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!
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 –
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!
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:
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?