It’s that time again. Actually, past that time.
I should have posted this update two weeks ago.
So here’s my debt reduction progress for the month of September 2008.
As you can see, I paid off $796.84. Not a lot, but it’s still progress. (That 666 in the total is a little creepy, huh?)
I had intended to pay off more than that. Instead, I rolled a chunk of money into a savings account in preparation for when my taxes are due in early January.
For the past couple years, I’ve owed more than $10,000 at tax time. And since I’ve been paying off debt, I didn’t have the money available.
Fortunately, in every instance, God provided.
Oh, but the stress!
This year, I decided to plan. I may pay a bit extra in interest by not paying off more debt right this minute. But at least I’ll be able to coast through December/January without having to worry about my tax obligations.
Also, you should know that we signed 6-month extension to our lease. Which means we won’t be looking to buy a house until at least April 1st, and maybe even later than that.
Seeing the market plunge the last couple weeks makes me happy we’re waiting. I don’t think we’re out of the woods yet. And I expect there will be much more price flexibility in the spring.
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hi ryan,
congrats on your progress, no matter how small. every bit counts for sure, even though it’s hard to really believe that if one’s debt seems large.
i see a k1200r in your list — the SO has a k1200s in his list!
just wanted to check in with you to see if you are still interested in participating in the DBN? if so, could you kindly respond to the dbn related e-mails i sent to your gmail? thank you!
Good Progress! $10,000 in tax liability? I hate to owe. I never know if I will have the money so I pay my taxes quarterly. I even over pay so I get a refund.
@fwp – Thanks! Who is “SO”? BMW motorcycles are NOT cheap. Definitely can set you back if you finance them.
I replied to you by email regarding DBN.
@Debt Reduction Man – Thanks. Yes, I’ve thought about paying quarterly, but it doesn’t work well with how I file.
I’m a LLC filing as an S-corp. I take part of my income and declare it as dividends to avoid double FICA. Saves me a few thousand bucks a year.
the SO == ’significant other’ ;)
yeah, we were contemplating the f800st for me to add to our collection, but the prospect of extra debt makes me uncomfortable.. i musn’t be distracted by shiny beautiful things! i must focus on debt reduction, yes!
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