Summer flew by and school starting in July threw me off track. I just realized we’re over a week into August and I haven’t updated the numbers. Quick rundown:
Our combined May/June updated debt and savings amounts:
- Starting Debt: $76,733.22
- Starting Savings: $16,210.85*
*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
As of August 8th, our debt and savings are currently:
- Current Debt: $75,945. 03
- Current Savings: $16,600.00
- Credit Cards: $8,054.85
- Mortgage: $58,480.90
- Auto Loan: $9,509.18
We made a little headway this month, far better than May/June that’s for sure. As long as ‘Murphy’ cuts us some slack the next few months, I think we can continue making progress.
- Debt decreased by $788.19 (including mortgage)
- Savings decreased by $1,244.39 (including investments)
Minimal progress, but I’m happy with it after the last couple of months. We didn’t add any debt, that’s always a plus. My only concern right now are DS2’s medical expenses. We’re still awaiting bills for various appointments.
I’m a bit at a crossroads with savings. My goal was $17,500 for the year. We’re only $900 away. With an average of $110 per paycheck going into savings automatically, and only 10 paychecks left this year, that means we’ll hit our goal in December.
Should I change this up? Put that automatic deposit towards debt for the rest of the year? That would knock off $1,100 before January 1st, but delay the end goal for savings – which amounts to 12 months of living expenses. Thoughts?
All the numbers on my debt progress page have been updated. How did everyone else do with their debt payoff and/or savings for July??