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.
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.
- 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.
- Build the emergency fund – The emergency fund is still growing slowly as I am committing more money into paying down our debt.
- 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.
- 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.
- 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.
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?