Saturday, December 30, 2017

December 2017 Debt Update and Year-End Review: $54,445.60

Hello everyone!

Our debt this month is down to $54,445.60 after having put almost $2,400 toward debt. This is well above our normal amount. Because my husband gets paid on a bi-weekly schedule, we end up having an extra paycheck every six months, and this month is one where that extra paycheck occurs. Usually we set the entire portion aside for extra expenses we will have during the year, but I decided this year to set only part of that aside and add more to our debt payment. If we need more during a particular month then we can lower the debt payment for that month.

Although there were a few unexpected repairs we needed to make to our car and a trip to take to New York City for a family member's wedding celebration we were still able to drop our overall debt by around $15,000. In the previous two years we only dropped it by about $10,000 a year so increasing that by 50% was really encouraging! A lot of it was due to my husband getting two raises very close together, but even so, his salary is not outrageous for an attorney (currently around $62K).

As for the coming year, I truly hope that it will be one where we have one of our biggest years yet in terms of debt repayment. I don't know what expenses might arise, however, with being homeowners and having four children ;). I am hopeful that we can pay off our car by the end of February and then focus entirely on student loans. A few other landmarks that I'm hoping we will hit are to get below $50K by the end of March, below $40K by my birthday in July, and below $30K by next December.

Aside from debt, I also hope that I can make better use of my time and energy. I have felt convicted lately that while I am good at making the most of a dollar, I am often more than wasteful with my time, energy, and attention. I am looking forward to a one-month digital decluttering experiment that Cal Newport will be leading in January. It will involve avoiding social media as well as surfing on the Internet for entertainment, and while I expect it to be painful, I also think it will open up a lot of unexpected time for me to work on other creative endeavors, pursue personal goals, and manage our home life better. I look forward to sharing what I learned with you in February!

Even though I don't always blog consistently or have a huge readership here, I do enjoy sharing my debt updates and hearing from people who are also on a journey like mine. Thank you for following along and I hope that your next year is one of great success!

* note: With all  posts, I strive to be as accurate as possible with debt numbers. Sometimes I have scheduled a payment but it has not gone through yet, and with these numbers I report the debt as paid.


  1. Congratulations on such a good job! I wish you the best in 2018. I'm sure you will make amazing progress.


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