Ok guys, since I decided to be financially honest with myself and you guys this past month and admitted that I do have a car loan that I never reported to you when I took it out in March, my debt numbers below look a little weird this month.
Although my debt total is higher than what I had previously been reporting to you because I hadn’t including my car loan, I did still have a debt decrease in November even though it might look like it went up from $131,651.16 to $148,127.92. In reality, I had a debt decrease of $716.91 all in with my credit cards, loan with my parents, student loan, mortgage, and car loan. The numbers reported below are only showing a decrease of $509.51 which is my mortgage, student loan, parent loan, and credit cards.
My main focus is still on my credit cards, parent loan, and student loan. After that I will be focused on my car loan and then finally on my mortgage.
Because I took on more debt in March from my car loan, I’m not really sure how to track my goals this year as far as debt payoff. I might make my goal of $5,000 principal reduction of my mortgage and other debt if I don’t include the increase I took on from my car loan. On the other hand, a car loan is still debt and will still have to be paid off. It’s not something that can be ignored.
While I never told you that I took out a car loan in March, if you look back you’ll see that my debt payments/month went up about $250 and yet my reported progress didn’t really reflect that. That’s because that $250 ($248 to be more exact) is my monthly car payment. I was reporting that $250 in my budget spending but I wasn’t showing the progress I was making with that payment.
How do you guys think I should handle these things? I don’t want to give myself a big pat on the back for paying off $5,000 of mortgage and other debt when I really took on more debt from my car loan…
On a happier note, I did put an extra $200 in my emergency fund in November. I don’t know that I can make my goal of finishing the year with an emergency fund of $1,500, but I should be able to hit at least $1,000 for sure.
- Increase emergency fund savings account to $1,500. – Pass-ish – I don’t know that I’m going to make this goal happen. But I did put $200 extra into my emergency fund in November.
- Demolish $5,000 worth of debt (principal). This works out to $416.67/month. ($5,000 goal includes mortgage debt pay down.) – ??? – Not sure how to handle this since I took on my car loan.
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’m not tracking it anymore.
10/31/2015 – $131,651.16 including mortgage, without car loan
$17,566.71 without mortgage
11/30/2015 – $148,127.92 including mortgage and car loan
$131,141.65 including mortgage, without car loan
$17,276.56 without mortgage and without car loan
Difference – -$716.914 including mortgage and car loan
-$509.51 including mortgage, without car loan
-$290.15 without mortgage and without car loan
10/31/2015 – $693.50
11/30/2015 – $924.87
Difference – $231.37 Increase
Wow guys! I knew I had spent some extra money this month, but I didn’t realize it was that bad. When I went out-of-town to visit my friend I bought most of my Christmas gifts for my friends and family. I also bought a couple of things for myself – namely a couple of pairs of PJ pants. The rest of it I’m not even honestly sure what I spent it on. Yikes!
How was your November?