So at the beginning of 2015 I gave myself a couple of overall financial challenges. Challenge #1 was to pay down 10% of my total debt, which stood at around 264,000 in change. That meant I would have to come up with $26,000 to achieve my goal. I want to start doing quarterly, if not monthly, updates to determine where I am and keep myself accountable. So here are my debt totals as of today (I would’ve posted on March 31, but I just decided to do this).
Total Debt Paid Off in Q1: $5544.46.
So this isn’t too bad, but in order to keep up the pace and pay off my debt I have to make up about $1000. In fact, as I am typing this I think I might actually put $1000 to my debt payment to catch up a bit.
If my calculations are correct, however, just my regular debt payments will only be about $15000 for the rest of the year. So I need to come up with another $$7000 to keep myself on track. I think I can do it and I would’ve actually been able to accomplish that goal if we didn’t have our little tax dilemma. If you include the taxes I have actually paid somewhere north of $10000, but part of that came from our emergency fund that went to pay some of the taxes.
So I still have some work to do, but all in all, not a bad first quarter, particularly considering that we had a tax bill that drained us of a few thousand dollars. Now time to get back on track.