Because “Oh crap” moments are not an option.
Now that Hubs and I have a goal to pay off a minimum of $1,500 each month, I realize that I will need more accountability to make sure this happens. I say “I” only because I’m the one who makes sure our creditors receive their money. With Hubs traveling for a living, there is no way he could handle paying the bills. He has enough on his plate with being our primary breadwinner. As long as he sees that we are meeting our goals, he is happy. With that in mind, I realize I can no longer wait to do a monthly update as that could lead to an “oh crap” moment.
Today I took a moment and ran our numbers for December. Since posting our numbers on December 2nd, we have paid off another $1,426.09, bringing our yearly total to $9,198.89. Our total debt remaining is now at $46,550.80. Although our official goal of 18 for 18 doesn’t start until January, I’d still like to see us pay off a minimum of $1,500 this month. I’m pleased to say that it will happen because of an already scheduled payment that will post this coming Friday. No “oh crap” moment for this month!
Another reason for doing a mid-month progress update is that it will serve as encouragement. When it comes to digging out of debt, nothing makes me smile more than seeing the numbers go down! With payments made at different times throughout the month, why wait for an entire month to experience the excitement of seeing the official number go down?
For those of you also digging out of debt, how often do you look at your numbers? What gives you the most encouragement to keep up the good fight? Feel free to share your own successes, and we will all celebrate with you!
I look at them at a regular basis. Not just once a month. I read each statement and try to keep on track.
Rhitter recently posted…On One Less Credit Card Payment
You are doing well with tackling your debt! Keep it up!
We look at our debt numbers every two weeks because that’s when Dear Husband gets paid. In our case the paycheck is simply a reminder to dig into the budget and see that everything’s up to date and any leftovers are going toward debt.
That is a good way of tracking, too! Make those paychecks scream for mercy!
I spend some time looking at our debt and updating our spreadsheets about once a month. I like to wait until all of our payments have posted. Typically, I’ll do this assessment at the end of the month.
I am, however, persistently obsessive about tracking our spending. I assess this almost every day.
The 76K Project recently posted…The Connection Between My Mental Health and My Debt
Between tracking what you are spending and updating your spreadsheets, that gives you a clear picture of your financial health. Until a year ago, I was one of those clueless people, just taking it check-by-check. In 2018 I also hope to do better with tracking every dollar we spend. I know we’ve had some slip through the cracks.
We have been out of debt for a while. Constant checking of spending on everything and deferring wants were the key.
We also used balance transfers, no eating out, no spending days, purchased everything at the lowest possible price, turned off the heat (easy in CA), strictly adhered to a budget and constantly checked our progress. The little expenses really can screw you up if you don’t stay on top of the spending.
We used the opposite of the envelope system. The only cash we had was our spending $. Anything that was not in our budget could only be purchased with cash. Everything else was autopay from our checking account or charged to a credit card that was paid off WEEKLY.
To this day, I look at my budget at least once a week. I update any spending on credit cards and remove that $ from the available to the spent category. We stopped buying what we could not afford.
I am maxing out my 401k deferrals, we paid off our car, we are making extra payments on the house, we have our three month emergency fund, we are charitable, and we are saving money every month. It feels great. My husband is out of work due to an injury, but we are still okay.
You will get there.
Congratulations on a job well done! I do believe that watching every dime is imperative. I cannot wait to get to where you are, and I know we will!
Impressive, Patti!
Gives hope for the rest of us!
I am looking forward to the new year with new goals. This is going to be e big year for us if all goes well. You are doing great! 1500.00 is a not to shabby number to be throwing at debt.
I’m excited to see what the new year brings you too. You have done an amazing job in 2017.
Keep hanging in there, Lucy. Your hard work will pay off, I know. Merry Christmas to you and yours.
Thank you, Chris. Merry Christmas to you and your family, too!
Wow! Rock on, Lucy!! Can’t wait to see what 2018 brings
Thank you, Patti! I am beyond eager to bring in 2018!