Saturday, January 1, 2011

Day 79 - January Report

January 1, 2011

The first and fifteenth of each month I will update you on the status towards our goal of paying off $60K in one year.

** Check out the Real Time Debt Tracker!!!  Keep up to the minute tabs on our debt balance and whether we can pay it off in 365 days!

Scheduled Payoff of First Debt: We are still on track to pay off Mike Student Loan #1 by mid-January which is almost a month early.  Thanks to the Christmas bonus and not giving in to unnecessary expenses during the holidays, we are ahead of our original plan.
Challenges:Creating a budget tracker that works for us.  We have been through multiple versions of budget tracking and I think we FINALLY found one that will work for us.  Since I get paid the 15th and last day of every month, we started tracking all of our expenses on a bi-monthly basis.  For example, I have a spreadsheet that details our estimated expenses for January 1-15.  As we spend money on certain items, I track the actual amount spent compared to the budget and also calculate any variance.  Any leftover money gets rolled over into the second half of the month's budget - January 16-31 - which is a new tab in the spreadsheet.  This is especially important for us since most of our expenses fall during the first half of the month.  Our second half spending budget is based on having enough money left over at the end of the month to roll into the next month's bills.
Upcoming Significant Expenses: Desk chairs, physical therapy appointments
Additional Cutbacks: Monthly massages are on hold but physical therapy is now recurring so this is pretty much a wash.  Still have the housekeeper.  I'm holding out as long as I can on that one!

Stay tuned,
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