2015 Mid-Year Update

So, I have to be better about posting regularly.  It’s been over a month.  I bet you see that a lot.

I wanted to get an update out about how we’re doing mid-year compared to the goals I set out earlier.  I’ve been keeping track of my monthly cash flow for the past three months and back filled it for the first quarter.

Here are the financial goals and our corresponding status:

  • Reduce overall outstanding debt (including mortgage) by 10%.
    1. At the end of June, my overall debt reduction is 6.68%
    2. Based on interest calculations and assumption of sustained payment amounts, we’re on track for 9.66% reduction by year end
  • Make contributions to investments (taxable and retirement) of 10% of salary.
    1. So far our combined saving in investment accounts is 10.83% of income.  This includes 401k, IRA, ESPP.
    2. I got a small raise on July 1st and increased my ESPP contribution by another 2% to balance the addition to the paycheck.
  • Eliminate any monthly interest payments due to credit cards.
    1. We paid $348 in interest in Q1 which was residual to the last account that held a balance.  It was paid off in February
    2. We paid 0$ in interest in Q2!  This is the first time in my adult life that I haven’t paid credit card interest!  Crazy that I let it go this long.

I also want to note that June was our lowest expense month of the year so far even with an unexpected $636 dental bill.  This was accomplished primarily through limiting dining out and being more careful about grocery planning.