Victory! January – The month I conquered my money

Looking back:
For the month of January I wanted to achieve the following;
– $450 to my Student Loan
– $450 additional savings
– $100 extra mortgage payment

Now how things actually went, I did great!;

Actual:
– $450 to my Student Loan I paid back about $500 in January
– $450 additional savings I managed to syphon $304 into savings this month!
– $100 extra mortgage payment Completed this earlier in the month than usual, made the prepayment on Jan 17th where I usually make the prepayment in the last few days of the month. Woohoo!

All in all I did pretty awesome last month. I met two out of three goals and you will see in a few days why I still think I did really awesome. In fact, I think I did better financially than I have in four or five months! Good stuff. I’m not quite done yet with living pay-cheque to pay-cheque but things have massively improved! Figuratively speaking here’s how things looked for January;

Don't you like pie?

Housing does NOT include the mortgage, that’s included in the debt/banking portion. Included in the housing category this month was a new living room floor, not bad! My blow money spending went up slightly from December’s $160+ and still needs some more budget cuts. I throw all kinds of stuff in this category, this month included 2 symphony tickets for February, a new leather wallet, a NYE outing, skiing with my family and a credit check. All the stuff I don’t want to make separate categories for but that do need their own-non-specific junk drawer of sorts. I’m going to try to keep this category down to $100 for February.

Looking ahead, the plan:
$100 blow money
– $75 to my E-fund
– $825+ to my Student Loan
– $125 extra mortgage payment <- This is an experiment, I find that the 100 is getting me 2 about months knocked off the end of the mortgage so I want to see how much farther the extra $25 will get me. :p

The goals above are already giving you a hint at what I’m doing: I won’t be saving as aggressively as I have been and will instead be moving my focus to the Student Loan. I will be making some  changes to how I’ve been planning financially so far and I will elaborate on the how and why in my next article.

I’m amazed at how fast January flew by! How did your finances fare in January? Did you make a good start on your 2011 financial goals? (You can check mine out here)

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9 Comments

  1. Thats crazy that a 100 dollar extra payment will literally knock off two months of payments during the lifetime of your loan. Loan and the interest on them get me everytime.

    • It’s that darn interest they tack on and tack on and tack on, I figured out that if I just keep this mortgage and keep pre-paying 100 a month I would pay it off in 14 years vs the original 35 or something like that. LOL, screw you bank, I’m not doing that! I’m going to pay it off even sooner 🙂

  2. Hey, cool post! I love reading about people who meet their goals, I am definitely a month by month goal setter as well!

  3. That’s some great progress! I love all the progress charts on the right of your homepage.

    Cheers, Sam

  4. What a great month for you. Congrats on your success!
    January did fly by. We were under budget as well.

  5. Nice work this month – it seems like everyone is ready to go for the new year. Remember that even though some people will say that you dont “need” theater tix in feb when you’re in debt (because you should be paying it off) just ignore them. It’s your money and as long as you are using it in a way that will bring you the most value/happiness, use it in that way. Just keep focused on your debt, and you’ll be out before you know it.

    Keep up the hard work.

  6. Thanks for the link-love!

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