Thanks for visiting Ultimate Money Blog! If you’re new here, you may want to subscribe to my RSS feed. The last time I updated this, I owed $12,333.78 on the student loan. As of today, the current balance owed is $11,899.22! I am happy that it has fallen below the $12,000 mark! I got paid a quarterly bonus and put most of it towards the student loan. Also, I have paid off the Home Depot Credit Card that had 0% for 12 months before the promotional period expired. Ultimately, I’d like to pay off this student loan before the year is over, but that seems like a pretty hefty goal, so I’m going to go with 2 years, or 24 months to have it paid off.

At the beginning of the year, I posted our 2010 Financial goals. I figured I’ll do a 6 month check up because that’s better than waiting until say, September, and realize that we’re failing miserably on our goals. Not cool. Here are the goals we set for ourselves: Goal #1: Pay off at least $3,500 in principal on our mortgage. To date, we’ve paid off $1028.66. I think we’re a little behind, but much closer than I thought we would be! Goal #2: Raise my 401k contribution to 10%. Um, I think I’m contributing 6% right now?!  I need to just do this.  All it will take is the click of my mouse. Goal #3: Pay off our car loan. We are well on our way to paying off this debt!  Only about $1500 left. Goal #4: Come up with a budget and stick to it.  Uh… yeah… still hasn’t happened. I wanted to set realistic goals so that they were reasonable.  I think we are doing pretty well so far. How are your financial goals coming along?  Are you [...]

As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt.  Honestly?  I’m not stressing too much about it.  I know that we are doing our best to get it paid off.  At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan.  That would be that. At the same point, though, $3000. is almost a year’s worth of payments.  I could keep making the $250 car payment.  Life would go on.  I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off. How is your debt reduction progressing?