December Recap

My update on how December’s goals went is a little late but I was too busy munching on holiday snacks, oops. Sorry for being a week late!

Looking Back:
My goals for last month [removed outdated url February 24, 2014]  were as follows;
– $300 to Student Loan
– $350 additional savings
– $100 extra mortgage PYM

Actual:
– $300 to Student Loan Satisfactory; $211.01 actual contribution, Christmas put a bigger dent in the budget than I originally planned for and as a result my Student Loan repayment suffered.
– $350 additional savings Done! But $426.21 additional savings  doesn’t really make sense, why didn’t I throw the extra above my $350 goal on the student Loan so I made both goals?
– $100 extra mortgage PYM Done! I made the extra mortgage payment on December 24th. I have now shortened the original amortization period of my mortgage by 13 months!!!

My gift category as well as Blow Money category were areas where I overspent in December while I should have put more toward Debt/Banking in the form of Student Loan repayment. Something I hope to improve in January.

Looking ahead:
For the month of January I would like to achieve the following;
– $450 to my Student Loan
– $450 additional savings
– $100 extra mortgage payment <- I know this is becoming a steady repeat, but I think it’s important I keep doing this!

[removed outdated url February 24, 2014]

I’m going to mention car repair again because frankly I’m becoming a little scared at this point for the total bill. I’m going to keep slashing debt and saving money aggressively and keep pushing off the repair as long as possible, aka not using my car and being more careful/planing my drives. I should do that anyway to save on gas…

How did your finances fare in December? Have you set your 2011 financial goals? (You can check mine out here) [removed outdated url February 24, 2014]

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9 Comments

  1. Great work! 😀 December was a great month for me financially. I was able to put $2,700 to my debt payment and only spent $76 for the entire month! 🙂 I'd love to repeat that month for the rest of 2011, lol.

  2. Great work! 😀 December was a great month for me financially. I was able to put $2,700 to my debt payment and only spent $76 for the entire month! 🙂 I’d love to repeat that month for the rest of 2011, lol.

  3. thanks 🙂 I was following your progress, pretty impresive for the month of December!

  4. thanks 🙂 I was following your progress, pretty impresive for the month of December!

  5. Wow, 13 months?! That's fantastic! Have you been adding an extra $100 on your mortgage payments for awhile to get 13 months?
    I'm just checking out your blog 🙂

  6. Wow, 13 months?! That’s fantastic! Have you been adding an extra $100 on your mortgage payments for awhile to get 13 months?
    I’m just checking out your blog 🙂

  7. I know huh! I wasn't expecting it to add up so quick when I started making extra payments! So far I've made 6 $100 extra payments since August (I think.)… by prepaying even a little bit I'm saving so much interest that the whole life of the mortgage is shortened eah time I do it. It seems that at this rate for every 100 extra bucks I throw on in a given month the mortgage shortens by about two months. Pretty sweet 😀 (I went with the really really long mortgage to get a low payment because I knew the first few years would see a lot of renovating)

    And thanks for stopping by! It's so cool to meet other Canadian bloggers, those Americans have us outnumbered :p

  8. I know huh! I wasn’t expecting it to add up so quick when I started making extra payments! So far I’ve made 6 $100 extra payments since August (I think.)… by prepaying even a little bit I’m saving so much interest that the whole life of the mortgage is shortened eah time I do it. It seems that at this rate for every 100 extra bucks I throw on in a given month the mortgage shortens by about two months. Pretty sweet 😀 (I went with the really really long mortgage to get a low payment because I knew the first few years would see a lot of renovating)

    And thanks for stopping by! It’s so cool to meet other Canadian bloggers, those Americans have us outnumbered :p

  9. I did a mortgage project for my math class this past semester and I got really pissed off. I was angry at how little was going to the principle and how much was being drained to the tax. I think it's really smart and ambitious to be throwing extra money at your mortgage. It's totally going to be worth it and your future self is going to thank you. 🙂 Good job on your goals for next month.

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