September check in #2.  Transfer between banks has finally cleared.

Last $700 AUD transferred (back to joint savings in our offset account).

I don't owe money!  

Consumer/I want it now debt is all done  😀

We do still have our house mortgage  😆 (20 years to go on that).  I do not yet have a category for the next car/large asset replacement.  I do have an unfunded category for small asset replacement ready to start funding.  Plus catching up on some of the not yet due categories and then making a start on some 'just for fun' categories.  

Good luck to everyone with plugging away and getting through your own targets!

#ynabforthewin

Check-in for July, Aug, and Sept: I've caught myself up on the spreadsheet. Have only been able to make minimum payments on my private and federal student loans, and have started making payments over the minimum on our interest-free loan for our new floors. I need to have that paid off within 12 months or will have to pay interest on the full original amount. So that will be the focus. Hoping with my partner's new better-paying job, the other household expenses will be better covered by both of us, so I can direct more funds toward the flooring loan. One month at a time.

August/Sept check-in

Added more to our debt this month. I'm surprised our credit card company hasn't called to make sure our card wasn't stolen considering the Amazon spending spree we've been on this month. Between my husband starting the police academy and the expense that comes with that (uniform purchases, school deposit, and eventual loans) and buying things for our baby due in October, I don't think we stood a chance. 

Quite frankly I'm coming to the conclusion paying off our debt won't be feasible until sometime, years probably, into the future. On the plus side, we do have a nice chunk in savings to account for me being out of work for maternity leave so no added expense there. Racked up $50 worth of rewards on same said credit card that I redeemed today and set a goal in YNAB to at least have that card paid off by the time we go on vacation in March, which we are on track to do. 

It seems like there's just a solid time period in the beginning stages of adulting that racking up debt is just part of the process. I keep telling myself: someday we'll have better jobs, someday we won't have these random expenses, someday we'll be able to cover our bills, save money for the holidays, and throw money at our debt, but as Aragorn once said, "It is not this day..."

August / Sept. check in.

I'm self-employed and set a goal to have debt associated with my business paid in full by the end of 2019 (close to $25K).

I'm now down to $4,500 owing.

My updated goal is to have it all paid off by the end of October.

The one thing I can't get over is just how free I feel. Back in January, when I was despairing of ever getting it paid off, I felt like I was walking around with a heavy burden on my back. I spent a lot of time juggling funds and worrying / feeling anxious.

Today I'm feeling much more confident and happy. Even though I'll still have personal debt to pay once this business debt is gone, I'm no longer worried about it because I know I can do it.

Someone from YNAB contacted me a couple of months ago (the last time I posted) to see if I wanted to share my story publicly. I don't, but here are a few of the strategies I used.

1. Increased my income -- Since I'm a freelancer, I can do this. I worked really hard on this one. 

2. Cut all unnecessary expenses -- It's very easy to get sucked into the "shiny new tool" syndrome. I cut everything I wasn't using or didn't need. (FTR, I even hesitated to sign up for the paid version of YNAB; I was still using the desktop version for which I had paid $60 eons ago. But I'm glad I did. It has made a huge difference!)

3. (Slowly) built up one month of expenses and now budget monthly for annual / qrtly expenses -- My income is variable. Now that I have budgeted cash, I use it as my credit line vs. credit cards.

4. Used YNAB religiously! -- I did all the workshops, listened to the success stories podcasts, and worked my budget every day.

This tool / program / philosophy works. 

August check in: Last month I paid off a little over $5000, thanks to being paid back money that I had loaned quite a long time ago, when I had money to loan! I used it to pay off one credit card, and then did a balance transfer from an account with 22% interest, to an account with 5% (and no BT fee) for 18 months.  So that will save me tremendously on interest charges! 

Nothing exploded or broke down, (hooray!) but work is still scary slow and I am not sure how this month will play out. For now, my total debt paid is $6014.62, with the goal of $9000 for the year. Maybe I will make it, maybe I won't, but at this point I am better off than I was when I started this in February, so I am happy.  

