2016 goals / 2016 progress updates / Personal Finance

Even baby steps are steps in the right direction…

debt - May 28Ever since we found out I was pregnant just over 3 weeks ago, it seems like our progress on paying off our Home Equity Line of Credit debt has come to a screeching halt. Although that’s not technically true, in the last 3 weeks, we’ve only averaged a debt payment of $380.59 weekly, quite a bit lower than the “conservative” estimate I had previously made of $400/week.

There are 2 main reasons why our progress has slowed down so drastically:

  1. I no longer have the energy to work overtime. In fact, getting through each work day seems like a Herculean feat! It sounds so weak, I know, but each day, I have to resist the temptation to call in sick or leave work early. Thank you, morning sickness! If I don’t sleep well through the night, the daytime fatigue is just intensified (and this is coming from someone with a sleep disorder!)
  2. I’ve had to take some time off for appointments. One of them was a prenatal appointment, but I also had to see an eye specialist (all clear so far!) and in the next few weeks, I’ll be taking time off for a follow up with my Sleep Doctor and another prenatal appointment.

I have to keep reminding myself that even baby steps are still steps in the right direction. As of today, our debt sits at $1,475.51 which is a far cry from this year’s starting balance of $14,777! We’re 90% of the way there (based on this year’s starting balance; we’re 87.25% there based on the 2015 starting balance of $11,576.25.)

HELOC - May 28

Despite having hoped to be debt free by the end of this month, I have to remind myself that our original goal was to be debt free by December 31, 2016 and so even if this takes us until mid-June, we’re still months ahead of our original goal! That’s still a huge win!

Based on my projections (which are only rough estimates – it’s difficult to know for sure since our paychecks fluctuate anytime my husband works overtime or I take time off) there’s still a pretty strong chance that we’ll be debt free by June 10.

And then it’s time to start saving up for Baby! (Our first ultrasound is first thing Monday morning – keep your fingers crossed!)

Even baby steps are steps in the right direction… was originally published on Unchained 55

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