Well, This time the Wrap up is right on schedule. Here are the numbers:
- Net Worth at End of Month: $83,642.15
- Net Worth Change: $5,976.74
- Working Income for the Month: $5,082.46
- Over Runs in Budget: 0
- Amount of Over Runs: $0.00
- Total Remaining Debt: $10,709.50
- Amount of Debt Paid off: $246.89
The Good Stuff
We got back on track and paid at least the minimum off our line of credit. This is our last debt and this one has stuck around for way too long. The debt repayment would have been more, however the $1,500 car repair expense ate through most of that. However, this is a good thing, because we neither had to dive into our emergency fund, or add-on new debt to pay the expense. To be honest, we would have dived into our emergency fund before adding new debt. However when we have the opportunity to just cash-flow the repair and not touch emergency savings, this was the better option. Raiding emergency savings just means I’m reducing debt repayment in future months to help build up the emergency funding once again. Just because we have an emergency fund doesn’t mean I wish to break the glass every time we hit a speed bump. I’d rather cash-flow the expense and not touch emergency savings. Emergency savings are for those times when you can’t cash-flow the expense.
The Bad Stuff
Okay, it’s officially time for the wet newspaper beating contest. Get out your wet newspapers and prepare to give me a tongue lashing the likes I have never seen before. The new hobby I picked up in November, cost us $275.14. Had I placed that towards debt, I would have doubled our debt repayment this month. Sure $500 isn’t much when you are looking at a $10,000 debt but it would have been nice to throw at the debt. I also found a more efficient way to spend money on this hobby, so, while I’m going to spend more in January, I won’t be spending anything else till April. So hopefully in February and March we can retire a large chunk of the debt. So since I’m still planning to spend money on this hobby while in debt, get out your wet newspapers and feel free to go crazy.
Anyways, I didn’t mention the out of country trip we had to take in either section, I did this because I don’t think it’s either good nor bad. It is life and it happens. We were lucky that the costs were cheap and while we cash-flowed this from our debt repayment, it was nothing compared to the cost of the car repairs.
Anyways I hope everyone is enjoying the Holiday season. Tomorrow I wrap up the entire year.