My budget for this month is terrifying, due to playing catch up, and maybe I should have budgeted more of that $5000 instead of paying off debt, but I was so tired of paying $300 a month in interest. I am still waiting for (and should be getting closer to receiving) a little over $4000 in payments from insurance for my clients, so if I get those this month I will be in decent shape for the remainder of September. 

Bonus hit my bank account and I immediately scheduled to pay off some credit card balances.  I paid off $11, 203.  That leaves just $4k on balance transfer cc with 0% interst....part is due in June and the other is November.  

Checking in early for September. Miscalculated in the best way, and had $1500 to start off the debt repayment. Monthly payments will normally be much lower, but it's nice to start off this way. I'm keeping a thermometer at home to track and even though my total debt is roughly $47000, this at least is a noticeable chunk. Nice to finally be back on track again. 

September check in

Starting balance from August: $519.58
Paid down this month: $118.31
New balance: $401.27
Debt Smackdown Totals: $1,819.87/$2221.14 = 81.93%

I'm sitting at just over 70% of my goal paid off this year.  Tuition has made things a bit tough in my life.  I have to find another $500 in the next month to pay off my tuition so I can enrol in next semester.  

Let's hear it for the upcoming November 3 paycheck month!  It can't come soon enough.

September check in

Mower is paid off! The last three months will be directed towards mortgage. I did not set a stretch goal, but I think I'll be able to add a tiny bit extra, maybe. Tomorrow our dog has appointment with an orthopedic surgeon, I'll keep my fingers crossed.

September Check-in time! 

I was again only able to put $81 towards my bulk debt. BUT I was 1)able to afford a $300 expense without adding more debt, and 2) my net worth went up by $300! My second/freelance job is helping out a lot, and I have been able to get both my regular-use credit card bills paid in full every month. I still use them, but I haven't had to pay interest in months. Right now my primary goal is staying within budget through to November, since it's a 3 (ah! now 5 with my second job!) check month for me and with any luck I should be able to throw a whole 800-1k at my bulk debt! Fingers crossed everything works out between now and then!

September progress report on my battle against the student loan beast.

As of March 31, 2019: $251,414.81. This is my starting balance after joining YNAB in mid-March, 2019.

As of September 26, 2019: $236,663.22

September notes: Regular monthly payment resulted in principal reduction of $1,130.82. I was able to make an additional payment of $300.00 with one paycheck and $350.00 with the next. Plus, one of my colleagues refinanced with my bank, which earned me a $300.00 bonus. Sent that right over to the loan. Total reduction of principal in September: $2,080.82.

Year-end goal is to get the balance down $31,414.81 (from the March 31, 2019 starting number) to $220,000.00. With a $14,751.59 reduction since I've started making these progress reports, I'm now about 46.96% there.

September check-in - a little early as I usually wait till everything is completely finalised, but apart from a few more groceries we have to get tomorrow which I've pre-entered I think it's all up to date so I'm going to launch in and do it.

My loan had 2 extra payments for a total reduction of $55 and a new balance of $1210 - I can't quite squeeze another $10 from anywhere to knock it down to round numbers (same situation on our floating mortgage which would have put us at a full $1000 paid off if we could, but maybe next month...) So close and yet so far. Looking at the numbers from last month, I must have included the September payment in the total when I worked out the balance because otherwise, it doesn't add up - it's an interest-free loan so that's not the problem. Anyway, the total shows correctly now, but I'm wondering about my paydown figures for last month. Hopefully, I took the number from the top.

The loan to the joint account after stripping many of my categories bare again is down to $1274.85 which is a not insignificant reduction of $559.54. I have two more weeks of work before my income from there stops, so not sure how much further I will get ahead before the reshuffle of finances, but I guess we'll see next month. I've been seeing what I can change to reduce other outgoings, and to prioritise better, but unsure what net result that is having. If the numbers are anything to go by (nearly doubled last month's reduction of $351) then possibly it's very promising.

This puts me at 69.15% of my goal for the year, which is very close to the 75% that the calendar tells me I should be at.