Wow! It’s basically the end of December already. Although the month is not technically over yet, I already have all of my numbers finalized as far as my December budget and spending. I wanted to share this with you right away because something excited happened:
I paid off a credit card early!
I had to take on additional debt this fall in the form of a new 0% interest promotion for 6 months in order to pay for new tires for my car. I thought I’d pay if off just in time for the end of the promo period in March, but I just paid it off 2 days ago. Woot!
Plus, my total debt decrease was the highest it has ever been!
In addition to putting an extra $458.53 on that credit card to pay it off before the end of the year, I also put an extra $200 in my emergency fund in December.
Now for a look at my budget and goals.
- Increase emergency fund savings account to $1,500. – Fail – I didn’t make this happen, but I am happy that I put $200 extra in there in November and $200 extra in there in December. At this rate, I should have this goal beat shortly into the new year.
- Demolish $5,000 worth of debt (principal). This works out to $416.67/month. ($5,000 goal includes mortgage debt pay down.) – Fail – Not sure how to handle this since I took on my car loan. I’m going to call it a fail, but it’s ok because I have a new chance to meet my debt goal in 2016.
This also includes paying off my 0% interest promotion for my computer by October 2015.– DONE!
Paint and prep home office by April 13. (My birthday!) MUST BE USABLE BY THIS TIME!– DONE! Attend FinCon15 and pay for everything in cash!– DONE! Quit my full-time job by December 31,2015 to freelance full-time. (I may pick up some additional hours at my part-time job to help make ends meet for a while.)– DONE! Limit spending on clothing, shoes, and accessories to $500 for the whole year!– Fail – I’m not tracking this anymore. Get rid of more books throughout the year than I get. – Pass-ish? – I got rid of a ton of books in my garage sale. I have only gotten 2-3 new books this year.Even though I’d call this a pass, I haven’t been tracking this for a while.
11/30/2015 – $148,127.92 all debt
$34,262.83 without mortgage
12/31/2015 – $146,742.81 all debt
$33,097.68 without mortgage
Difference – -$1,385.11 all debt
-$1,165.15 without mortgage
11/30/2015 – $924.87
12/31/2015 – $1,151.15
Difference – $226.28 Increase
As happy as I am about my successes in putting extra toward debt and savings this month, I still can’t believe I spent over $900 on stuff that wasn’t in my budget. That is definitely something to work on for January.
How was your December?