One of my financial resolutions is to pay off $40,000 in debt. Obviously, I haven’t completed that goal in month one. I haven’t even gotten close. That doesn’t mean we haven’t made some progress yet.

Debt Reduction Successes in January
In addition to our standard monthly debt payments, we paid an additional $1500 toward debt in January. We were able to keep our holiday spending low, which definitely helped. We also received some unexpected money and reductions in expenses, both of which allowed us to pay more.

Debt Reduction Goals for February
Going forward, I plan to set a monthly debt reduction goal in addition to the big goal. The big goal is so big that it seems overwhelming. My goal for February is to cover the unexpected $2600 in auto expenses we incurred this weekend (most of it was routine, but we didn’t expect to have it all at once). I would also like to pay $2500 in debt on top of that.

My other goal is convince my husband to track his spending for a month, but I’m not convinced I’ll accomplish that.

The other goals: boosting the emergency fund and boosting my retirement withholding will have to wait until I make more progress on my debt. I need that to come first so that we can buy afford a better mortgage.

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