End of January summary:
I've been reading MMM and the forums for about a year now. I'm excited to jump in with my first challenge!
1) Keep average grocery spending under $400/month (3 adults 2 children)
2) Pay off car loan ($4,500)
3) Finish paying off credit card debt ($14,000)
4) Save another $2,000 for EF (currently about $1,000)
5) Refinance private student loans ($25,000 at about 6% variable... Effing Sallie Mae/Navient. This is more than the original loan amount)
6) Reduce federal student loans (currently $83,000 at various fixed rates) by $15,000 through a loan repayment program through my work.
ETA 7) Totally forgot that it's my turn to pay the federal taxes. So save $2K for our 2016 tax liability. Might have to scale back on CC or EF to handle it.
It's going to be a looooong year. Let's do this thing.
1) Keep average grocery spending under $400/month (3 adults 2 children) -
"Average" so far: $2022) Pay off car loan ($4,500) -
current balance $3,9093) Finish paying off credit card debt ($14,000) -
current total balances $9,1814) Save another $2,000 for EF (currently about $1,000) -
current balance about the same5) Refinance private student loans ($25,000 at about 6% variable... Effing Sallie Mae/Navient. This is more than the original loan amount)
this goal will have to wait until the end of the year when all my consumer debt is paid off6) Reduce federal student loans (currently $83,000 at various fixed rates) by $15,000 through a loan repayment program through my work.
payment hasn't hit yet so the balance is about the same as last month, less my normal principal paymentETA 7) Totally forgot that it's my turn to pay the federal taxes. So save $2K for our 2016 tax liability. Might have to scale back on CC or EF to handle it. -
I think our tax liability is only going to be about $1,200 this year so I should be able to swing it. Saved a few hundred towards the bill this monthOverall, I'm pleased with my progress so far this year!