Monday, July 15, 2013

Frugal Living: An Update {Summer 2013}

We started out this year putting ourselves in the driver's seat of our financial life. Things were going smoothly, but totally disorganized. By just looking at our bills and actual debts {and their interest rates} we've been able to focus and pay down some major {to us} debt.

Since January 2013 we've paid off over $7,000 dollars of debt! {these payments were not already scheduled in our payment plans} We're talking done with minimal credit card debt, car payments, and part way through student loans.

And to be honest, we really owe it all to becoming aware of what we were spending. We weren't spending a lot but by finding a few corners to cut we were able to pay down debt.

My take away: It is easy to start planning ways to pay off debt. Just take a look at what you spend in a week or a month. Tracking out going bills and random purchases can be so informative. You may have no idea how much money leaves your pocket - whether as interest fees or impulse purchases.

Needing some inspiration on tracking your spending?
One family's 2012 spending with Mr. Money Mustache

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