December 2009 :: Report

Debt Reduction

Our goals for December were:

Credit Card Debt    ::  $ 38,275.93
Taxes Owed              ::  $    2,771.70
Personal Loans        ::  $          0.00

Total Debt*              ::  $ 41,047.62

And here is where we were after 12.31.09:

Credit Card Debt  ::  $38,195.48
Taxes Owed          ::   $   2,785.66
Personal Loans    ::   $       00.00

Total Debt*            :: $40,981.14

*does not include school loans

Good month in the debt reduction department!!! Our goal was that we would pay $1,260 toward debt, with a net reduction of $898. Our total reduction for the month was $964.  I took 1/2 of my bonus at work and applied it to one of our credit cards, so that accounts for the little extra.


This was a really rough month budget-wise. Part of it was residual moving/new-home costs ($600), some of it was an unexpected and expensive car-repair ($800+), some of it was a housewarming holiday party ($350) and some of it was that my mother was visiting for the first time in three years and we went a little overboard with the dining out.  I’ll write more about it in another post, but the bottom line is that we were over $3,000 over budget. Let’s take a moment and shake out heads in shame. Yeah. We deserve it.


Savings Goals for December:

Regular Savings  :: $    300
Family Leave       :: $ 1,250
Emergency           :: $    535

Total Savings       :: $ 2,085

Where we landed at the end of December:

Regular Savings  :: $       0
Family Leave       :: $  221
Emergency           :: $  205

Total Savings      :: $  426

You remember that extra money that we needed when we went over budget – yup – it came out of our savings, which is a better place for it to come out of than a credit card. Still, this is really embarrassing even if we are glad we had money in savings to cover these issues.


5 thoughts on “December 2009 :: Report

    • Thanks again for your support – it really does help to know that we’ve got people cheering us on out there as we make the tough decisions. 🙂

  1. I think I’m missing something. It looks like from your #s you went from owing $41047 to owing $40981. That’s only like $66 dollars down. AND it looks like you are owing more in taxes at the end of the month than the beginning?? I must be confused.

    ANyways, it sounds like you are really working on this and you have a really solid plan, so I hope it all works out for you! Thanks for letting me read along!

  2. OK. Ignore my previous comment. I figured out that you were using GOALS vs reality, rather than previous month vs this month. DUH. You ARE doing great!! Good for you!

    • Hey Shannon,

      No worries – I have been thinking about a reformat of the blog and a way to make the goals and reports more clear, so your input is helpful 🙂 Thanks for your support!

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