We’ve made some progress in August, although September is going to be a bit of a challenge. Fingers crossed we don’t wipe out all the August progress we made.
Current Non-Mortgage Debt:
| Debt | Balance | Interest Rate | Payment | Due Date |
| Appliance Loan | 0.00 | 0% | 0.00 | 2012-06-01 |
| RRSP Loan | 4,444.00 | 30.0% | 0.00 | 2013-03-01 |
| Mastercard | 201.44 | 24.99% | 201.44 | 2012-10-01 |
| Visa | 4,386.76 | 16.99% | 100.00 | 2012-09-15 |
| MBA Debt | 7,869.52 | 0.0% | 0.00 | 2013-10-01 |
| 2nd Mortgage | 21,515.05 | 3.99% | 57.50 | Bi-weekly |
| SUV Loan | 30,718.15 | 0.0% | 432.65 | Monthly |
| Line of credit | 39,031.83 | 6.25% | ~225.00 | Monthly |
Original Amount as of February 1, 2012:
| Debt | Balance | Interest Rate | Payment | Due Date |
| Appliance Loan | 4,000.00 | 0% | 0.00 | 2012-06-01 |
| RRSP Loan | 0.00 | 30.0% | 0.00 | 2013-03-01 |
| Mastercard | 4,000.33 | 24.99% | 4,000.33 | 2012-07-01 |
| Visa | 0.00 | 1.99% | 0.00 | 2012-08-15 |
| MBA Debt | 12,106.90 | 0.0% | 0.00 | 2013-10-01 |
| 2nd Mortgage | 21,883.63 | 3.99% | 57.50 | Bi-weekly |
| SUV Loan | 33,746.70 | 0.0% | 432.65 | Monthly |
| Line of credit | 38,973.82 | 6.25% | ~225.00 | Monthly |
Changes: Net Decrease ($3,552.61)
Current total: $108,166.75
Previous total: $111,719.36
Original total: $114,711.38
Appliances: Paid in FULL. No extra interest here!
RRSP: Yes, this is a new loan. This is now priority #2. While no interest is actually being paid, we will owe 30% in taxes if we do not pay it back by March 1, 2013.
Mastercard: Decrease of $1,339.20. We have almost completely stopped using this card.
Visa: I made one $120 payment, plus a little interest was added. The promotional rate ended August 15; we will be tackling this balance first in our new payment strategy. Most of it will be transfered to our LoC next month to take advantage of the lower rate.
MBA Debt: Every month I stay with my current employer reduces the balance by another $600.
2nd Mortgage: We pay $57.50 bi-weekly, and the balance reduced by $74.39 this month.
SUV Loan: Down by $432.65 this month.
Line of Credit: Down by $988.05 after I deposited the rent and deposit from renting our room, plus the money we made pet sitting.
We made huge strides in August, but unfortunately, we have some big expenses coming up in September/October that may require accessing the LoC. I’m hoping we can continue to move forward with slow, steady progress.
Slow and steady wins the race, sometimes it can feel like a long, arduous haul but every month, every dollar counts! Keep up the good work!
Thanks! This month seemed really high, but when I sat down and looked at where the money came from it made sense. Now if I can keep September under control…
Great work! Keep it up–I love reading these updates from you.
Thanks! I find doing them keeps me on track and really helps me see where we’re making progress (and where we need to reign in our spending!)