Week 4 - Drilling down the debt

I'm starting my fourth week into this venture. Last week I only got 12 hours overtime, so I was only able to throw $350 towards my credit card debt. I'm down to $1,800. Pretty good for being at $3,500 three weeks ago.

With all my overtime this week and collecting rent at the end of this month, I should be able to throw another $1,000 towards my credit card debt, which will bring it down to $800 by next Thursday. 

This Saturday I'm heading to Atlantic City for the day just to unwind. By Friday night I'll have 28 hours overtime and I'm already exhausted. I just need a lazy and relaxing day on the beach with a cooler full of Coronas. I'll probably swing by the library and grab a book to read too.

I can't wait to start dumping my overtime into savings towards my goal. There's already been many missed social opportunities because I'm working all these hours, but I'm focused and can already see my vacation home as a reality. It'll be worth it.

Getting rid of the debt first

So before I start piling money away for the down payment on this thing, I need to clear out my credit card debt first. There isn't really a point to saving a large some of money when I still have high interest debt.

As of two weeks ago I had approximately $3,500 in credit card debt. Between my paycheck last week and today's check, I've worked enough to get it down to $2,150. I should be able to knock the rest of it by the end of June, or the first week of July at the latest.

Then let the saving begin!

Getting Started

It's official. I've decided to work as hard as I reasonably can to save up enough money to purchase a vacation home at The Ritz, Atlantic City. The Ritz is a 320 unit condo building that sits on the Boardwalk in Atlantic City at Iowa Avenue, next to the Tropicana Hotel and Casino. I've always wanted a place down the shore, and Atlantic City is less than an hour drive from my front door.  I love visiting Atlantic City, and a unit at the Ritz is within my budget. Walking out my front door onto the sand would be a dream come true for me.

I would like to go into this investment with at least $40,000 cash. I am estimating a period of two years to reach this savings goal. I plan to reach it by saving all of my overtime money from work, and all of the rental income my roommate gives me. I'll be limiting my time going out to eat and drink as well.

I'm starting this online journal to share my progress with anyone who cares to follow it, in hopes that if I begin to stray from my goal that friends and family will give me encouragement to stay the course. This will be hard for me because I have always enjoyed going out socially and spending way too much money on food and drink.  With a little discipline and willpower, hopefully these two years will go by before I know it. Wish me luck!