So, remember how I recently mentioned that I’ve been putting off debt payments (above minimums) until late in the month? Well I just made my last payment for the month – a GIANT payment to our car loan (hopefully a post will be up Thursday specifically about that. Right now the payment is still pending, so I want to wait to see what my car balance will actually be after the payment is applied).
After making that mammoth payment (literally one of the largest single debt payments toward a loan that I’ve made ever in my life), I decided it would be fun to play around with some numbers and see how I’m doing on my 2015 financial goals.
- Pay off car loan and become consumer debt-free by the end of 2015.
- Pay $30,000 toward debt in 2015.
When I did my last goal check-in things were looking a little leery. We were a good $8,000 behind schedule to hit the $30,000-mark. Then a few more months went by with more mediocre debt payments. I admitted defeat on the possibility of paying off the car this calendar year.
Then, as fate would have it, the tide shifted a bit.
Hubs’ business has been on the ups, I’ve been making good money, and we decided to skate thin ice with a very low financial security net in exchange for getting debt paid off quick!
After checking out our YNAB budget, I came up with these figures. I couldn’t believe it when I hit auto-sum and discovered that our estimated 2015 debt payments amount to…..
Well hot damn! My jaw just about hit the floor.
Of course, these are estimates and there is no way to tell for sure if we’ll be able to hit these goals (psst: we’ve met the goal for October. I’ll get you a debt update post up soon; Thursday?). November and December are contingent upon how hubs’ business income is (and December, in particular, may be a struggle). But look how close our estimates put us to our $30,000 goal! It’s just that much more incentive to bust our butts and really try to make this thing happen!
It’s great to be filled with hope and excitement, especially this far along into debt repayment (we’ve now been in steady debt-repayment mode for over a year and a half). The shiny new-ness of it all rubbed off a good while ago and we’ve been sustaining on sheer will-power. So it feels good to have a little morale boost, especially headed into the holiday season!
Let’s cross our fingers that things continue full steam ahead (especially in regard to hubs’ business income) and see how close we can get to really reaching these goals!
Are you gunning for any big financial goals before the end of the year? Do you make annual financial goals?
I, personally, like to make annual goals in many different aspects of life (e.g., career, financial, health/fitness, etc. etc. etc.). If you’re like me, it’s time to start thinking about and planning for 2016’s goals soon!