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November 2015 Results

December 4, 2015

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It's the last month of the year! How did I do on my November budget? Check it out here!

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.

2015 Goals:

  1. 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.
  2. 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.
    1. This also includes paying off my 0% interest promotion for my computer by October 2015. – DONE!
  3. Paint and prep home office by April 13. (My birthday!) MUST BE USABLE BY THIS TIME! – DONE!
  4. Attend FinCon15 and pay for everything in cash! – DONE!
  5. 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!
  6. Limit spending on clothing, shoes, and accessories to $500 for the whole year! – Fail – I’m not tracking this anymore.
  7. 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.

Debt Totals:

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

Savings:

10/31/2015 – $693.50
11/30/2015 – $924.87
Difference – $231.37 Increase

Budget:

CategoryBudgeted AmountActualDifference
Saving$20.00$231.37$-211.37
Mortgage$852.13$852.13-
City Bill$115.00$91.56$23.44
Gas Bill$15.99$15.99-
Cable$24.63$24.63-
Internet$49.95$49.95-
Phone$103.30$103.30-
Fuel$50.00$52.04$-2.04
Auto Insurance$101.61$101.61-
Cleaning$90.00$90.00-
Cash Spending$160.00$160??-
Weekend Trip$150.00$150.00-
Eye Doctor$51.00$51.00-
Misc/Shopping/Christmas-$851.89-$851.89
Debt$779.50$729.50$50.00
TOTAL$2,563.11$3,554.97$-991.86
Business Income$2,565.00$3,554.97+$991.86+
Difference$1.89--

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?

It's the last month of the year! How did I do on my November budget? Check it out here!
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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

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16 responses to “November 2015 Results

  1. I’d include the car loan now even though you haven’t been all year. It doesn’t make sense to see your debt without that (I think removing the mortgage is fine.) As a reader, when you report how much debt you paid off this year, I’d expect to see you subtract your current debt from your Jan 1 debt, so if you started on Jan 1 with 20000 (say) and end the year with 19000 (say), even though it’s distributed differently (now you have a car loan and less on the credit cards) you still paid off $1000.

    1. That makes sense. The only downside (which I knew when I took out the car loan) is that by doing it that way I paid off like negative debt this year. The car loan is more than what I paid off this year, so my debt total did go up.

  2. I really need to sit down and write this down each month…looking at numbers give me a headache. I have the total amount of our debt saved in Every Dollar, but it would be good to have something to reference offline. How do you get the chart that you’re using? Is there a widget or something I’m missing out on?:)

  3. It seems like you might be super-organized about the details of your debt, but struggling to take in a big picture view. That’s totally understandable since you switched from a salaried position to freelancing, but now that you’re starting to stabilize grow your income, it’s probably worthwhile to review your financial position (as you did here), and decide what debt will be the first to go, and how long it will take to remove it. Your car loan should be part of the financial picture going forward.

    On the one hand it sucks that you took on more debt, on the other hand, you know you can pay it off soon if you set your mind to it.

    1. I really appreciate your input. It was a big change to go from a salary to a variable income. I definitely need to take that into account and change/update my goals and plan of attack.

  4. I think you can define it however you like since it’s your money and finances. Technically yes whenever you owe anything, you are in debt, but people view debts differently. Some people don’t mind a car loan or mortgage, but hate credit card debt. And a million other ways to view it. I, for instance, don’t love a car loan, but it’s small and the interest rate is really good, so the payment is small. Credit card debt I hate though.

    1. I definitely want to focus on the credit card debt first (obviously because it costs the most in interest). After that I’m not sure if I should focus on my student loan, car loan, or loan with my parents. I guess I should just focus on the credit cards for now and then handle the next step when it gets here.

  5. Congratulations on being financially honest. I can only imagine how hard that post felt to write. Honestly though, everyone has “bad” months when money seems to fly away from you. But I think that the important thing is to prioritize your debt/savings goals. Once you’ve done that, saving/paying of debt each month will feel like second nature 🙂

    Also, don’t feel guilty about your car loan! You obviously made the choice that was best for you and I’m sure you didn’t take it lightly. I recently bought a $2,400 online course even though I’m still in $6,000 of student loan debt, and I’m sure that decision wouldn’t make sense to a lot of people, but for me, it was 100% the right choice and I would make the same choice every single time. I’m sure the same is true for you as well.

    1. Thanks Taylor! It was hard to write but I felt like it was time to get it all out there. I feel better again knowing I’m being 100% honest about things – with myself and with my readers.

  6. You’re doing a great job keeping track of your spending! Personally, I decided to cut down on all my spending this year (i.e. I bought absolutely nothing except the necessities), and I found myself saving a ton of money! It’s so encouraging to regain control over our finances. Good luck!

  7. Way to go with paying off debt! You’re off to a great start!!! So to answer your question as to what you should do about paying off your debt. I’ve got some suggestions. My husband and I have taken Financial Peace University by Dave Ramsey. We have taken or hosted the class 6 times because we believe in the Baby Steps he teaches. There are 7.

    Baby Step #1 is save $1000 for a starter emergency fund and put that in a money market account. Something that is accessible but not too easy.

    Baby Step #2 is pay off all your debts except for your mortgage from smallest to largest. It doesn’t matter the interest rate, smallest to largest. Don’t save any more for your emergency fund until you have completed this step. Stop all other savings even retirement savings until Baby #3 is completed.

    Baby Step #3 save 3-6 months of expenses for an emergency fund. Add that to you baby emergency fund.

    Steps #4, 5 and 6 are all about retirement savings, college savings and paying off the house.

    You should take the class if you can. It’s well worth it.

    I hope this helps.
    Good luck!

    1. Hi Linda, I have taken the course as well so I know the steps he suggests. My question was more about how to treat my car loan when doing my debt updates since I didn’t have it when I started paying off debt and I have been paying on it since March without actually including it in my debt payoff progress. Thanks for taking the time to weigh in. I appreciate it. 🙂

  8. Hi! New to your blog. 🙂 Just one quick question glancing at your budget. Are you participating in a no spend and that is why you didn’t allow for misc? I know it is a personal thing how we “categorize” our spending. My catch-all is “extraneous”. And have you transitioned from full-time work to contract/free lance? We are preparing for a decrease in income as DH is preparing for a career change (from a decent salary to a low salary). Sorry to be so nosy!

    1. I’m not participating in a no spend challenge. My “misc” is included in my cash spending. I allocate some money to spent on whatever I want. I have quit my job and am freelancing full-time. Thanks for asking!

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