Debt

Debt Reduction Progress Report September 2020

October 1, 2020
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Introduction

I’m on a journey to get myself in better shape financially, and part of my plan includes regular reports on my debt reduction progress. I’m doing this both for accountability and to inspire others working on a similar project.

September 2020 Results

At the beginning of this month I provided my starting point for the year and also where I was at the end of August. I’ll repeat that information here to better compare where I stand one month later.

Student LoanCard 1Card 2Card 3Card 4Card 5Total
September$21,454$45,251$26,992$60$580$13,750$108,087
August$21,682$45,454$27,352$94$132$13,718$108,432
Change-$228-$203-$360-$34$448$32-$345
Month-End Balance Comparisons

My overall balances have dropped, albeit by a small amount in aggregate. But progress is progress! The big jump on Card 4 is due to some start-up expenses (such as a business license) for a side hustle I’m working on right now.

I have been pretty good with my personal expenses and in reducing eating out. Specifically, I resisted buying any new clothing in September, and I’m actively avoiding the Amazon site, which makes it way too easy to buy. There’s a reason they’re so successful.

I am looking ahead to the holiday season and thinking about how to control my expenditures. Fortunately, I have been setting aside funds in a dedicated account for gift giving – a personal take on what some of you might remember as a Christmas Club. I also won’t have my usual travel expenses this year. We usually visit my sister and her family in Switzerland, but Americans can’t travel there yet easily.

Conclusion

While the total change isn’t huge, I am happy to see progress in getting my debt lower. Those business expenses I mentioned are either one-time or annual fees. I am already getting a (small) amount of revenue from my side project which is very motivating to keep plugging away at it.