July Debt Update

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

New Numbers

As of August 8th, our debt and savings are currently:

  • Current Debt: $75,945. 03
  • Current Savings: $16,600.00

July breakdown…

  • 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)

Overall…

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??

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

3 Responses to July Debt Update

  1. Lucy says:

    If your credit cards come with any amount of interest, I’d wipe them out with your savings.

    Like

  2. Pingback: August Debt Update | Intrepid Debt Blog

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