8439]

It's the right move because it's all your money. So, do not charge on the card for the next few months. In making extra payments, let the extra payment be the amount of the interest portion. Good luck

[@lisawilliams2313]

IMP you should never feel the need to justify making your money do what it needs to do. You’re absolutely doing the right thing because you’re credit card is charging you more than the actual amount charged because of interest. When the debt is gone you’ll free up more money to build those envelopes back up! #adulting #great job

[@annewatkins5338]

If you have the money, debt comes first. Don't worry about what everyone says. It's your money. Get video. My extra money always goes to debt.😊

[@Kiesha81]

None of what you did was controversial. I would have cleaned out all of those binders and paid that debt off. It’s only January. You have the rest of the year to build back up.

[@cziegle3794]

Yay top 62 and top 140 comments and likes. Love this channel. Best to you and your family. Thanks for making this video.

[@budgetwithcam]

I did the same thing! I had some money just sitting there so i used it to pay off some debt. Its not all paid off but it felt like the right thing to do, you did what you had to do! Im actually thinking about doing that again to knock out the rest bec youre right, it doesnt make sense to be doing savings challenges when you have debt.