Sunday, August 1, 2010

The final budget update - 12 months of hard work!

A few days ago I posted about how far we'd come in getting our debt paid down.

So here is the final listing of balances for the last twelve months (and this is just consumer mortgage in these figures):
09/09: $22058.63
10/09: $26704.15
11/09: $25712.43
12/09: $24485.66
01/10: $24658.07
02/10: $23569.55
03/10: $22456.59
04/10: $21101.42
05/10: $19588.84
06/10: $18856.25
07/10: $17591.38
08/10: $17077.91
09/10: $16202.50

So from high point to low point, we've paid off $10501.65 - a LOT of debt (and a lot of worry and angst gone too).  BUT just one month prior to tracking all this - we still owned a motorcycle.  It was Brian's "other woman" and he loved that bike.  It was a Suzuki Boulevard M109R and we owed probably $10K on it.  In a matter of a few hours, Brian decided to put it on Craigslist, listed it, got some interested buyers and it was sold less than 24 hours later.  Brian has said that if he hadn't gone so quickly he might have never sold it.  But that huge step for him lopped $10K off our debt almost immediately.  So, let's look at that as more like $20K that's GONE forever.

Plus...we've paid CASH for things like:
Dr Johnson - $1000.00
St Vincent - $521.48
Arnett - $389.40
LeeAnn's dance lessons - $285.00
Clarian Arnett - $782.04
roof repair - $800 (appx)
Brian's short term disability (had to use some extra cash to "make up" his paychecks) - $200.00
Giving to someone who really needed it - $162.80
Witham Hospital - $212.77
Burgett Eye Care - $90.00
St Vincent Physicians - $50
St Vincent - $73.14
Anesthesia of Indy - $91.83
Johnson and Deitch - $247.39
Creekside OB/GYN - $25.60

Which totals up to $4931.85 - another LARGE chunk of cash.  Depending on how you look at it (I look at it without the motorcycle debt - it was gone before I started tracking), we've paid off and paid in cash $15433.50- plus we saved (and still have) the $1000 baby emergency fund when we first started. 

Now, there could be some miscalculations - I could have added one thing too many (although I tried very hard not too) or not added enough (which I don't think I've missed anything) but really?  Really!?  Just over $15K in 12 months?  That's like 1/4 of our income! 

It couldn't have been done without the knowledge we learned in our Financial Peace University class (if you haven't taken one - do it!), the committment that we made to each other and ourselves and a lot of hard work (both actually at work and at home). 

Want to know how we did it?  Let me know - I'd be glad to share our story!

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