Today is the end of the month, and I am pleased to say we have officially reached our 2018 goal a full five months early. For those who may have just stumbled across A Dime at a Time, our goal was to pay off $18,000 in 2018. Having reached this goal does not mean we can kick back and become lazy. Sadly, we still have a lot more debt to go. Goals are important, hence the reason we set one. Our new goal is to get our debt below $20,000 before the new year rolls around. Yikes-we have our work cut out for us!
As for the numbers, here they are.
1-1-2017 $55,749.69
1-1-2018 $46,408.39
7-31-2018 $28,389.43
To spare you the math:
Our total debt reduction for this month was $1,583.42
Our total debt reduction for 2018 is $18,018.26 (no, the extra 18 was not planned!)
Our overall debt reduction since our start in 2017 is $27,360.42
And the breakdown of what we still owe:
Discover (The Beast) $7,150 (0%)
Car $5,635.45 (1.99%)
Citi $6,580 (0%)
Visa $9,023.98 (5.99%)
While I am beyond thrilled at reaching this milestone, what I am most excited about is cash flowing almost $5K for our driveway. Yes, we borrowed from ourselves in that we used sinking funds earmarked for other upcoming expenses, but still, we made it happen. Better to borrow from ourselves than add to our debt. Additionally, we cashed out some of Hub’s vacation and also sent less to our debt.
As to how we will recoup the money for our sinking funds, we are already working on it. Hubs has a quarterly bonus that pays out on Friday. He is also not coming home this week as he originally had planned. Boohoo on that, but he is doing what is necessary to get us back on track to reach our goals. I also have some extra work coming, which should bring in another couple hundred or so. Having larger consistent paychecks is also helping our finances.
So, how was July for you? Did you meet your goals or having any other wins? Keep plugging along. We can do this, A Dime at a Time!
Congrats on the 18k and cash flowing the driveway, and good luck on the 20k! We made our July extra-debt payment goal, barely, but hey, barely counts!:-)
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Congrats! And yes, barely counts!
Killing it! 8-)))
Now if you were to keep up this pace….$2574.03 per month, you could beat down another $12,870.15 by the end of the year so yeah, another $8,389.43 is VERY doable….with your eyes closed and standing on your head maybe? Lol
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Thanks, Sluggy! I knew someone would do the math. It just dawned on me that I was wrong. We hit our goal FIVE months early, not four! (yes, I updated my error). Hmm, does this change your math? Now I’m feeling a bit better about our new goal!
Congrats on meeting your years goal in just a bit over half a year! That is amazing.
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Thanks! As I mentioned in my reply to Sluggy, I was off by a month! We hit our goal 5 months early! Woohoo!
WOO HOO – you are ROCKING this!!!! I’m just in awe – I have no doubt you will get to that $20,000 by the end of the year – NO. DOUBT. AT. ALL.
Thanks, Sue. One way or another, we will do it. I hate our debt so much I CANNOT wait until it is gone for good!
well done on meeting your goal early! its a good feeling
Thank you! It is a good feeling!
Holy moly… You are CRUSHING IT. To see that much progress in that timeframe is really inspiring. Great work!
We’re a bit over budget for July, but overall we did what we said we were going to do this month. We backed off the debt repayment and had a little break. Goal for next month: fully fund the emergency fund. Then it’s back to business with paying off debt!
The 76K Project recently posted…Winning, July 2018 Edition
Thank you! I’m amazed we have done so well. Certainly far better than last year!
Considering you took an awesome trip, I think you dd well in July. I’m eager to read about your plans for funding your emergency fund!
Congrats!!! You nailed it!!!! It’s exciting to watch all of your progress.
Thanks! We still have a long ways to go, but considering where we started, I feel super excited with our progress.
Fantastic and Congratulations! You GOT this!
Thank you!
Congrats!!! I am so proud of you!!
As for me.. I wanted to be able to kill one of my cards.. MISSION ACCOMPLISHED!
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Thank you, Rhitter! I am equally proud of you. Woohoo. We are both rocking this!
You are crushing it. Sorry your Hubby isn’t coming home as planned. Just remember that your debt will be gone soon so a few sacrifices now will make it gone that much sooner. We hit all of our financial goals this month. We have been saving up for our new driveway and works starts the end of the month. I can’t wait. My completed July goals are here: https://mcoia.blogspot.com/b/post-preview?token=6VQg_GQBAAA.S4TP28EoGtaTqDnSaJ8f9soPgXepl7MuNOqHAMVu80bzhH2OWuz3RC3CPkrwj7hphzb4cLOvxfZ0U-rgOaYfhg.XBVV4W9Gdi__Xo2Xi5VzuQ&postId=8815665080128225786&type=POST
Thanks. As Dave Ramsey always says, live like no one else, so you can live like no one else! Congrats on meeting your goals. I look forward to seeing pictures of your cash flowed driveway!
You are absolutely stomping that debt!!! Way to go!!
Thanks! I think much of it is fueled by utterly hating this debt! Hmm, perhaps in this case, hate is a good thing!