August 2010 :: Report

Debt Reduction

Our goals for August were:

Credit Card Debt    ::  $ 24,319.22
Taxes Owed              ::  $          00.00
Personal Loans        ::  $          00.00

Total Debt*              ::  $ 24,319.22

And here is where we were after 8.31.2010:

Credit Card Debt    ::  $24,442.12
Taxes Owed           ::   $       00.00
Personal Loans      ::   $       00.00

Total Debt*             :: $24,442.12

*does not include school loans

Okay, so we didn’t get all the way to our goal, but we were very close, so I’m counting this as still-a-victory!

Budget

This month wasn’t that bad considering my in-laws were in town for a month. They come down every other year for a month and visit with us, and, before you know it, expenses are up. But, there was a difference this time — we didn’t charge a thing while we were with them. That’s right! We had an additional 6 people at our dinner table and at other functions and we paid cash! That means we slowed down on some of our savings and debt reduction goals, but to be able to do it all without charging: priceless!

Savings

Savings Goals for August:

Regular Savings  :: $     190
Family Leave       :: $ 1,288
Emergency           :: $    707

Total Savings      :: $ 2,185

Where we landed at the end of August:

Regular Savings  :: $   225
Family Leave       :: $  906
Emergency           :: $  688

Total Savings      :: $ 1,819

We had to dip into Family Leave for some family stuff as my husband’s  whole family was in town for the first family vacation. But, we are still building and that is good!

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September 2010 :: Goals

Our goal for September is to pay $689 toward our debt. Taking into account the interest that will be charged ($135) , the net will be $554.

So our totals at the end of September should be:

Credit Card Debt    ::  $ 23,888.12
Taxes Owed              ::  $          00.00
Personal Loans        ::  $          00.00

Total Debt*              ::  $ 23,888.12

*does not include school loans

And now for the Savings Goals – at the end of September, we aim to have:

Regular Savings  :: $    250
Family Leave       :: $ 1,006
Emergency           :: $   705

Total Savings      :: $ 1,961

According to MSN Money, our debt-free date is :: December 24, 2011. I think, however, that we can probably get this wrapped up in, say November or October of 2011.