To win our war on debt, we need to know what we are battling.
It has been quite some time since I updated our numbers. The last third of this year has been one thing after another with our finances. Starting with major car repairs, transferring balances and medical bills of over $4300, I knew our debt would go up. Adding to all of that, with Hubs being off for an entire month, we lost a twelfth of our income. Despite that, there are good things. Now with most of our debt being at zero-percent interest, we will see more progress. Hubs again has a clean bill of health, and you certainly can’t put a price tag on that! As for the lost income, it has been a long time since Hubs and I have had an entire month together.
Despite losing some ground, we are still hanging in there. Right now I look at facing the numbers as an opportunity to regroup so that we can get back into attack mode. December will be a month of continuing to keep the enemy at bay but come January; the gloves are off! I hope that the enemy (our debt and Murphy) will realize that we are not giving up! Despite all of the challenges we faced, going forward, we remain positive.
Where do we stand? Our current debt is now at $47,976.89. With a starting debt on (January 1, 2017) of $55,749.69, we have paid off $7,772.80. While not where we wanted to be 11 months into this, it is still progress. Equally, if not more importantly, is that we have made changes in our spending habits. Had we not started on this journey, I feel it is safe to say the needle would have gone the other way.
Looking ahead in December, we should see a reduction of $1,000 or so which would put us close to the $9,000 mark for total debt reduction in 2017. The dust has now settled on our balance transfers which will make an enormous impact. Even with our massive debt, we are now only looking at (cough) about $75/month in interest charges.
Once we have again beefed up our emergency and roof fund, we will be back to full-blown snowballing of our debt.
So there you have it. We have regrouped, and at least when it comes to the debt, we again know the total amount we are battling.
I’m not sure if it is an “end-of-the-year” thing or what, but I love the feeling the hope of a new year brings. No worries, I do not wish away December, but admittedly am eager for the fresh new start that putting up a new calendar brings!