Annual Financial Update, April 2017

From our original financial simplification post:

Of course, there are certain “purchases” we strongly feel were necessary and must pay for:  home/mortgage ($128,152.60), cars and RV ($16,653.62), college education for our children ($93,628.93).

Grand total: $238,435.15 as of April 1, 2015.  Our goal is to be debt free in 5 years.  Each of these 3 categories were “necessary” in our mind to give our children a stable environment and educational/professional opportunities.  We wouldn’t do anything different in these areas.


Another year has passed since we started this blog and we have some financial updates!  Barb didn’t work overtime during this time period so our income dropped about $9,000.  We didn’t have to dip into savings for anything major this year but we also didn’t save anything.  We did take a seven week vacation last summer, a week-long trip to Hawaii, and 2 trips to visit the kiddo on the opposite coast via plane.  We made a concerted effort to avoid using any credit cards this last year for any reason.  We were hoping for $50,000 debt reduction but didn’t quite make it.

We are pretty sure we can pay off the cars, 2 student loans, and the furnace/AC system during the next year.  Next year debt reduction goal is $50,000 and have our savings account at $20,000.  Guess we will need a few more lean spending months!!

  • Cars and RV $3419.36 (decreased balance by $6152.53)
  • Mortgage $106252.74 (decreased balance by $10,193.11)
  • Student loans $44692.39 (decreased balance by $25.582.75)
  • Savings $15,553.95 (not as much as we would like but better than 2 years ago!)

    Total Debt Reduction in the last year = $41,928.39

    Total Debt Reduction in the last 2 years = $84,070.66

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Update on Finances April 2016

From our original financial simplification post:

Of course, there are certain “purchases” we strongly feel were necessary and must pay for:  home/mortgage ($128,152.60), cars and RV ($16,653.62), college education for our children ($93,628.93).

Grand total: $238,435.15 as of April 1, 2015.  Our goal is to be debt free in 5 years.  Each of these 3 categories were “necessary” in our mind to give our children a stable environment and educational/professional opportunities.  We wouldn’t do anything different in these areas.

A year has passed since we started this blog and we have some financial updates!  We are close to living on one income to speed this along!

  • Cars and RV $9571.89 (decreased balance by $7,081.73)
  • Mortgage $116,445.85 (decreased balance by $11,706.77)
  • Student loans $70,275.14 (decreased balance by $23,353.79)

    Total Debt Reduction = $42,142.29

    Our goal was $47,687.03  John is happy with our current total since we also paid for a wedding last summer for kiddo#1.  Barb is happy with any reduction knowing we had a wedding last summer!!

  • We’ve also been trying to put some into savings each month – right now we have $15,881.84
  •  Last year we had $1,827.58  
  • Total savings in one year = $14,054.26!!  It’s hard to believe we were spending that much extra on “nothing”!!

Falling off the Wagon . . .

We feel like we are spending money hand over fist!  The Great Flood of 2015 seems to have resulted in great profits for Home Depot!  Our contractor is purchasing most of the supplies there.  When the “water mitigation” crew removed our doors and door frames, they also took the door knobs!  So a trip to HD to purchase door knobs.  The doors were installed – now molding and baseboards needed to be picked out.  Today, we went and ordered the carpeting and “wood” flooring.  We debated eliminating the carpet, but we like having warm feet in the winter upon rising!  Guess these are needed items so maybe “Falling off the Wagon” isn’t exactly appropriate. Continue reading