March 2009 :: Report

Debt Reduction

Here is what our goals for March were:

Credit Card Debt  ::  $47,682.03
Taxes Owed           ::   $   5,447.78
Personal Loans    ::   $   5,450.00

Total Debt*            ::  $58,579.81

 

And here is where we were after 3.31.09: 

 

Credit Card Debt  ::  $47,843.02
Taxes Owed            ::   $   4,817.70
Personal Loans    ::   $   5,450.00

Total Debt*            ::  $57,638.82

 

Our goal is that we would pay $3,000 toward debt, with a net reduction of $2,580. We were actually able to pay more and our net reduction was $3,500!!! We had to use two of the credit cards – one for books and one for groceries when the cash flow was low in the account. I guess we should probably address that in extra payments next month.

Budget

We spent $192.29 more than we had budgeted (the $425 car repairs are responsible for that), but we had $652.51 more in income than we planned, so we came out okay. And if we hadn’t had the car repairs, we would have underspent our budget by over $200. This gives me great hope for future months. 

Savings

We had hoped to have about $200 in our savings account at the end of the month from the Bank of America “Keep the Change” program, but we had to transfer that money into our checking account to make sure that we stayed in the red. There is always next month!!! Guess it’s time to start working on those goals.

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