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!
Cars and RV $9571.89 (decreased balance by $7,081.73)
Mortgage $116,445.85 (decreased balance by $11,706.77)
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!!
We’ve also been trying to put some into savings each month – right now we have $15,881.84
Last year we had $1,827.58
Total savings in one year = $14,054.26!! It’s hard to believe we were spending that much extra on “nothing”!!