Happy New Year! I hadn't planned to update until tomorrow, believing that because of the holiday, the banks wouldn't have updated the balances. I was wrong. So without further ado:
The Debt: $12,897.44
The Savings: $4,811.90
The debt balance is a difference of $708.12 since last month. Not too shabby! The savings picture, however, blows. It's down by $185 and some change. I know a big part of it has to do with yoga -- I paid for the next semester -- as well as the extra I paid toward The Beast. Still. Ouch. I don't like seeing it going in the wrong direction.
I'm also terribly broke. We got paid this week, but the bulk of that check went to rent. There were a couple items that weren't in the budget, as well as some groceries. I now have all of 22 bucks. I suppose it's a good thing that I woke up with a cold this morning and have zero interest in going anywhere or doing anything. (Talk about finding a silver lining!)
Speaking of silver linings, let's reflect on the debt: The difference from last January 2008, when I embarked on this journey, is a respectable $6,125, and I'm more than $200 ahead on my payment schedule. So while my savings balance isn't where I want it to be (or thought it would be), I think I make up for it with the change in debt.
Also on the horizon is my next freelance check and my IRS refund. I don't know how I'm going to divvy up those checks between my savings and debt. I'd really like to get my savings back up so that I'm closer to my October 2010 goal. We'll see.
Here's to a 2009 as progressive as 2008 -- and then some.
3 comments:
Do you usually get a large Tax Refund? The reason I ask is that if your exemptions are too high, you are loaning the government money each year interest free.
By changing your exemptions, you could have more in your paycheck each month.
Try the IRS.Gov website. It talks you through it.
Great job on your debt paydown for 2008 by the way!
Yes, I do, and I do know about the exemptions. I know it's better to adjust the exemptions so that you're getting as much of your money as you're owed in each paycheck. But I've found that when I do that, the "extra" evaporates on random incidentals. When I have a bulk amount, though, I tend to save it instead of spending it. It's ridiculous, I know. :-)
I know exactly what you mean and commend your choice. If I werent so weary about the "windfall" I would do it also, but you know what is best for you and your situation. :)
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