One Million and Beyond

The Financial Baby Steps Continue

By Matt - Tuesday, September 22nd, 2009

In my last post a little over a month ago I talked about maintaining focus on debt through baby steps and although I haven’t been posting I have managed to maintain this attitude and approach for the most part. I fell off when it came to the posting because of a great many reasons most of which are not really all that relevant on a Personal Finance blog but what I have managed to do is to keep making the small dents in the debt. Today I updated the little tracker that shows how much credit card debt I have and over the couple months that I’ve had that in place I’ve managed to reduce my debt by $585. While this isn’t a huge amount when compared to the full amount it does show continuous progress.

In addition to these small baby steps in repaying my debt I’ve also managed to set aside a little over $500 in a mutual fund account. Again this isn’t quite enough in case something came up and I needed the money it is a baby step in the right direction. For years I’ve managed to save absolutely nothing and now I’ve got a few hundred dollars invested in a mutual fund and this will continue to grow.

Seeing the results of these baby steps over time can be really motiviating (at least it is for me). Less than two months ago I had nothing saved and had more consumer debt than I do now. Just seeing these small successes and seeing them add up makes me realize that yes the debt is fairly large but it can and will be tackled. The best part of these successes is that I didn’t make any huge adjustments to my lifestyle or any sacrifices just a few small changes. Now I’m confident I can make a few more changes to continue the baby steps and speed up the process of saving and debt reduction.

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