Just for fun, I found our balance sheet from 2005 the other day. We had an oppressive $2,000 in credit card debt (I look back and laugh!), but my husband has felt like our adoptions got us in such gigantic debt.

In actuality, it was our cars! (Which came along, long before the kids!). I was archiving files the other day (and had nothing else to do with my free time) so created a month-by-month balance sheet of assets and liabilities going back several years–and was able to show my husband this… which just might save the prospects of more kids in the family–but next time, I won’t start until I’ve saved up enough for travel and legal fees, just for his peace of mind.

The debt snowball has been my key to winning as well. In the long run, yes I will end up paying more for interest charges by not paying off the higher interest rates first but by knocking out those smaller debts really gives me the confidence I need to keep going. Looking at my balance sheet and seeing 0’s makes me feel so much better and think I can really do this. I have my numbers plugged into a debt snowball worksheet and try to stretch myself into paying just a few dollars extra per month (by asking for a raise, selling things I no longer need, blogging, saving on food/going out) and see how that shortens the number of months I’ll be in debt. Even 5 or 10 bucks can make a huge difference.

And by forcing myself to live on a thin budget and pushing so much towards debt repayment I am realizing how much I can live without and thinking to myself where I will put that money once its all over.