To win our war on debt, we need to know what we are battling.
It has been quite some time since I updated our numbers. The last third of this year has been one thing after another with our finances. Starting with major car repairs, transferring balances and medical bills of over $4300, I knew our debt would go up. Adding to all of that, with Hubs being off for an entire month, we lost a twelfth of our income. Despite that, there are good things. Now with most of our debt being at zero-percent interest, we will see more progress. Hubs again has a clean bill of health, and you certainly can’t put a price tag on that! As for the lost income, it has been a long time since Hubs and I have had an entire month together.
Despite losing some ground, we are still hanging in there. Right now I look at facing the numbers as an opportunity to regroup so that we can get back into attack mode. December will be a month of continuing to keep the enemy at bay but come January; the gloves are off! I hope that the enemy (our debt and Murphy) will realize that we are not giving up! Despite all of the challenges we faced, going forward, we remain positive.
Where do we stand? Our current debt is now at $47,976.89. With a starting debt on (January 1, 2017) of $55,749.69, we have paid off $7,772.80. While not where we wanted to be 11 months into this, it is still progress. Equally, if not more importantly, is that we have made changes in our spending habits. Had we not started on this journey, I feel it is safe to say the needle would have gone the other way.
Looking ahead in December, we should see a reduction of $1,000 or so which would put us close to the $9,000 mark for total debt reduction in 2017. The dust has now settled on our balance transfers which will make an enormous impact. Even with our massive debt, we are now only looking at (cough) about $75/month in interest charges.
Once we have again beefed up our emergency and roof fund, we will be back to full-blown snowballing of our debt.
So there you have it. We have regrouped, and at least when it comes to the debt, we again know the total amount we are battling.
I’m not sure if it is an “end-of-the-year” thing or what, but I love the feeling the hope of a new year brings. No worries, I do not wish away December, but admittedly am eager for the fresh new start that putting up a new calendar brings!
You have made fantastic progress this year! Ups and downs be damned in your world…keep plugging along and may 2018 be happy and prosperous for you and your hubs!
Thank you! Had to laugh at your saying “ups and downs be damned.” I think that so often! Yes, indeed, let 2018 be happy and prosperous for us all!
You have done great! I can relate to the ups and downs. I’ve added debt, but I did not let it get to me. Things will be much better in 2018 when I am no longer living at my cousins. I will have control of EVERYTHING!
Rhitter recently posted…On Update on My Daughter and the Family
I have good feelings for 2018 for all of us. I think you moving out of your cousin’s place will be such a positive move. Time to kick some butt with our debts!
You paid off quit a bit this year, congratulations! And you were amazing at bringing your monthly interest down. I’d call that a successful year, and it’s inspiring to your readers!
Thank you! I view getting the interest down as a huge accomplishment. I am sure it will help immensely in kicking our debt to the curb.
I hate it when things go awry with finances. At least you have a plan.
Practical Parsimony recently posted…The Bearer of Butter and The Comrade to Catsup
I agree. It is probably a good thing that I’ve always enjoyed a challenge.
Tis why they call it a journey, right? The bumps drive me crazy too. But you are doing great. I need to beef up the EF. That’s one thing I need to work on beginning of 2018.
It certainly is a journey! I’m hoping for a much smoother ride for all of us in 2018! Excited to see what the year brings!
You guys are doing so well! I look forward to watching you continue to crush the debt in the new year.
Thank you! We still have a long way to go, but we will get there. I am enjoying your journey and rooting for you, too!
Progress is progress and just changing your spending habits will have a huge effect on next year. Trust me!
Thanks, Kim. I am excited to see what the 2018 brings!