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December 2016 Budget and Debt Results + 2016 Recap

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Overall, December was a good month. I'm pretty happy with how 2016 went as a whole when it comes to my financial goals of paying off debt and building savings.We have finally made it to 2017. I don’t know about you, but it really seemed like 2016 was dragging on and on and on there toward the end. I think it’s partly because after my fun fall of travel, I didn’t have anything super exciting on the books until after the new year.

The holidays were spent at home with my family. But since we all live in the same small town, that meant I didn’t have to do any traveling. Sometimes this is a blessing and a curse. ๐Ÿ˜‰

Now that the holidays are over, I’m looking forward to my next adventure later in spring. But first, I’m going to recap the progress I made in December. Plus, I’m also going to take a peek back at where I was a year ago to see what I accomplished during 2016 as a whole.

Debt Totals:

11/30/2016 โ€“ $137,660.88 all debt
$26,474.95 without mortgage

12/31/2016 โ€“ $136,335.66 all debt
$25,376.94ย without mortgage

Difference โ€“ -$1,325.22 all debt
-$1,098.01 without mortgage

2016 Total Debt Payoff: $10,407

I didn’t reach my 2016 goal of paying off all of my credit card debt, but I’m getting closer. I’m excited that I paid off over $10K of debt, even if that does include my mortgage.

Savings:

11/30/2016ย โ€“ $1,671.40
12/31/2016ย โ€“ $1,711.89
Difference โ€“ $40.49 Increase

2016 Total Savings Increase: $560.74

I didn’t reach my goal of having a savings balance of $2,000, but I still increased my savings this year. I’m calling that a win!

Budget:

CategoryMonthly Total
Saving$40.49
Mortgage$533.66
City Bill$69.47
Gas Bill$9.89
Netflix/Hulu$17.98
Internet$80.00
Phone$93.66
Fuel$89.55
Auto Insurance$98.59
Cleaning$45.00
Personal Trainer$170.00
Cash/Other Spending$1,517.08
Dentist$126.88
Health Savings$250.00
Travel Savings$100.00
Debt$1,211.50
TOTAL$4,453.75

Thoughts:

December felt like a very expensive month. But it was actually about the same as November when you get to the bottom line.

My “other” spending was high this month. I went out of town to visit my BFF for a weekend. This also accounts for some of the extra in the fuel category. Plus, I also spent more eating out while I was there, and I got a few things for my house. Some of my other spending increase is due to buying Christmas gifts.

You might also notice that I started a new savings account called “health savings”. I’m saving up for a procedure that will hopefully happen in fall or winter 2017. It will cost about $10,000 and I’d like to pay for it in cash. I’m hoping that by having cash “in hand”, I’ll be able to actually get it done for less. It seemed like my earnings were high in December, so I decided to start the new savings account early. I had planned to start it in January anyway.

I paid extra on one of my credit cards in December and I should be able to pay off the remaining balance in January or February. Once this is paid off, I will only have one credit left to go. The final card does have a larger balance on it because I did a balance transfer last spring and consolidated a couple of credit cards to save some money on interest. Since the promo on that card will be up in a few months, I’ll be shopping around for another balance transfer to keep theย 0% interest rate working in my favor.

Overall, December was a good month. I’m pretty happy with how 2016 went as a whole when it comes to my financial goals of paying off debt and building savings. Unlike in 2015, I didn’t make any large purchases that put me further into debt, so I’m definitely headed in the right direction.

How was your December? Did you accomplish your 2016 goals?

Overall, December was a good month. I'm pretty happy with how 2016 went as a whole when it comes to my financial goals of paying off debt and building savings.

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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

8 Comments

    • Kayla
  1. Liz

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