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Monthly Progress Report (#2)



I feel like it’s been ages since I got to really take a look at the progress I made! It’s only been a month but what can I say? I’m excited. I’ve been looking forward to this post since I wrote my initial progress report.

Even though, realistically, I didn’t make all that much progress towards my goals, I made some. And I’m going to celebrate any success no matter how big or small.

We’re now one whole month in, here’s the breakdown of my debt:

Mortgage: $149,600
Car Loan: $9,200
Student Loans: $4,700
Credit Cards: $3,200
Grand Total of Debt: $166,700

My student loan balances

Oh, yeah, let’s not forget the goof I made estimating the amount of money I would need for my home renovations!

Renovation fund requirement: $2,900
New Grand Total of Debt: $169,600

Last month that number was $170,900. Let me tell you, it feels dang good to change that 7 to a 6. I paid off $1,300 in a month. I honestly didn’t know if this number was going to go down much at all, but $1,300 is progress I can be proud of!

Now, let’s take a look at the savings side of things.

Savings account: $2,000
P2P Lending account: $300
Investment account: $100
Grand Total of Savings: $2,400

Admittedly, progress on the savings front wasn’t so great. I increased my savings $150 over the month. I can certainly do better than that but to tell you the truth, as my start date for renovations nears I’m focusing heavily on eliminating the renovation shortage. Hopefully once I clean up that mess I made, I can concentrate more efforts to bulking up my emergency fund.

Whatever you do, don’t do what I did and short yourself. Believe me, it’s just totally unnecessary stress. Stress that is now amplified because I made the first deposit on my renovations yesterday. Don’t get me wrong I’m super excited but I’m also super nervous I won’t be able to find $2,900 in my budget over the next several months.

I’m certainly hoping that February is another successful month. Overall, $1,500 went to improving my financial health during the month of January. Gosh, that feels so good to say! $1,500! If I needed any encouragement to stick to it, this post certainly gave me all the encouragement I needed and then some.

Debt, get ready, I’m coming for you.
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Broke Dolly
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2 comments:

  1. Every little bit counts! That is great that you are able to save AND pay down on debt! We are paying down debt, but struggling to save. It's so frustrating. Keep it up though!

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  2. Thanks for the encouragement! It's hard and it's certainly frustrating at times, but I just want to kick this debt. I do still wish I could save more though. One day! Keep up the good work on your end! Thanks for stopping by!

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