May: Goal Check-In

May 21, 2011 at 7:37 am (goals, Uncategorized) (, )

Here’s my May check-in on reaching my 2011 goal to pay $10K towards debt. Let’s break this down to the average payments needed to stay on track: Starting with $10,000 for 2011, minus my $880 tax return = $9120 that I have to come up with. 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
March – $900
April – $750
May – $700
———————
2011 total to date: $5084
Compare Goal-to-date (amount needed to pay to stay on track): $4680
Above goal by: $404!!!

This doesn’t include any snowball payments (my recent windfall or a cash-out on a recent claim from a rear-end accident on my old vehicle that I never had repaired before I sold it) or even my new debt, the auto loan payment. While it’s hard to separate out that extra activity, I’m purely interested in seeing if I’m able to pay $10K towards debt this year. I don’t count that activity because it’s like cheating – it has nothing to do with income, or budgetting, it’s like free, unexpected money. My previous yearly payments had been woefully below $10K, and I thought I should ramp up my expectations this year. I’m glad to say that not only am I on track, but I’m proving to myself that I can pay more than I had realized I could.

The moral of this story? Paying debt isn’t hard if you make it a priority, focus on it, and enjoy the little thrill of hitting transfer when logged into online banking. I’m also hopefull that even WITH a car payment due every month, I’ll be able to meet this goal. I have to remember that with the savings from improved gas mileage, it’s only an extra $200 monthly payment, which isn’t that much!

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