August 2009 :: Report

Debt Reduction

Our goals for August were:

Credit Card Debt  ::  $40,806.70
Taxes Owed          ::   $  3,509.00
Personal Loans    :: $  5,000.00

Total Debt*            :: $49,315.71

And here is where we were after 8.31.09:

Credit Card Debt  ::  $40,893.90
Taxes Owed          ::   $   3,517.34
Personal Loans    ::   $       00.00

Total Debt*            :: $44,411.24

*does not include school loans

Our goal was that we would pay $2,000 toward debt, with a net reduction of $1,527. Our total reduction for the month was $6,431!!! Now, $5,200 of that was forgiven debt, so our net reduction is $1,231, which isn’t too far from our goal! It feels SOOOOOOOO good to have this big chunk removed from our future!

We haven’t made the adjustments to our starting numbers, yet, but we are excited that we have reduced a minimum of $16,937 in the last 6 months!!!

Budget

We did much better on the budget this month that in previous months – while we were still over in some specific budget categories that continue to be a concern (personal care, food, electricity, gasoline, home repair), we were only ~$350 over our monthly budget. That’s $1,000 better than last month and we’re really tackling the food budget issue – we were only $120 over that this month, which is much better than the $500+ of months before.

Savings

Savings Goals for August:

Regular Savings  :: $  240
Family Leave       :: $  325
Emergency           :: $  535

Total Savings Goal  :: $ 1,100

Where we landed at the end of August:

Regular Savings  :: $  262
Family Leave       :: $  331
Emergency           :: $  397

Total Savings      :: $ 990

We’ve got $990 in savings this month, up $298 from last month. We’re about $100 short of where I wanted to be, but that is because my credit union hasn’t credited me my $100 for opening the account 3 months ago – I’ll need to follow up with them. However, to have close to $1,000 in savings is so significant for us – we’ve never been able to say that before! How exciting!

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