Wow – December 2016. I can’t believe it is here (and practically over!). I have been consistent all year long in updating my financial progress. Reporting every month not just on my debt and savings totals, but on my wins, losses, successes and failures. I hope you enjoy this final installment in my Financially Fit 2016 journey.
I started 2016 on a quest to become Financially Fit – out of debt and with an emergency fund. While my journey to get out of debt is not perfect, I hope by being open about it I will inspire others to improve their finances.
I had three financial goals when I started this journey at the beginning of 2016. Save up a $1,000 baby emergency fund, save $100 to attend Financial Peace University, and get completely out of debt! Half of 2016 passed and I didn’t reach any of these goals. But my mindset remained positive!
I am ending 2016 without completing any of these financial goals.
Action Steps Update
Make more money: My earnings for December were $1,045.27. That is my highest earning month of the year! 🙂 If you’re curious about the various ways I make money from home please read this: 16+ Ways I Made Money Without a Job in 2016!
Stick to a tight budget & use a price book: “Tight budget” proved to be a challenge in December, especially due to the holidays.
Have regular family budget meetings: Didn’t happen. Need to take more of my own advice here!
Continue my financial education: I was very busy in December with Christmas and other things in my personal life so I didn’t find much time to read. I did however stay consistent with using positive affirmations daily – to improve my finances and other areas of my life. I am loving them and really see a difference! Interested in trying some out? Try these money related positive affirmations.
The Numbers Update*
*as of 12/29/2016
I know what you are really here for – the numbers! 😉 Here we go …
Consumer Debt (4 credit cards) $11,960.23
Medical Debt $0! yay!
Car Loan/Lease (one of each) $42,504.49
Total Debt $54,464.72
Progress? I did reduce our debt in 2016, there is no denying that (see specifics below). I also started 2016 with $0 in savings, and ended with a little over $200 in savings. Small progress is better than no progress at all. If I hadn’t set my goals and committed to these updates, my financial situation might be much worse.
We have $63.56 MORE DEBT than we did one month ago in November 2016, and $18,550.29 LESS DEBT than when this journey began in December 2015!
I did not reach my goal of becoming debt free in 2016. Am I financially fitter? A little bit! Time to start nailing down plans and next steps for 2017.
Where Did the Extra Money Come From?
Mostly my blogging efforts and virtual assistant work! I cashed out $25 from Swagbucks via PayPal and was able to send that money to debt payoff.
I cashed out $49 from Ibotta in December. That’s FREE money, from a FREE app. If you haven’t signed up yet, this is my referral link, click it now! When you verify your first rebate (within 2 weeks of signing up) you will get $10 and I will get $5! That’s a win win and just part of why I think you are CRAZY if you’re not using this app! My 2016 year to date earnings from Ibotta are $427.50! Don’t you want your part of that?
The biggest “unexpected” expense in December that I can recall was a new faucet in our kitchen and some plumbing costs. My dream budget would include a sinking fund for these expenses that are guaranteed to come up when you are a homeowner.
I decided to make a double payment in December so we could end 2016 with no medical debt. A “gift” to myself.
Christmas was a struggle. We did not save up the cash throughout the year that I would have liked to have for Christmas spending. Purchases went on credit cards, a strict budget was not stuck to and consumer debt remains high. I’m not proud of these choices, but I’m also not alone in making them, and I’m always going to be honest and transparent with my readers. The holidays are a tough time for me!
Financially Fit 2016 has officially come to a close. 2017 is only a few days away and I have not finalized my goals or plans for the year. I need to do more reflecting on the goals I set in 2016 and why some of them were not reached. (If you still need to set goals for 2017 check out this inspiring post).
What do I want to accomplish in my financial life and how will I get there? I’d love to hear from my readers on this subject. Do you want the monthly financial updates to continue? Maybe in a different format? I’m open to any and all ideas! 🙂
If you read this far – thank you! Your time and your interest in my story mean the world to me! <3
Want to help?
If you’d like to help my debt payoff journey in a small way, consider signing up for Ibotta through my referral link! Or use my Amazon link the next time you need to shop there, I’ll earn a small commission at no extra cost to you!
I also recommend you sign up for Swagbucks and Ebates while you’re at it! Swagbucks is a great way to earn giftcards, and Ebates let’s you earn money back shopping online. You can also check out my Hire Me page if you could benefit from my virtual assistant services – especially if you’re a fellow blogger!
If you found this post helpful or encouraging in any way – please share! Pin! Tweet! Stumble! Like! 🙂 I’d love to have it posted on your social media of choice or sent directly to a loved one who is struggling to get out of debt!
Stay tuned dear readers – I’m going to try to be back tomorrow with a post sharing the lessons I learned from Financially Fit 2016!
How was your December? Your 2016?