Saturday, March 16, 2013

Month 5: Debt Repayment Update


Month 5... where do I start. I thought we were doing well this month but a check in with the numbers says not so much. 

We're down $581 from last month which brings us to:

$58,257

Being the one in control of our finances, this month my mind has been elsewhere as I wrap up my graduate degree. Though our repayment amounts over the last few months have been inconsistent and somewhat under par in terms of our planned debt repayment, we're still very much on track to our goal of paying down $15,000 this year. 

A few other things contributed to our more minimal debt repayment this month like a research trip that ended up costing about $200 and weather days (about 3) and the Family Day Holiday meant reduced pay for DH and less money for debt repayment beyond minimums. 

I did submit our tax return this week using Turbo Tax and it looks like we will be getting back a decent amount which should be reflected in next month's update. Using Turbo Tax, submitting for DH and I ended up costing about $75. Mo commented on last month's post suggesting I check out other free software packages which I fully intended on doing but again - my mind was elsewhere and somewhat regrettably I chose convenience over budget. Last year we had an accountant and paid somewhere between $120-$140 so we've cut that in half this year. Next year our taxes will be simpler, I will have more time, and I will 100% be using the free software. Baby steps, right? 

April will start off with my paycheque reflecting my recent pay raise which will be committed toward debt repayment. So Spring time, here we come!

I'm also really excited to welcome some new readers to the blog. Sarah from Sleeping is for Losers recently gave a shout out to us for "The Mission". Please leave comments/blog links! Lets help each other achieve financial freedom.  


2 comments:

Martina - GetReal Momma said...

Kristy I love how real you are being!!!
We too are on a debt reduction plan...im so happy to say that in the next year the majority of my smaller debt will be paid off (not including the car loan)

It is so satisfying to say PAID OFF!!!!

Kristy said...

Thanks for the encouragement! In our total debt tally we have two vehicles.. almost 10K for one we no longer own but drove for 6ish years and another just over 1K which is left on our van that DH drives that we'll be paying off later this year. Though my financial hero, Mr.Money Mustache, is pretty hardcore about not having car debt, I think if you can be consumer debt free beyond one or two reasonable car payments and a mortgage, you're golden! I haven't included my car loan into our debt calculations, I calculate it as part of our travel budget :) I love tackling the small debt. I agree - so satisfying to say paid off. We'll also be done paying off all of the smaller debt by the end of this year so we'll have to celebrate!