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2020 - The Year End Recap

It’s the last day of 2020. Hallelujah, amirite?!

2020 has been an awful, sometimes insufferable, year for everyone. The pandemic has effected us all - I think we’re all ready to move on from the fear, the uncertainty, the isolation, everything.

And on top of it all, it’s been wrecking havoc on folks financially. I’ve been lucky for the most part but it hasn’t been a great year for me. 

Despite my inability to consistently blog, I’ve been at it since the end of 2018. I really can’t believe it’s been two years since I wrote my first monthly progress report on 12/31/18.

Sometimes I’m not the best blogger and I get lax. But I’ve continued to write my monthly progress report every month and track my progress - good and bad. 

I’m happy I’ve stuck with it and I plan to continue doing so. It’s been helpful to see my progress in black and white. It’s encouraged me to slog through at points I’ve felt like it was impossible. 

It’s also helped me realize the importance of effort - sometimes the result isn’t what I’ve hoped for but the fact I’ve tried and continue doing so should count for something. 

In the past, I’ve been too hard on myself for not doing something right the first time. Sometimes it takes a time or two (or five).

With that being said, I think it’s time to look back at the progress I made during 2020. 

If you’d like to check out how I was doing last year at this time, here’s the 2019 Year End Recap.

And for the heck of it: Here's November's progress report.

Ok, I think it’s time to get down to business!

Here's where I stand with my debt:

Mortgage: $170,000
Car Loan: $3,800
Student Loans: $8,950
Credit Cards: $1,850
Grand Total of Debt: $184,600

My student loan balances

That’s $15,300 more than November and $9,300 more than last December. But the good news is those numbers are excluding a renovation fund shortage!

That’s right, it’s time to post this:

Renovation fund requirement: $0
New Grand Total of Debt: $184,600

Ok, so what went wrong? How did I end up with more debt?

Well, my renovations, as you well know by now, went over budget. I refinanced my mortgage to include the overages and closing costs. I also added to my school loans. 

But there is some good news in there too - my car loan is going to be fully paid in the early part of 2022, the end is in sight! And my credit card balances are doing much better than they were this time last year.

One thing is for sure - I’m pretty desperate for that number to go below $180,000. Ugh, it’s just a daunting figure.

I told you 2020 wasn’t a great year for me financially. However now I’m hopeful that I can make some real progress on my debt in 2021.

Moving on to savings:

Savings account: $2,500
P2P Lending account: $150
Investment account: $850
Grand Total of Savings: $3,500

Since November my investment account grew by $100 through market fluctuations.

Overall, my savings has increased $950 this year. It’s not great and it’s mostly due to my investment account but I’m happy with the progress. 

Hey, at least it’s going in the right direction!

For the second year in a row I somehow managed to add to my debt while focusing on paying it down. I’m hoping this time next year I’m telling you a much different story.

I just wanted to close out this post and say that although I’m not happy with how my 2020 turned out, I have no right to complain. I know some people are really struggling financially right now. I know people have lost their jobs, their businesses, their livelihoods. My heart goes out to everyone who has been negatively effected ❤️

It’s time to put 2020 in the books.
Broke Dolly
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