Some of you might remember that I made it my 2010 resolution to get out of credit card debt by the end of the year.  I knew it was going to be a serious challenge, but I figured that even if I fell a little short, I would still be so close to my goal.

I’ve been incredibly motivated to get out of debt since I started in November, but the 2010 resolution has given me an extra push–more like the eye of the tiger.  Even when I fall just $100 short of the amount I’ve budgeted to put toward my debt in any given month, that makes a difference in determining whether I will reach this goal or not.  When I assess what’s left of my debt at the end of each month, the amount left to pay in December usually grows a little.

Here at the start of June, I am still on track to pull it off.  I should be able to pay off the final total in December with just my wages, which means any money I receive as Christmas and Birthday presents will go to start my Emergency Fund.

I suspect that life will throw me a few surprises before the end of the year, so it may in the end take all of my wages and all of my gift money and even the change I find in the couch, but I will get there all the same.

Related posts:

1. A Very Big New Year’s Resolution
2. Mid-January Update
3. What About Your Student Loans?

I haven’t gone public with just when I think I will be out of credit card debt.  After doing the initial calculations, I figured on December 2011.  I have tables that show the whole timeline and I have since revised them several times so that December became June.

After I got the promotion, I revised them again and I was astounded: my goal of making that last payment changed from December 2011 to December 2010.

I could be out of debt this year.

This is a very grand goal and it depends on three really big challenges:

1. That I continue with gazelle-like intensity. That doesn’t just mean no shopping—that means very little extra anything.  It’s definitely lean living and it’s not as hard as it might seem, but it’s not easy either.
2. That things go according to plan. This means that there are no big surprises or an abundance of small surprises.  I know that things are going to come up—they always do—so this will be more about how I handle them.  For the last year, I let the expenses that come up derail me from making any progress.  I’m determined not to do that this year, but if I lost a job or something, then I could easily be thrown completely off plan.
3. That I have a job this summer. The weird thing about my full-time job is that it’s a regular 9-month position.  I don’t work during the summer.  Last summer, I did work because one of my coworkers was on leave, so I took her place.  It’s quite unlikely that the same will happen this year, which means I will have only my part-time job and the much smaller salary that goes with it.  There are three possibilities: I work only the part-time job, I miraculously get to work both jobs this summer, or I find one or more other jobs to make up for my normal full-time salary.

If the dream scenario plays out, I could actually be out of debt by October.  Otherwise, it would probably be about February of 2011.  So, I’m going for the middle ground, but still pretty dream-like goal of the end of 2010.

It’s going to be a very big challenge.  I figure I will either succeed spectacularly or fail spectacularly, but either way it will be a big success.

Related posts:

1. Update On The 2010 Resolution
2. It’s Going to Happen This Year
3. Dream Shopping and Saying No to Work