I’m back at it today, playing with the pesky numbers. Before I delve into all what’s on my mind, let me first give a mini update as to where we currently stand with our debt payoff. As the usual, not a lot of change in the first half of December. We paid another $600 towards Citi, bringing it down to $4,200. Our Visa remains at $8440.44 as the statement closing date is later in the month. For those who dislike math, our total owed is now $12,640.44.
Now to those pesky numbers. This month we will pay off another $600 to Citi, and our Visa will receive $200. With factoring $50 in interest, we will finish the year at right around $11,890. Here is where it gets interesting, or at least in my world it does!
We started the year owing $46,408.39 which would mean if we finish the year as planned, we will end up with a total payoff of $34,518 for 2018. I’m sure many of you number nerds see where I’m going with this.
I would like to see our debt payoff for 2018 reach $35,000. The question, however, is can we make it happen?
There are a few things to consider. Hubs has requested his remaining vacation pay, which should be on the last check of the year. I say *should* because he had asked to receive it on his first check in December. Hopefully, they get it right this time around. Although it is nice to save the vacation time (kind of like money in the bank), holiday and vacation pay is based off of the previous year’s earnings, so cashing it out is the smart thing to do.
Another thing of consideration is that Hubs is taking a well earned week off between Christmas and New Years. While time off isn’t entirely out of the norm as he does come home every month (hey, he does live here!), I always like to look ahead to the paycheck that will follow the time off. Yes, irregular income is not without challenges!
Adding to the pesky numbers is that my car gave me some trouble starting yesterday. Once I got it started, I had no more issues.
While I really want to reach that $35K number, I feel the smart thing to do is to hold back some funds and continue as we have been. Yes, we have an emergency fund. As of today’s post, we are right at $2,000. But just because we have it, doesn’t mean I want to use it!
One of the things I have also been working towards is having more “slush” available in our checking accounts to cover repairs and other unplanned necessary expenses that come up. I know that some people keep line items for things like maintenance, car replacement, etc. Until we finish paying off our debt, I prefer to keep things as simple as possible with two savings accounts and two checking accounts. As for the “slush,” no worries there as we do use cash envelopes for our day-to-day expenses.
With a little over two weeks remaining of this year, it will be a little bit of a wait and see kind of thing whether or not we can reach that $35K number. If we don’t, it isn’t the end of the world. The debt is still going down, and no matter what, except for our mortgage, we will part ways with it in 2019.
Well, if you have to hold it at 34,518 for the year, it’s still like paying off 35k if you round to the nearest 1000.:-) Hope your car doesn’t act up again. Tell it to behave!
Priscilla Bettis recently posted…“It was dark.”
You are right and that is a good way to look at it!
Oh my gosh!! I am so glad that I found this blog!! I am so there!! It’s December 29 and I had to pay my copay at my Doctor’s office yesterday in quarters!! And I’m almost 50 years old!! I figured out the other day that I have been working for 30 years and have made over $250,000 and have nothing to show for it but a house full of crap!! It really hit me hard the other day when my adult son took a gift card for a return rather than allowing the money to go back on my debit card and give him the money. When I asked him why he said, “you’re overdrawn.” The shame I felt in that moment was so painful. I would say that was my rock bottom.
I have been searching for good budgeting, money saving, and personal finance blogs. All I seem to come across are blogs of 20 somethings trying to save to retire at 35. I’m like “that ship has sailed.” I need someone to help me stay motivated to not have to pay for my gas at the end of the month with money from my son’s piggy bank, never mind retiring any time soon! I guess it’s a good thing that I love my job! As it looks now, I will have to work until the day before I die.
All this to say, “thank you, thank you, thank you!” I will be joining you on your journey to inspire me on mine.
Your comment is one of the very reasons I decided to blog about my journey. Yes, we are getting a later start than most but it doesn’t mean we can’t turn things around. Trust me when I say you are not alone. At our age talking about money seems to be a big taboo. I so wish others would come forward so we can all fight this together! I’ll be here to encourage you. You can do this!