Sunday, November 18, 2012
Month 1: Progress Update on "the Mission"
Here we are.. one month after I declared our intent to wipe out our $64,000 of debt before DH and I reach our 30th birthdays - a 53 month mission.
How'd we do? We're down $2,347 which brings us to:
This month we did awesome on repayment despite Hurricane Sandy making a dent in DH's paycheck. DH even accidentally made an additional visa payment, not realizing I had already made one for the month. Score. With Christmas fast approaching, I don't anticipate our repayment will be anywhere near as good for the next couple of months. As I mentioned in our budget post, we allocate just over $1500 per month to debt repayment so anything above and beyond I think we can feel good about.
Our total Christmas budget is $1000 which includes the tree, Santa photos, gift wrap, small christmas charity donation, etc. Some studies have shown the average Canadian will spend about $630 for Christmas so we're doing alright at $500 each. Last year we managed to pull Christmas off for $1200 without going into the hole so this year we'll do the same only with a smaller budget. Side note - we were visiting family yesterday and my sister-in-law mentioned they are getting one of their children an iPad for Christmas. I couldn't help but think that an iPad would be half of our ENTIRE Christmas budget.. not to mention they have two kids so assuming they spend an equal amount on the other child, that would equate to our entire family Christmas budget in two gifts.
So far I have spent $230 and there are 5 pays left until Christmas (DH gets paid weekly and I get paid bi-weekly so we have a pay every week). This means we'll have to fit in about $150/week for the next 5 weeks into our budget.