Quarterly Updates

The Beginning: June 2016

Any financial goal involves some form of tracking to follow your progress.  Without it,  how do you know how you are progressing over time.   Rather than clutter my main page with updates to this very mundane process, I have moved all my personal financial update posts here for quick and easy reference.

June 2016 Debt Totals

June 2016 Debt Totals

We made a conscious effort in this journey to get organized and to get out of debt in January 2016.   We didn’t put all of our data together until around June of 2016.   That is where our journey is going to begin.

You can see the whole post here:  Monthly Update June 2016

Here are our debt totals in October 2016

The numbers haven’t changed a whole lot from 6 months prior.  The debt totals crossed the $1,000,000 mark as we tapped the personal line of credit to pay for some left over purchases from the renovation that finally arrived.

October 2016 Debt Totals

October 2016 Debt Totals

We are going to have to make a strong push to the end of 2016 to get back under the $1,000,000 mark in total debt and then will make a big push in 2017 to move some of these numbers much lower.   We will likely use the “Snowball” method made famous by Dave Ramsey and keep rolling up our lowest balance accounts.

Looking Ahead to 2017

Looking ahead to 2017 these numbers should start to get a lot better.   First off, the 0% interest credit card expires in March, and I have some money set aside in savings to pay this off before the teaser rate expires.

We shouldn’t have any planned major purchases in 2017, and we should be able to get the personal line of credit paid off by the end of the year.    Budgeting will likely be our focus for the next 12 months as we develop some processes to make it easier for us to stay on budget.

Debt Totals: March 2017

When you write a blog revolving around your personal finances you open yourself up to a new reality when you share your results with the world.   We set some big goals for repaying our debts, and we have had some challenges staying on track.

Debt Totals in March 2017.

Debt Totals in March 2017. Almost one million dollars in debt still.

The good news is that our debt levels have dipped below the one million dollar mark and I have no plans on going back.

There was some financial juggling this quarter as the 0% balance transfer offer on my Citi Card Account had expired and I rolled the remaining balance over to the Personal line of credit for the short term.   We will likely be using a different 0% balance transfer offer to address the high balance we are carrying on that personal line of credit if we cannot pay it down within the next month or two.

Thanks for following along.

 

 

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