February: goal check-in

March 3, 2011 at 6:19 pm (goals, paying debt)

My big goal this year is to pay $10K towards debt, which at the start of the year I thought might be a real challenge. (Not including my upcoming windfall of course!). So how’m I doing so far, now that February’s budget is about over?

Well, in short: I rocked it! I immediately paid $600 once I deposited my second paycheck. Then, at the end of the month, I realized I had enough extra to put in another $250, bringing my monthly total to $850!!!

My initial goal was to pay $750 per month. Now that I’ve gotten my tax return, let’s see if that was realistic:

$10,000 for 2011, minus my $880 tax return = $9120. Divide that by 12 months = $760/month needed to reach my goal!

So my goal is to pay an average of $760/month.

Tax Return – $880
January – $1004
February – $850 paid
———————
2011 total – $2734
Compare Goal-to-date: $2400
Above goal by $334!!!

Wow. I’m awesome. Cue the teacher bestowing a gold star upon me.

Despite my goal-meeting awesomeness, I do have to aknowledge that it may be a little challenging in March. February was a SHORT, tiny-paycheck month. The paycheck that I’m about to get at the beginning of March will subsequently be smaller than usual. So I think March will be a tough month. I’m also looking towards some upcoming expenses that I recently referenced (in my windfall post). I really really need to get my passport renewed, since it takes so long to get it back! I need to get my bicycle ready to roll (ha ha ha, sorry) with some tlc and new parts, PLUS get a new pair of sneakers. All this in March? That may be a little expensive all at once.

As long as I stick to my not eating out much, going to the gym 5+ days a week (which doesn’t allow for time to do anything else, go anywhere else, or spend anywhere else!!!), prepare all my lunches, then I should be relatively ok. I just went thriftstore shopping last weekend and I got a new pair of jeans ($10!!!). I still need 1 more, but other than that, I’m relatively good. Maybe it won’t be so bad!

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2 Comments

  1. Marilyn said,

    Way to go girl. I have a monster loan I’m trying to get rid of myself. it started at around 30k. I’m down to 18 after some windfalls and seriously parring downs. My secret to not spendin money is watching all sorts of documentaries on Netflix. History of India, Dog inteligence, a crocodiles. You can do it. That extra 500+ a month makes a big difference!

  2. debtmaven said,

    Thanks Marilyn! You are so right! I don’t know how or why I could only spend $7000-$7500 per year previously in debt repayment. I know my interest payments are down, but how could I trim an extra $200-$300 per month compared to last year and really not notice a difference? It must be the eating out. That’ll kill a budget fast!

    Good job on meeting your goals, sounds like you’re doing a fabulous job. I too watch netflix. It’s one of my monthly splurges, and way cheaper than cable.

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