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Hi friends! Happy back to school for all my readers in school-mode. It’s time for my August 2018 Debt Payoff Report.
I’m putting together this report this week while I’ve been snacking on all the great Palisade peaches our area has.
In usual Debt Payoff Report fashion, I’m sharing some of what happened in our month, finance faves from around the web, and goals for September.
Heads up: This page may contain affiliate links. You can check out my disclosures for more details.
August 2018 Debt Payoff Report: What happened in August?
We paid off $2,779, so our balance sits at $72,357. August was a great month, all things considered.
Some of our month’s highlights were:
- Birthdays! Terin turned ONE! Gaahhh. I turned 27.
- I invested in two amazing blogging resources to become a better blogger. I plan to share my thoughts on them soon.
- Also, we enjoyed pool time and hiking near the Colorado National Monument with friends.
Some fun stats about our payoff so far:
- Current balance: $72,357
- 20 months along
- Total paid off: $57,717
- 44% complete
- We’ve shortened our loan by 17 years, 5 months
Seeing our progress in chart-form has really motivated me to keep going.
In reading about other people with paid for mortgages, they’ve said it became like a game to see how quickly they could pay it off.
I can relate. I’m always grateful for the surprise amounts we find throughout the month that help make these lines go a little deeper.
Side note: To see the progress you’re making on your money goals, I highly recommend signing up for a free Personal Capital account. It tracks all financial accounts in one place and will tell you if you’re overpaying on fees, a potential $100,000+ savings. Sign up for FREE through my exclusive Personal Capital link.
All of this wouldn’t have been possible if I didn’t take a chance on reading the Total Money Makeover and attend Financial Peace University. Dave Ramsey is the best at teaching people how to pay off debt.
His help has lifted millions out of poverty and into prosperity. If you want to pay off debt, I highly recommend his method.
Related: We paid off $50,000 of our mortgage!
August’s Finance Faves
I finished Cait Flanders’ The Year of Less book and thoroughly enjoyed it. The book is a memoir of how one woman gave up 70% of her belongings and took control of her finances, health and work life. She talks about the human experience so many young women face. I think her book is a MUST READ!
The other book I’m just beginning to read is The Magic of Thinking Big. It comes highly recommended from Mr. Money Mustache, one of my favorite writers on retiring early–as in your 30s. So far, it’s a slower read and kinda quirky, but timeless.
Also around the personal finance innerwebs
- A way to build wealth outside of your net worth.
- A fascinating infographic of how money markets compare around the world.
- How to optimize your taxes with the new tax regulation changes.
- Fun food hacks I’d never thought of before.
- A quick tip for house flipping in winter.
Goals for September
Rather than rest, we’re working to payoff our mortgage before I turn 30. So, we’re going to keep pushing each month to pay off as much as possible.
A few of our September goals are to:
- Get our mortgage’s balance out of the $70Ks!
- Write 4+ blog posts and implement what I’m learning from the courses I’ve taken
- Stay in budget while out of town for another wedding
What’s going on with your debt payoff? Share with me in the comments!
- We’ve paid off $51,000 of our mortgage!
- July 2018 Debt Payoff Report – $1,944
- June 2018 Debt Payoff Report – $1,824
- Grocery budget: 10 tips to spend $25 per person each week
P.S. Please keep in mind that I am definitely not an investing professional. This post is meant for informational and entertainment purposes. Always do your own research and seek out help if you need it.