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.