I didn’t do a debt repayment update for October because I didn’t make any progress that month worth mentioning. However, I made some good progress in November, and I have big financial plans for December, so I think I’m ready to start doing these updates again. Here’s how I did on my financial goals for October/November:
- Create a new savings account specifically for vacations or fun stuff: This was probably the easiest of the three goals I set for myself, yet it didn’t get done. Even though I think it’ll be good for me to have a second savings designated specifically for vacations/fun stuff, I guess I’m just not looking forward to feeling obligated to put EVEN MORE money into savings every month. I already put 10% of every paycheck into my emergency fund, and at least $400 toward debt repayment every month, so another financial obligation doesn’t sound very appealing.
- Focus on paying down my Mastercard: I actually made good progress on this. By the end of October, my MC balance got up to $1,300. I have since put almost $400 toward that card, bringing it down to $916.24. My goal for December is to get this damn card paid off once and for all, and keep it that way!
- Start job-searching again: Again, I made some progress. I applied for three jobs in the months of October and November, and had one phone interview.
And now for my current debt total as of December 1st. I put $743 toward my debt in November, bringing me down to…
- Credit Cards: $5,266.10
- Student Loans: $10,045.09 (Starting Balance: $13,750) *I can’t wait to get this balance under $10,000 soon!
- Auto Loan: $9,824.72 (Starting Balance: $13,780) *I’m excited to see this balance under $10,000!
Debt Total: $25,135.91
Ugh, I know. It’s gone up a lot since August. But the good news is it’s the holidays, which means business is picking up at my restaurant job, which means I’m going to make more money to put toward my debt in December. My main goal for December is to pay off the $900 balance on my Master Card in addition to making the minimum payments for my other debts. My secondary goal for this month is to get that second savings account opened and throw some money in there to get it started.
I’ve got high hopes for getting back on track with my debt repayment in December. I’ve been waiting for this month for a long time because of the extra income. I just hope I don’t get too carried away with buying Christmas gifts for myself others. The holidays are an expensive time, and while I’ve already made a small budget for Christmas spending, the hard part will be sticking to it and not getting sucked into the wrath that is holiday consumerism.
How’s your debt repayment going? What are your financial goals for December?
Check out my past debt repayment updates: January / February / March / April / May / June / July / August (Part 1) / August (Part 2) / September
Gina Marie Rose 
We should do some Christmas shopping together! I get carried away with buying presents, too. Maybe shopping together will help us keep our wits about us 🙂
I would love that! Any excuse to hang out with my roomie!
New-ish follower here and I want to say that you is should be commended for all of your hard work at paying down your debts! Saving money and paying off debts is very high on my list of priorities as well, though some months it seems like I hardly have enough to make any progress towards my goals. It’s always on my mind though and I do my best! It’s been especially tough for me the past few weeks since we’ve been buying Christmas gifts. I do have a small vacation savings fund though which I like having.
That’s great that this month will be good for you since you’ll be making more money at work! Keep up the awesome job!
Welcome to my blog, Steph! Thank you for reading. And thank you for the encouragement! You’re right, I need to start remembering what I HAVE accomplished instead of what I haven’t accomplished. 🙂
I don’t even want to talk about my debt repayment. Eesh. But I did hit the four-figure mark in my savings account & my credit cards have stayed under control this entire year, so there is that. I’m proud of that. 🙂 Student loans, on the other hand? Sigh.
Luckily, everyone in my family is on board for not going overboard with Christmas presents this year. I usually spend a good $500+ just between my mom, my brother, my nephew, and my sister-in-law! This year, we set some rules because hello, Christmas isn’t about consumerism – it’s about family & togetherness! I can easily forget that with all the gift buying.
Congrats on getting to the four-figure mark in your savings! I remember when I did that and it felt great, like I finally had a substantial little nest egg.
Last year, Chris and I spent $200 each on one other. That’s a lot for just one person! This year we’re doing $100 each, which I think is more reasonable.
I love when you break the next 1,000 barrier so I know what you mean by being excited for being under 10k.
I paid down about 5K of student loans this year and that will leave me about 8k next year. I’m debating on whether I should sprint and shoot to be debt free after next year. 5k was hard to do in 2014!
Congrats on paying off 5K of your student loans! I think I’m only going to end up paying off 3K in debt this year, which is way less than I was hoping to pay off. 😛
Eeee you’re making headway friend! Good job! As for my debt repayment, eh. Getting laid off has definitely made me work more off of a budget which is good. But all things baby and holidays is definitely going to test all of that, ha.