Where the numbers stand.
We did better than I anticipated for August. We are still waiting on those balance transfers to take place. We opened a new account solely for this purpose, and that is what takes longer. The card is already in our possession, not that I felt the need for a physical card as we will never use it for purchases. It was strictly the 21 months at zero percent that we were after.
As for the numbers, I base this report on what is owed, not what is in the pending stage with transfers. I knew it wasn’t going to be a stellar month, but even so, we managed to reduce our debt by $1,026.74. Our total debt reduction for the year now stands at $11,494.98. That is a lot of money debt paid off in eight months!
I’m not entirely sure what September’s numbers will bring. We are working hard at paying off our smallest debt which is now at $3,406.46. We are doing this so we can take advantage of yet another balance transfer offer. By getting all of our remaining debt at zero percent or lower interest rates, we will not only save a lot of money, but it will also help us reach our goal of becoming debt free much sooner. We can absorb the transfer fees to save far more in interest.
What changes did you see financially in August?
Well done! Almost $11.5K in 8 months is great! Though it slows progress down slightly the 0% transfers are a good thing to vanquish the debt faster.
We are working on moving $ around to earn more interest(hahaha!)and getting reimbursement forms in for healthcare premiums today. Then up to the bank to cash in a matured savings bond and get our WAM(walking around money)for September.
It’s still an adjustment here to going from bi monthly paychecks to 1 monthly annuity payment from which to pay the bills.
Sluggy recently posted…Frugal Friday……the September 1st Edition
That is my exact thought regarding the interest. When all is said and done, it will be a good thing! Should have done this months ago. Better late than never.
I like your side of the coin and can’t wait to join you! With as well as you’ve handled your finances, I’m sure you will figure out this too! Congrats on a job well done.
Great job! I have been keeping a tight rein on spending in August and I hope I have enough saved for a spendy September. Knee replacement for him and 2.5 weeks at home, trip to see Mom for me, boy dog starts a training class (his manners are getting horrible without Alpha dad around)
Everything will increase this month with these plans…. utilities, food, fuel, medical, entertainment.
Thanks! You do have a spendy month ahead of you. With knowing that, hopefully you can prevent it from breaking the bank!
YAY! That’s a significant debt reduction – both in this month alone, and over the past few months. Inspiring! I feel like we had very similar Augusts, at least from a financial standpoint. 🙂
Susanne @ The 76K Project recently posted…Ushering Out August: An 8 Out Of 10
Thanks! I’m thankful we continue to head in the right direction. Congrats with your debt pay off as well!
Love those zero balance transfer offers. They helped me a lot! Good luck.
With interest rates as high as they are (even with excellent credit), doing balance transfers makes sense.
You guys are doing so good! My August was to try not to spend any extra than necessary, to save for having the water well dug, and other than buying the little heater unit for our friends garage as a gift to him, for letting us store some stuff, I accomplished my goal of saving.
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Thank you! Great job on accomplishing your goal of saving! Such a nice gesture to buy the heater for your friend. I’m sure it will be appreciated!
You are making great progress!
No debt payments here, but over $3,000 in vet bills in August for our pointer with skin cancer. She’s clear now, so hoping to put cash back in savings for September.
Keep up the good work!
Thank you and congratulations on no debt! So sorry about the expense you’ve had with your pup. Awesome that it was treatable and she is now in the clear. I commend you for doing what you needed to do to take care of her!
You are continuing to do so well! All that debt will be gone before you know it! As far as my August went, I feel like I am not meeting my savings goals fast enough.
Thank you! My goal is to get rid of it ASAP! The sooner the better! Can’t wait to join you on the savings end of things! You are doing great!
I love to see the progress in your report. Keep doing what you are doing and flower will bloom even more beautiful 🙂
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Thank you! I appreciate the encouragement!