November has come to a close and it’s time for my 11th Financially Fit update. It was a tight month for the budget, but progress (albeit small) was made. Read on for my latest debt and savings numbers!
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!
All three of those goals are still in the “not completed” category.
Action Steps Update
Make more money: My earnings for November were $845. I beat my October number! Whoo hoo! 🙂 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: The price book idea was abandoned long ago, especially after I started relying so heavily on this app. We have managed food spending really well lately and came in under budget in the food category in November!
Have regular family budget meetings: Need to take more of my own advice here! Not many official money talks in November, maybe just one? Sounds bad, but awareness of our income and spending was still very high since it was a tight month.
Continue my financial education: Writing a post about amazing money books really re-motivated me! Check out the post to find out what I’m reading! I have also started actively working on a positive money mindset by using these positive affirmations.
The Numbers Update*
*as of 11/29/2016
I know what you are really here for – the numbers! 😉 Here we go …
Consumer Debt (4 credit cards) $10,880.08 <— Can’t wait to see this drop below $10,000
Medical Debt $174.14
Car Loan/Lease (one of each) $43,346.94
Total Debt $54,401.16
Progress? A little. Debt overall is down a smidge, but I’m disappointed our consumer debt number has risen again. The credit card habit/lifestyle is incredibly hard to break. Avoid it if you can!
We have $183.95 LESS DEBT than we did one month ago in October 2016, and $18,613.85 LESS DEBT than when this journey began in December 2015! My original monthly goal for debt pay off was $6,084.58. I obviously did not hit that number in November. Or ever actually, but hey, I like big goals!
We are no longer likely to hit the goal of being 100 % debt free by the end of 2016. Unless you have $54,401.16 to send me! 🙂 I’m coming to terms with that fact and deciding what I want to do next.
Where Did the Extra Money Come From?
Lot’s of consignment and selling little things in November, an extra side job, payment from blog work done in October, and a few other random things. Overall the budget was very tight due to low income so a lot of money was not thrown towards debt, instead it was just used to keep us afloat.
I cashed out $23 from Ibotta in November. 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 year to date earnings from Ibotta have exceeded $388! Don’t you want your part of that?
The biggest “unexpected” expense in November was an eye exam and new glasses for me. I planned on saving money in advance for this purchase (and was doing so) but then my glasses broke! Seeing is not optional, so I had to take care of this immediately!
We also called and reduced the interest rate on one credit card (just by asking!) which will save money in the long term. Wish we had done this much earlier in the year!
December is a tough month when it comes to debt payoff – especially if you celebrate Christmas. The temptation to spend, and to rack up more debt, is everywhere. I will be actively working on finding more sources of income, keeping spending low and trying to keep the Christmas budget reasonable.
I can’t believe my financially fit 2016 journey is almost over! I’m already thinking about 2017 – what I want to accomplish and how I will tackle it. 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!
How was your November?