The end of the 4th quarter for 2017 has arrived and I guess it is time for another debt payment update. If you search debt payment updates you can find my previous discussions there.
Here are my current totals at the end of the 4th Quarter of 2017:
$171,025 168,780.16 166,320.16 162,762.77 161,020 $ 157,210 $ 155,120 $152,750 $149,489 146,580 143,027 139885 $135,668
2) Student Loan:
$65,959.39 $65,188.58 64,427.07 63,657.24 63,392 62,903 $62,426 $61,910 $61, 371 $60,800 $60,221 $59,617 $59,142
3) Personal Loan:
$27931.41 $25,401.80 $17,484.39 14,169.27 10,994 7,186 $0
4) Car Loan:
$21,655 19,919 18,151 $16937 $14,552
5) Credit Card 1:
$264,915.80 $ 259,113.61 $248,231.62 $240,589.28 $235,406 $ 227, 229 $217,546$210,860 $203,248 ($222,403) $216,439 $209,362
This quarter I have paid off $7277.
My grand total of debt payoff for 2017 was $23,153.
Now my numbers probably look a little screwy because of I have some debts in parentheses and the like. The reason for that is because last year I refinanced our car loan and added it to my consumer debt. Technically, the car is Mrs. ROB’s and she pays it. I don’t include “her” debt, which is really her student loan debt in these numbers because I promised I wouldn’t discuss that aspect of our finances. So our debt looks like it has gone up sort of in 2017, but in reality it has gone down.
However, I didn’t stick with my overall goal of paying down 10% of the debt. I didn’t hit this number at the original debt started 3 years ago, which was $264,915 or if I would’ve added onto it with the car loan making that total debt $286k. So I am off on debt goal for the year. We also have some potentially fairly large expenses coming up (it seems I always do) which could impede my debt payoff further and even add more debt. More on that when I have more information.
So along with my debt payoff let’s review my financial goals for 2017.
- Continue with the 10% goal of paying off debt. FAIL! I didn’t make it and am kind of upset about it. Technically, I have the money to meet that goal, but I now have an actual emergency fund and will probably keep that money in the fund itself.
- Save at least 25% of our income. IT DEPENDS! I didn’t save 25% of all of our income combined. I did save 25% of my salary. I maxed out my 403b and got a good match with it. However, I didn’t technically save 25% of our gross income. If you include debt payments with this then we do make it. In fact, debt payments and savings combine would put us well over 30% or more for the year.
- Pay for all medical expenses without using credit cards. FAIL! I reported last time that I had money set aside for medical expenses and while that is true I DIDN’T use that money. In fact, I stuck it in our emergency fund and used some of it to pay for our bathroom incident in October. I did incur $3,000 in medical expenses, but I put them on a credit card and will pay those off this month.
- Get Mrs. ROB started on more retirement savings. SORT-OF ACCOMPLISHED. I was able to transfer some money Mrs. ROB had sitting in an old retirement account and seed her IRA, but we only contributed a small amount to it. We need to do a much better job for 2018 of really revving up her savings.
- Cutting our budget by about 5%. With the housing repairs and our continued treatments for IVF this didn’t happen. The good thing is we didn’t go deep into debt to solve the issue, but I am still working those things out.
So that is our progress for the year. We made some good progress on the net worth, paying down some debt, but I could be a lot more efficient than what we have been. I wish we could just have a year without a huge amount of unexpected expenses. It just seems every year something comes up. I want to build some savings to kind of adjust for these expenses. Next post will be on my financial goals for the coming year.