Comments on: Debt Reduction and Savings Statement – April, May, June, July 2010

By: Len Penzo

Len Penzo — Sat, 14 Aug 2010 00:23:25 +0000

Keep up the good work, Matt! I’m just checking in to say hi and make sure the newspapers aren’t piling up in front of your blog’s virtual driveway.

All the best,

Len
Len Penzo dot Com

By: Jared

Jared — Mon, 09 Aug 2010 16:53:40 +0000

Personal finance is personal for sure. We’re in a similar situation. We paid off the car, but now we’re focusing on the emergency fund. My wife would have an infinite emergency fund, but we settled on a couple of months for now before knocking off the rest of our debt. Great to know we’re in the same boat.

By: Debt Vigilante

Debt Vigilante — Sat, 07 Aug 2010 14:36:45 +0000

Great job! You seem making a lot of progress in a short amount of time. Right now, I am getting close to $1000/month paid off in debt. No kids and no house as of yet though. My student loans have to go before we buy a house, but I am making it. Keep up the good work and stay encouraged.

By: Debt Cancellation

Debt Cancellation — Sat, 07 Aug 2010 11:48:30 +0000

Got to have that emergency fund set up. So often this is missed in financial planning. You should have at least 3 months stashed away.

By: Financial Ramblings

Financial Ramblings — Fri, 06 Aug 2010 09:54:47 +0000

[...] she talks about Money Make Up or Financial Break Up. 14. The Debt Free Adventure updates — Debt Reduction and Savings Statement — April, May, June, July 2010. Good to see that there’s a significant progress! 15. The Passive Income Earner asks: Is [...]

By: Jenna

Jenna — Mon, 02 Aug 2010 19:49:55 +0000

Thanks for keeping us updated. What are your plans for the next four months?

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:58:25 +0000

I long for the day when I get to cash my paycheck… and not have to pay one stinkin’ dime toward interest on debt!

Keep up the good work…

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:30:46 +0000

It was HUGE Fred… we were so glad to kick that debt to the curb.

Yeah, the extra principal payments are incredible. Like you said, people don’t realize how much interest they’re paying at the onset, and how much of a difference extra principal payments make. Nice work on yours… we plan on having the 2nd mortgage (currently at $39k) paid off by the end of 2011. Man will that feel great!

Cheers man, thanks for stopping by.

By: Fred @ One Project Closer

Fred @ One Project Closer — Fri, 30 Jul 2010 02:23:10 +0000

Hi Matt, welcome back!

Well I must say this looks like pretty good progress. I’m sure getting the Lending Club debt behind you is awfully relieving. With your emergency fund stashed away, I’m sure that second mortgage will start to melt off.

We’ve been paying an extra 50% on our mortgage payment for the last 6 months. Wow! What a difference it makes in principal balance. The extra 50% is paying down like 3X the principal included in a regular payment. People don’t realize just how much interest you are paying at the outset of a loan. It’s almost criminal.

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:03:01 +0000

Seems far off now, but if we keep this pace up we should be completely debt free, including our mortgage paid off, within 5 years.

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:02:07 +0000

Thanks Pete, glad to know you’re still stopping by. Congrats on the new baby boy… I’m so happy for you!

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:01:24 +0000

Thanks Nicole, I really like sharing… so I guess it works out.

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 02:00:48 +0000

Exactly Khaleef… many argue the legitimacy of how much we save while still repaying debt, but every way I look at it, it looks good.

By: Matt Jabs

Matt Jabs — Fri, 30 Jul 2010 01:59:36 +0000

Awesome, so they’re both paid off?

I understand not being able to start the “Next Auto Fund” yet, but make sure you do it as soon as possible so you don’t have to finance again!

By: Financial bondage

Financial bondage — Thu, 29 Jul 2010 18:08:12 +0000

Just keep plugging away at that debt. Someday it will be gone.

By: Peter

Peter — Thu, 29 Jul 2010 03:32:29 +0000

He’s alive! He hasn’t been kidnapped! Sounds like you are enjoying the new job – and at least keeping busy!

I say as long as you’re paying off debt, who cares if you take a little longer to save? I say go for it! Good to hear from you again!

By: Mid Week Yakezie Link Rally | My Financial Objectives

Mid Week Yakezie Link Rally | My Financial Objectives — Thu, 29 Jul 2010 00:17:59 +0000

[...] at Debt Free Adventure gives us a great update on his personal finance positions. He is really reducing his debt while building up his Emergency [...]

By: Nicole

Nicole — Thu, 29 Jul 2010 00:16:18 +0000

I really enjoy reading about your struggles and successes. More so with this last post. I agree we each have our own situation and need to use the building blocks to get started but need to fine tune it to our own needs. Thanks for sharing your thoughts with us. Good luck with the new job.

By: myfinancialobjectives

myfinancialobjectives — Wed, 28 Jul 2010 21:59:27 +0000

Nice recap. I like the idea of boosting your emergency fund as you never can be too careful. khaleef, That’s exactly why I’m not allocating every extra $ towards debt repayment, as much as I would like too. This also means contributing 12% of my salary towards my 401K.

I like how you have all of your different funds organized. I find that this really helps me keep track of how I am progressing financially.

I bet you are looking forward to when you can actually earn something from your savings! I know I am!:)

By: Khaleef @ KNS Financial

Khaleef @ KNS Financial — Wed, 28 Jul 2010 18:49:01 +0000

I’m glad to see that someone else out there believes in saving while paying off debt. I agree with your plan to save for new cars and a vacation as well.

I once took the other extreme – directing every extra $1 to debt repayment and not saving – and then I lost my job and had to rely on debt to fund basic living expenses.

Looks like you’re making good progress to me!