Q3 Debt Payoff Update

Q3 pay off debt update

Another quarter of 2016 is in the books.  This year feels like the fastest year of my life!  Probably because I’m busier than I have been in the past.  Working a second job and training for a marathon make everyday jam packed.  So here we are in October already.  Time for another debt payoff update.

Here’s a quick recap of the first half of the year.

Click on the links to see how I paid off this much debt!

Q1: $12,714.10

Q2: $8,924.98

Total: $21,639.08

Halfway through the year I was well on my way to paying off $30,000 in debt.  I was excited at the possibility of hitting my $30,000 goal by the end of Q3.  Spoiler alert – that didn’t happen.

Here’s what did happen in Q3 –

I turned 26.

How does this affect my finances?  Well, I got kicked off my parents health insurance.  Now I’m paying approximately $140 a month for my own insurance.  That’s $140 less to put towards debt.

We renewed our lease.

Matt and I had to renew our lease on our apartment in July.  And the rent went up.  Of course.  Between the two of us, it’s only $20 each extra a month but still annoying.  Every dollar counts when you’re paying off debt!

I cut back my hours at job #2.

I decided to stop working on Sundays.  Right now, marathon training is more important to me than the extra money.  And running 17 miles or so on a Sunday and then going to work does not sound like fun.

We went on vacation.

Though I made a budget for vacation and stayed within my budget, a week away from job #2 means a week less pay unfortunately.  Then I went to Houston for my full time job.  Though all my expenses were covered on the trip, it was another week away from job #2 and another week less pay.

increased expenses plus decreased income did not bode well for debt payoff.

But here’s what I managed to put towards debt this quarter:

July: $2595.68

August: $2551.44

September: $2661.44

Total: $7808.56

And my total for the year so far…(drum-roll please)….


GAHHHHHHHH!!!! I WAS SO CLOSE TO HITTING $30,000!!!!!!!! One more paycheck and I’ll have it done!

Since the $30,000 goal for the year is basically a given at this point, I’ve decided to set myself another goal to stay motivated for Q4.  Because, if I haven’t made it clear in the past, $30,000 isn’t all of my debt.  It was just the number I decided on at the beginning of this year.

At this point, I have just over $53,000 worth of debt left to payoff.  $6767 of that is my car.  The rest is one large student loan.

I definitely want to pay off my car before the end of the year, but shooting for less than the $7808 I paid off this quarter seems like a cop out.  Especially when I’m pretty sure I’ll get a bonus from work in December.  And when I’ll probably be working more hours at my second job over the holidays (welcome to retail).

I’d love to hit $40,000 paid off for the year but another $10,552.36 seems a bit too ambitious.  I’m going to shoot for $39,000 total – another $9552.36 to pay off in Q4.  That’s over $500 more than I paid off in Q2 when I also got a bonus.

Check back at the end of the year to see how I do!

Are you still making progress on your financial resolutions?  Do you adjust your goals if things are going well or not so well?

Michelle at www.livelychicken.com


5 thoughts on “Q3 Debt Payoff Update”

  1. Emily Jividen says:

    Congratulations! That’s terrific progress for 9 months, and your hard work is paying off. (and belated happy birthday.)

  2. Wow this is amazing! It takes so much diligence and self control to be able to pay off this much money in such a short amount of time. It’s a big accomplishment and you should be so proud. I paid off my car earlier this year (way early) and it was such a great feeling! Keep it up!

  3. vmorgan456 says:

    Great work! I’m so glad your tackling that student loan and getting it done!

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