Since September 2007, we paid off 1.26% of our debt, or $1500+.
In the greater scheme of things, 1.26% debt repayment doesn’t seem so big. But I’m very happy with it. Micah’s a student, I have a low income, and we’ve been focusing on saving to cushion the whole process of my patchwork full-time job. If I do well with it, then we’ll apply some of that money to debt.
Our biggest achievement was paying off our credit card in one fell swoop in September. The interest was crazy at 29.9%. The balance was under $1000. We had savings. Poof! Worst debt out of the way.
Our net worth has made a nice shift from -$114,000 to -$110,000 (ok, almost $111k, but we’re being positive here). We even have a little Roth IRA of $1000 (more on that later). And we have a cushion of approximately $4500 or over 2 months’ living expenses.
So far, we haven’t had to tackle the biggest debt at all—Micah’s student loans. He’s still technically a student, so they’re deferred. We figure that it’s best we concentrate on making little car payment snowballs/flakes. Once he’s graduated, he’s going to be working on finding a job which should drastically increase our income (I mean, shoot, anything would drastically increase our income) and we can start putting even more towards car payments while we start paying off student loans as well.
That’s the plan so far, anyway.
We spent 4 months last year really focusing on debt repayment and such. If we focus for 12 months this year, I earn more, and Micah get a teaching job…then maybe we can get really studly and pay down 10%!
So yippee, we’re making progress. 98.74% more to go!
From the M-Network and beyond, some other bloggers have put together their year-end net worths too!
- Gather Little By Little – How We Increased Our Net Worth by More than 170% in a Year
- Being Frugal – I’m in the black
- I’ve Paid For This Twice Already – It’s Hard to Get Back to Zero
- Single Guy Money – December Net Worth Review
- My Dollar Plan – 2007 Net Worth Update
- Rocket Finance – Net worth for the new year
- Cash Money Life – New Worth Goals for 2008
- My Two Dollars – M-Network Shares Their Net Worth
- Plonkee – Net Worth 2008?
- Credit Withdrawl – The M-Network+Annex Networthapalooza
- Debt FREE Revolution – Trying to Figure Out Our Net Worth
- Moolanomy – December 2007 Net Worth and Site Review