Debt, emergency fund and other updates

The last two months have been great for me and I was able to make major payments on my debt and by next month I will be in sub 20k  which I feel like it is a great achievement. So without wasting time, I will revisit some of the goals I had set and give an update of what has been done and what I am still working on or haven’t gotten around to doing it.

  1. Find a job. I found the new grad job I had been looking for months. It is part-time but I need the experience. I also have another interview on Tuesday and even though I am still in orientation, I will still go for this new interview.
  2. Pay off debt – This is a wide goal but I will break it down. I want to be sub 15k  in debt by May. By next month I will be sub 20k.
  3. Build the emergency fund – The emergency fund is still growing slowly as I am committing more money into paying down our debt.
  4. Join the gym - I have been postponing this goal every month and I really need to see it through. I have become inactive and packed up some pounds.However, my new job involves standing a lot and walking around so I am sure I will drop some pounds there.
  5. Buy a new bike – I am getting excited that it has begun warming up and I will soon be able to hit the trails. Plans to buy a new mountain bike are still valid since I secured a new job which was a major deal breaker in this.However, I will buy when I feel I can spare some cash.Meanwhile, I will start riding my old one. My main goal is to pay off debt fast.
  6. Break the 100,00 barrier on Alexa. My rank has fallen because of inactivity but I will rev up the engines again. I hope to be sub 200k by June.
  7. Make more income – The new job has made this possible since I am earning three times of what I earn at my old job. I am still holding on to my old job as long as I can so that I will be able to pay off the debt even faster.

DEBT & SAVINGS

Original debt as of June 2013                             –      $25,000

Balance  as of end February 2014       –          $20,281.83

Total Payments since June                               –        $ 4718.17

 

Savings as of June 2013      -       $0

Savings as of February 2014 – $1405.44

The numbers above are so inspiring to me. If we did not start this financial freedom journey in June 2013, I am sure we would still have no savings and the debt probably would be even higher. In a short time, I am positive the only debt we will be paying is student loans since they accounted for over half of our debts.

How are you doing in your goals?

 

8 Responses to Debt, emergency fund and other updates

  1. That’s great about your new job and income boost! It’s going to be that much easier to meet your goals now that you’re earning so much more.
    Holly@ClubThrifty recently posted…My Frugal Kitchen RemodelMy Profile

  2. Nice job on the debt payments! I also am slowly building my emergency fund. I hope to get it over 10k within the next three or four months. Joining a gym was one of the best decisions I’ve made. It’s nice to get in, have all the equipment I need, and get a good workout in.
    DC @ Young Adult Money recently posted…The Dirty Little Secret of How People Make Money BloggingMy Profile

  3. I’m sure it’s a great feeling with the income boost and now you can really work on paying off some of that debt and building an emergency fund. Can you participate in the 401k plan?
    Andrew@LivingRichCheaply recently posted…Are Personal Finance Bloggers “Pound Foolish”?My Profile

  4. Way to go! I remember when I first started seeing my student loan debt drop and how good it felt. With this new job you should be able to reach those goals even faster :-)
    KK @ Student Debt Survivor recently posted…I’m I enabling money misbehavior?My Profile

  5. Congrats on the job opportunity and the internship! And way to go paying down those debts! Nothing made me want to pay them off more than seeing the balance drop.
    Ryan @ Impersonal Finance recently posted…do money and family mix?My Profile

  6. Congrats on the job. I agree the experience will definitely benefit you. Those hiring managers are always looking for experience. Paying down your debt will be all that much more easier now.
    Frugal Soldier recently posted…Tips For Getting a Loan From a Financial Institution Without Going Into DebtMy Profile

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