Monday, February 4, 2008

Monday Debt Elimination Meter

The point of my blog is to record my progress towards financial independence. Currently I am in the debt elimination phase of the journey. I find it helpful at a regular interval to take a snapshot of my debt level just so that I can properly monitor my progress and make corrections if necessary.

I have been doing this now since the first Monday of September, Labor day here in Canada (fitting day for the start of my labor). Below is a screen shot of the spread sheet I use to do this.

I am a little bit off target $1923.95/month average that the principal is lowered by what I need is $1950.00/month accelerator on top of the principal from the minimum payments. Part of this is due to the fact that until January 7, 2008, Anita (my wife) was on maternity leave and earning approx. $700.00 bi-weekly. The other reason has to do with the fact that my budget is a normalized budget, my expenses are averaged equally over 12 month even though some are paid in one, two or three installments. If my budget is accurate then it should all work out as expected by September of 2008.

Please feel free to comment and share your ideas or views.

1 comment:

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