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12 Month - Debt Payoff Update

December 20th, 2017 at 07:49 pm

Hi, it's been a while again but I decided to post my 12 month review to reflect on the debt progress. Last December DW and I made a decision to live financially healthier lives so that we can achieve goals that seemed really far fetched.

Welp folks, it's been one year already! Can you believe it? Time sure does fly. Smile I'm happy to report in the previous 12 months we have paid of $18,478 in credit card debt. We started at $40,714 and now reside at $22,236. Honestly, the best decision we could have made for ourselves and our family. By January 1, the debt should go down by another $1500 or so since there is one paycheck left in the year.

We are still using YNAB and totally swear by it but I have to admit I do not check YNAB everyday. We reconcile the accounts often enough for us not to get too far behind. Our habits have allowed us not to rely so much on YNAB to keep us on track, being financially healthy is a mental game that can sometimes break you. You just have to keep it going.

On a personal note, February 1st I will be done with my first year of my MBA and my anticipated graduation date is January 2019. DS car took a dump so I sold him my 14 year old Toyota Corolla and we decided to lease a 2017 Honda Civic since I drive 7 miles each way to work. I know the monthly debt payment isn't ideal but boy it's nice to have a reliable car and a year ago we would not have been able to afford it due to the debt and credit scores because of the debt. DW still has her 13 year old car and in about 2 years we will get her a paid in full used car. I took a month off work in October and it felt so nice to have the cash in the bank for all our vacation plans. We used zero credit cards, honestly the best feeling ever. So it's been a solid few months of continued progress both financially and personally.

For 2018 our goals are to finish paying off CC#9, which is slated for end of February. Rather than pay off CC#7 and because it's on a 5 year (3 years left) 0% installment plan we are going to keep the monthly payments of $350 going and then try to tackle the student loan debt and work on starting an emergency fund for ourselves. Rents in our area are increasing rapidly (remember I live in SoCal), we have thought about looking into a home purchase program called NACA. We may take it more seriously around the middle of 2018 depending on how we do with the debt and savings overall.

A huge thanks to the community on this site for the support! I wish you all blessings and prosperity as we come into the new year!

May Debt Payoff Update

May 22nd, 2017 at 12:15 am

Almost at the close of a very successful month with a lot going on but seeing the debt balances go down is proving to be addicting and so influential in our daily decisions.

CC#4 went from $4610 down to $3599 this month. June will be a month with 3 paychecks and if all goes well, I'll have CC#4 paid off by June 30th. Through some forecasting, it seems I should have CC #9 paid off in November.

Funny story...stress from work and grad school led to my decision to start working out. I went to the gym to get a membership ($45/mo) and the only staff there, was on lunch. I waited 10 minutes then decided to come back another day. I get home and look for a mobile app to get started until I go back to the gym to sign up. Well, Nike+ Training Club is a free mobile app that gives you a workout plan catered to whatever equipment you may or may not have accessible to you. I spent this past week using it and absolutely love it! I've decided not to get a gym membership after all.

Lastly, DS graduates from high school in 3 weeks so there has been spending on his Senior year activities (which are costly btw) all cash funded. In addition, he starts his driver's training program this week (he paid for half of it from his car fund), we expect him to get his license sometime in June. I'm really proud of him. He will graduate with credit for 3 college courses (maybe more depending how he did on his recent AP exams) and was accepted into the local state university and will start in the Fall. He has a bright future ahead.

Still going nYNAB strong, it's truly changed our financial picture for the better.

That's it until next month.