Personal Financial Update. Oct. 2019, Part 1

October is upon us, and so is the chilly weather.  I had to light a fire in the wood stove while I was doing some work at our camp this past weekend.  I’m starting to price oil, as I will need to fill the tanks for the furnace soon.  I also need to buy propane for the cook stove.  Looking around my house today I was making my fall to-do list.  Soon I’ll be putting away all the porch furniture and the garden hoses.  The garden will be getting tilled under for the season.  The driveway will need sealed before it turns too cold.  And, my coal stove needs some routine maintenance before the snow starts to fly.

So, where do my finances stand in the early October months?  Let’s have a look.

Wealth Building

My portfolio has been jumping around with the recent market volatility.  It has been up and down by several thousand dollars a day but has been holding around the $700,000 mark for some time now.

The only major change was me selling a portion of an underperforming MLP fund to pay vet bills.

Debt

I have turned my full attention to debt reduction and to snowballing my debt load.  Here is a breakdown of where things stand since my last update.

DebtLast UpdateCurrent UpdateChange
Line of Credit$3,535.00$2,535.00($1,000.00)
Truck Loan$16,973.97$16,973.97$0.00
Student Loans$35,219.00$35,082.00($137.00)
Mortgage$186,009.00$185,488.00($521.00)
    
Total$241,736.97$240,078.97($1,658.00)

 

I’m pleased so far, as I’ve seen a reduction of over $1600 in total debt in the first few weeks.  As I continue my debt reduction journey hopefully, I will continue to find innovative and creative ways to reduce debt.  As a side note, I have stopped using my credit card and switched back to a debit card.  I find that I can track my spending more effectively when I know exactly how much money is available to me in my checking account.

To break this down a little, the line of credit is my primary focus in the debt snowball since it has the lowest balance.  The zero movement on the truck loan is simply a timing issue.  No payment is due on it until early November.  The logic is that once the line of credit is gone, I will attack the truck loan full force then move to the student loans.  Once I have the mortgage loan only I will most likely start to save and invest again.  Paying the mortgage down more quickly but not as intense as I got rid of the other debts.

Income

I came across an opportunity yesterday to do a side job for my girlfriend’s coworker.  She needs a few kitchen cabinets hung.  I’ve yet to discuss the details with her, but hopefully I can make some nice side money should this opportunity materialize

Changes for Next Update

I don’t see any major changes on the horizon.  Only to stay focused on debt reduction and on ways to increase income and reduce expenses.  Until the next update, keep up on your goals.  Hopefully my story will help to motivate you.

See Also:

Personal Financial Update, Part 2. September 2019

Personal Financial Update – SEPT 2019

Get on Top of Debt: Pay Your Bills

5 Essential Tips On How to Stay Out of Debt

 

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