I recently posted an update about how we were fairing after we hit the one year anniversary of being in baby step number 2, and now I wanted to take a look at the goals we had set for 2018 and do a brief review of our progress this year.
Goal 1 – pay no NSF fees
We were on the receiving end on exactly one NSF this year, and it was due to an unexpected late payment, not my disorganization. This is a massive win for me, because I finally have our payments dialed in, and I am on top of it each and every month. Prior to last October, I was really unsure what came out when, and had been leaving a cushion to pay for our auto-debits.
This is actually really embarrassing. However, I am on it now, and making up for my disorganization. My theme for the year last year was “progress and motion” and I started to acknowledge my short comings tackled them one by one until I found what worked for me and our family.
Deciding that I was no longer going to work a regular position at the hospital was a huge driving force behind massive life changes, and a year later I can honestly say it was SO worth it.
Goal 2 – Bring in an additional $950/month
While I did work in 2018, we decided that I would pull back my hours, and we would make our family and its sanity priority number one this year. This has meant that we did not make it as far into our debt repayment as I was hoping, but there is a peace about our home that was lacking in 2017 (and the several years preceding it) – you can’t put a dollar value on that.
I needed time to process everything that the previous years had thrown at us, and we don’t regret making that a priority.
For those who are curious though, I brought home a total of $5891.03 from the hospital, and a total of $2472.48 in side hustle. Is your floor hitting the ground just a little with that side hustle income? Mine is… and those are just the ones I remembered to plop into my tracker (unfortunately I don’t want to share the income tracker with you all, but I will leave you with the rest)…
My side hustle income includes:
One of the mini goals I had mentioned was to pay at least $900 to debt/month. When I tally up our yearly pay-off amount ($13, 167), we were able to average that amount. Yahoo!
Goal 3 – Pay off $16, 940.82
Our pay off total for 2018 was $13, 167, which obviously is short of my original goal. My restriction of hours played into this significantly, but as I mentioned before, we aren’t upset about this.
We have come a long way in how well we manage our finances, and I am curious to see how this plays out in 2019.
Our original undebt.it date (a debt repayment calculator) was November 2021, but we have now bumped up that projected date to May 2021. We managed to do that by making some additional lump sum payments, completely paying off our smallest line of credit, and moving our accounts to lower interest lines of credit.
When we calculated our original payoff dates, we did not include tax returns or any bonus money we have come in to, so I am hoping as we continue to do this we will move that pay off date into 2020.
I am incredible proud of how far we have come this year, especially rolling with mostly one income. We have never been in control of our finances like we are right now, and that is truly an amazing feeling. We are making ground, even when our monthly payments have not always hit the mark.
I have become more realistic about what is possible with our finances, and I am anticipating our future expenses in a way I never have before. I have learned how to pace myself with debt payments, and not get so excited to make them that I leave us no wiggle room for things that we are needing.
Let’s be completely honest here, if my husband reads this he will ask “what wiggle room?!” Our budget is incredibly tight still, and it means saying ‘No’ to a lot of things we would love to be saying yes to.
I can’t wait to have that extra $900/month going into saving for our wants instead of paying of debts!
How did your 2018 go? Did you pay off any debt? Let me know in the comments below.