Thanks to the newly popular web software Mint.com, which I will be blogging about in greater detail soon, I was able to quickly tally up all of my outstanding debt for my initial debt report. Not only was Mint able to give me an overview of all my debt, it also gives me an overview of all my accounts and a very nifty auto-update feature.
After starting to write this post, I saved it, put it down for a few days and began searching for alternatives to Mint.com because, I want to make sure I find the personal finance software that fits my needs. My research educated me to the fact that there are MANY new up & coming competitors in this newly popular (& free) web-based personal finance software market.
In the future I hope to nail down my budget using some cool software… but we can talk about that later! Now let’s get to the numbers.
Let me first state that although my wife & I have several separate accounts in practice, ultimately we combine all our assets & debt according to the Word of God: And they twain shall be one flesh: so then they are no more twain, but one flesh. Mark 10:8. Specifically, when I mention Net Worth, I am speaking of our combined monetary significance.
Currently our total debt rests at $(240,425).
After estimating the value of our home to be around $155,000 and subtracting it from the above total debt; at the time of this writing our Net Worth stands at a daunting $(85,425).
Here is a broad break-down of our current debt:
- Mortgage – $161,684
- Student Loans – $68,545
- Credit Cards – $9,197
- Auto Loans – $6,036
And there you have it…the ugly truth! Although to me, it’s not as bad as it seems. We have excellent interest rates on the mortgage & student loans, which leaves us with $(15, 233) in debt that needs to be eliminated steadily and systematically.
At the beginning of each month, I will be posting a “Monthly Report” to update everyone on our debt reduction progress. These reports will track debt reduction, offer insight into how we’re working to eliminate debt and ultimately show how using the Lords teachings can help us remove debt so we’re FREE so serve Him in all capacities. I’m sure our processes will evolve over the course of this blog through our trial & error. I have not listed financial goals as of yet, but will be doing so as I formulate them. I wish I could say I was a financial expert, but I’m not. However, I am a firm believer in the fact that there is no better way to learn than to simply dive right in!
Thank you for reading. I hope you enjoy our articles, and are blessed in some way by our journey to become debt free using biblical principles. I trust the Lord will have His hand on this blog, and will minister to all involved.
Please leave us comments as often as possible to lend us your encouragement & support!
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