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November Net Worth Update = -$40,448 (up 2.11%)


Wow. We are almost in the negative 30K’s now. It looks like the start of 2007 will leave us with credit card debt under $25K and our Net Worth in the -$30K range.

I do not regularly check my profile over at NetWorthIQ, and when I went over there to update for November I noticed that I had some comments over there! One of the comments mentioned that we have paid off $14K in debt in 10 months. Quickly, I thought, no…it’s around $12K. But, the commenter is correct because he was looking at our total debt.

With this blog, I am only tracking the credit card debt at the moment. Since I used Prosper.com to obtain a loan to get some of that credit card debt at a lower rate…I include it in the balance. That means I do not count our mortgage or student loans. I also didn’t include our car loan, but since that’s now paid off we don’t have to worry about that anyway πŸ˜‰

Back at the end of February, out total debt was $105,468. At the end of November, it is now $90,557. So, we have paid off $14,911. Before the end of the year we will have paid over $15,000 towards our total debt. Forecasting our income, it looks like we will make around $47,000 for the year. About 32% of our income will be going towards our debt.

It’s too early to speculate what’s going to happen in 2007. It would be nice to keep up the pace. Many times on this blog I’ve mentioned that we’ll be losing income, but then something happens to help keep it steady. Like the time my husband cut his hours, but he is making almost the same due to the minimum wage increase in Michigan. Starting January 1, I will only have my one full-time job and my husband will have his part-time job for our steady stream of income. There will be some blog income, but it is actually decreasing now.

I do believe you need to be active when it comes to your finances, but I also believe that there is a point where too much speculation will drive you crazy. I think I’ve reached that point. I think for a while we are just going to keep doing the best we can and taking life as it comes to us. All the while keeping our head up and eyes open for new opportunities.


  • Reply Tricia |

    Well, once the credit card debt is paid off then we will start saving some as well as paying extra towards our student loans. Then, after that we will work to pay off the mortgage πŸ™‚

  • Reply Maria |

    Great job! I like the idea of doing the best you can. Sometimes life throws things at you that couldnt have been included in the original plan. You’ll get there, I just know it!

    Eventually, we’ll see that you’ll have changed your blog to say “Saving instead of blogging away debt.”

  • Reply Matt |

    Another amazing month, at the rate you’re going it’ll be gone in no time. Seeing your success is a constant reminder to me that it’s possible and achievable. Very inspirational, keep up the great work.

So, what do you think ?