Update 3: Financial Confession & Debt Reduction Plan…

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The time has come once again to fess up and share our debt reduction progress. Here are the facts: we started with a debt of $25,005. By update 1, we were down to $21,667 by update 2 we were at $18,258. Each of these updates took place after a month or so of paying debt down.

This past period we had several extra expenses, a weekend getaway, and did a bit more spending on eating out, socialising etc. We will have to crack down on ourselves again as the goal is not to get comfortable and start spending again but get rid of this debt as fast as we can. Here is the progress from this last period:

aug-octdebreduction2016

In total, our debt has come down by $11,356 since we started attacking this debt on June 24th. Our end of October goal was $13,000 which we will have no problem hitting. The next milestone will be getting to $12,500 (half way!) which we should be able to do sometime this month. Very exciting. After that the milestones will be hitting $10,000, $5,000, and $1,000.

We could have been further along by now but did have some extra spending last month. It was well worth it and am not going to worry about it and just focus on the future. Am hoping we will be down to $6,000 by the end of 2016 and be done with the debt by the end of February 2017. Wish us luck!

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