January Update: 1 Bill Paid Off!
Posted By Mr. Imperfect on February 2, 2009
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photo courtesy of www.accountingunleashed.com
Well, January was a great month for us. We have paid off our smallest personal loan. This is our first bill that we have completely paid off since we began our Total Money Makeover. By sticking to our budget, earning some extra money, and a little sacrifice we paid off this loan a full 13 months early-saving ourselves $427.18 in interest. Another thing I would like to point out is that this was all aceived on a very modest income.
Now the increase in our assest was nothing to get excited about (an increase of 0.4%), but anything other than a negative number is fine with us. The percentage of debt reduction was great (though just a little under our goal) at a whoping 3.2%. If we continue this percentage every month that will have us at a total of 38.4% of debt gone at the end of 2009. That is just shy of our 40% goal. This summer we are going to do some freelanceing to make up for the other 1.6%.
Thanks for reading, and have a great day!
How are you doing with your debt reduction progress?
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