Year end wrap-up

We’re nearing the last couple paychecks this year, and I was looking at some of our numbers for the year in an attempt to get ready to do our taxes as soon as the forms start rolling in…

$13,369.27 of debt paid off
$2,000.54 in student loan interest paid (estimated)
$10,000 goal for emergency savings by the end of February 2011 — nearly there

This is also going to be the first year that we’re probably going to owe federal income tax–and I’m more than definitely okay with that. Only $2,500 of student loan interest is deductible, so I’m glad we aren’t over that amount. Seeing that we paid as much as we did on interest makes me feel a little twitchy, and the tax benefit only slightly makes up for that. Next year, the plan is to kick the debt snowball into high gear and pay off more than half of what’s left. We’re coming to get you, debt…

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One thought on “Year end wrap-up

  1. That’s awesome! What excellent progress on both debt reduction and saving. I sometimes struggle with where to place the priority between the two, but it looks like you’ve struck a good balance that does both.

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