Earlier this year I set some goals for what I would like our debt free progress to look like as we work to become debt free. Paying down $23,000 may or may not seem like a lot to pay depending on where you are in your steps to financial freedom. We just started taking our debt free trip seriously at the beginning of this year. We are just plain tired of paying out an enormous amount of money each month to feel like we’re not making any progress. And to be completely honest, $23,000 is the most we have paid out to debt in a single year. For us, it’s nearly half of our current take-home income. That’s a significant chunk!
So how far did we come in our debt free progress for November?
Mortgage: $500
Student Loans: $210
Credit Card 1: $1,088.85
This is our last debt payment on this card! From here on out, it’s just a monthly balance for our Sunday newspaper subscription, Netflix, and local television channels {which we’re currently discussing cutting as well once the 2 year agreement is up}.
Credit Card 2: $301.49
Car Payment: $264.80
Already over $25,000! At the beginning of the year, I thought making it to $23,000 would be a stretch since we paid just a hair over $20,000 in 2014. But we stuck with it and I’m really happy about the progress we made on our payments this year! While we still have a month to go {and I’m sure we’ll get close to the $27,000 mark by the end of the year}, we’ve decided to focus a chunk of money that would have gone to debt, to savings and holiday focused spending instead. With Bookworm’s concerts this upcoming month, school activities for Monkey, and the increased travel that happens at this time of year, I think it’s best that we have a larger sum of money to pull from rather than getting stressed {especially at the holidays} about where the extra money will come from.
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