Monday, August 15, 2011

Day 305 - Mid-Month Report

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! ** 

To date, we have paid off $58,442 of our debt in 305 days.  We have about two months left in our year so in order to pay our debt off on time, we will need to pay approximately $789  each month for the remaining two months.  But! Right now we are just waiting on Mike's paycheck to hit his bank account before we pay off the remaining balance. We will be wrapping up the debt payoff portion of The $60K Project in less than a week! 

What now? Even though we do have one student loan remaining, we have decided to switch gears from paying down debt to stockpiling cash. Emergency funds will be created and 401(k)s will be maxed out - fun stuff!

What about The $60K Project blog? You will definitely see some changes around the blog in terms of the content I discuss (e.g., Debt Trackers will now be Savings Trackers).  I will continue to write about debt payoff strategies but would also like to expand my blog topics to include more information on savings options and eventually tackle investments to some degree. But my overall mission statement, which is what I use to determine the best content for my readers, will not change:

Debt Free Life, Financial Liberty and the Pursuit of Frugal Happiness

I definitely still have a lot to learn and Im hoping my readers still want to put in the effort to learn along with me. If I can do this, you can too! Stick with me so we can keep each other on track with our financial goals.

Sarah and Mike, now that you've paid off $60,000 in debt, what are you going to do next?
We're going to Disneyland!!!!!!

Seriously - we're really going to Disneyland and we're going to do it in style! Ever heard of Club 33? It's the private club in the New Orleans Square section of Disneyland AND the only place in the park where you can buy alcohol (aka Mecca). Next time you exit Pirates of the Caribbean, look up. You'll see shadows of people through the window shutter slats. Pretty cool. My company has a coveted membership and can get me reservations so I'm going to take advantage. Plus you get free admission to the park with a reservation. So even though dinner won't be cheap, it evens out since we won't have to buy park passes. Plus we have earned a nice dinner - paid for with cash, of course!

Stay tuned,

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