From our original financial simplification post:
Of course, there are certain “purchases” we strongly feel were necessary and must pay for: home/mortgage ($128,152.60), cars and RV ($16,653.62), college education for our children ($93,628.93).
Grand total: $238,435.15 as of April 1, 2015. Our goal is to be debt free in 5 years. Each of these 3 categories were “necessary” in our mind to give our children a stable environment and educational/professional opportunities. We wouldn’t do anything different in these areas.
A year has passed since we started this blog and we have some financial updates! We are close to living on one income to speed this along!
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Cars and RV $9571.89 (decreased balance by $7,081.73)
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Mortgage $116,445.85 (decreased balance by $11,706.77)
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Student loans $70,275.14 (decreased balance by $23,353.79)
Total Debt Reduction = $42,142.29
Our goal was $47,687.03 John is happy with our current total since we also paid for a wedding last summer for kiddo#1. Barb is happy with any reduction knowing we had a wedding last summer!!
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We’ve also been trying to put some into savings each month – right now we have $15,881.84
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Last year we had $1,827.58
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Total savings in one year = $14,054.26!! It’s hard to believe we were spending that much extra on “nothing”!!
$42 K on debt reduction, AND $14 K in savings??? Fantastic!!!
You’ll meet your goals in less than 5 years, I’m confident!
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Thanks! We were hoping for more this year yet are happy with the results. Trying to live on only one income has been eye-opening. We haven’t had to watch our pennies for several years. Being frugal isn’t by necessity but conscious purchasing has really changed our outlook on so many things.
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I can imagine!! I need to take frugal lessons from y’all!!
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Impressive numbers! Way to go!
I have found that we have decreased our spending without putting too much effort in to it by simply being aware and keeping track of our expenses. I know we can do much better still, but it’s crazy to think of how much “nothing” we have spent on in the past, eh?
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“nothing” is so true!! and you know how many items we eliminated during the last year.
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YNAB was the program we used to track spending. Very eye opening!
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Another YNAB convert! 🙂
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Can I be you when I grow up? 🙂 Seriously, great work!
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Aww thanks! By the way, great news about hubs job!
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[…] We did a financial review this weekend and are very pleased with the results. Read about it here. […]
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congrats! these numbers are amazing 🙂 so well done and keep going. all the best (I am very inspired – thanks for sharing your progress!)
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It has been an interesting year – not spending has gotten easier as we prioritize purchases. It has been 6 months since I went “shopping”.
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🙂 it has been sometime since I bought clothes as well. I need to shop but am waiting for summer. Savings is a struggle at first, but after a while it becomes very enjoyable. I sometimes think how silly I was to throw away my already limited money (especially when I was a student) by not being careful about my expenses. I was always frugal, but not as a smart frugal as I am right now. One day I hope to reduce my mortgage and invest for my retirement more aggressively. Seeing successful examples like you also strengthen my commitment to saving 🙂
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Thanks! We never thought we could “save” anything! We showed us!!
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hah ha!1 I am glad you did. you not only show yourself but to people like myself that saving is a reality and doable 🙂
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doable with a lot of self control and conscious effort. We don’t always have it – we spent 11% of our income in April on Food Out. It was worth it for this one month but this was our normal before.
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I have occasional expenses like this; gifts, eating out with friends etc. but it is okay I guess; as long as I enjoy them. And I try to enjoy whenever I dine out. I always come back to frugal life, so I am not worried. So I hope you have enjoyed yours, too 🙂
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This recent month was very enjoyable. Just like you – gifts, dining out with friends and family. It was crazy busy but enjoyable. We didn’t stress over spending since it doesn’t happen every month now. We are back to our new normal!
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🙂
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