January Debt Update

My payments have all posted!  If I can get in the groove of this blogging thing, I’d like to do a debt update on the last day of each month.  Trying to figure out a posting schedule that works with my life and Type A personality.  On to the numbers….

At the beginning of January I posted our beginning debt and savings amounts:

  • Starting Debt: $71,372.24
  • Starting Savings: $15,464.11*

*I’m only accounting for our regular liquid savings account.  Not the apps, investments, or Digit.

I laid out all of our current credit card debts in this post here.  That post also briefly mentions our mortgage on a rental property that is just under $60k.

  • Starting Credit Cards: $11,186.44
  • Starting Mortgage: $60,185.80

New Numbers!!

As of January 31st, our debt and savings are currently:

  • Current Debt: $69,774.88
  • Current Savings: $15,623.79

January breakdown…

  • Credit Cards: $9,823.10
  • Mortgage: $59,951.78

We increased savings by $159.68 and decreased debt by $1,363.34.  My goal is to boost our liquid savings account up to $17,500 this year.  This would cover a years worth of monthly expenses for us (excluding rental property.)  I know the pros suggest 3-6 months, but we’ve hit hard times before, and 3-6 months was not enough.

I was able to put $264.23 in snowflake payments towards the credit cards this month.  Ideally I’d like to do $400 extra, but I’m happy with this amount since it was basically just “found money”…

  • $78.78 – I closed out 2 old ING/Cap360 accounts.
  • $40.00 – DH emptied his unused ING/Cap360 account.
  • $145.45 – I transferred from my personal Paypal account.

I have several items listed for sale locally.  Hoping to move some things this month and make some extra cash.  I think March may be better for local sales.  Seems like the IRS is withholding refunds until the end of February this year.  Once those refunds start to hit, I’m sure we’ll see an increase in sales all around.

Overall I’m happy with our progress for this month, as it was a hectic month personally.  I’ve updated my sidebar and debt progress page with actual credit card numbers as well.

How did everyone else do with debt reduction and savings for January?

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This entry was posted in Debt, Goals, Monthly Update, Savings and tagged , , , . Bookmark the permalink.

3 Responses to January Debt Update

  1. Kyle says:

    That’s some awesome progress for your first month!! Keep it up!

    Like

  2. Pingback: February Debt Update | Intrepid Debt Blog

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