Debt:

Credit Card 1 - Balance $0 - Netflix, Cell, Internet, SJCH Donation, Auto Insurance are auto charged each month for a total of $230.00

Credit Card 2 - Balance $0 - Misc charges include but are not limited to food/groceries, entertainment, household needs, kids needs, etc. Monthly charges ~$770.00 (Wow, when I put it on paper, it really is way too high). Eating out is the big killer....so easy and less stressful...this has got to change)

Mortgage - Original Loan Amount - $108K. Balance - ~$96K. $952.00/mo includes principal, interest, taxes and insurance (PITI)

Car - $240.00/mo

Electric - ~$90.00/mo

Refuse - $17.00/mo

Support - $725.00/mo

Total Monthly Debt: ~$3,024.00

Income:

Rental Income - $95.00/mo

Military Benefit - $130.00/mo

Salary (including auto stipend) - $4,100.00/mo

Total Monthly Income: ~$4,325.00

Debt to Income: ~$1,293.00

Non Winter Savings Commitment: ~$1,000.00/mo
Winter Savings Commitment (differentiator is propane for heat at ~$500.00/mo): ~$500.00/mo

Miscellaneous Funds (cash, unplanned expense(s), etc.): ~$293.00

Savings/Investments:

Roth IRA - $5,412.06 - Balance as of 7/1/17 (for Tax Year 2017 fully funded)

Emergency Fund - $2,143.02 - Balance as of 7/1/17 (Every $10K saved in E.F. supports a $5K transfer to the Capital One 360 MMA)

Capital One 360 MMA - Balance as of 7/1/17 - $50,226.58

It's been a "long and winding road", but I am finally seeing light at the end of the tunnel, coming out of the darkness and satisfied my family is not only financially stable but protected for years to come.

Hello All! I have been reading your blog entries and all things "savings advice" for a few months now. After resisting the urge to comment, I decided to take the next step in my personal finance journey and "join the club". I hope I bring value to the group and offer motivation while gaining inspiration as well. To bring you into my world: Divorced six years ago. Although it was amicable, I ensured she and the children were "set for life". This left me a bit undervalued. Through a laser focus on debt elimination with simultaneous savings, this is where I stand as of 6/29/17:

Credit Card #1 Debt - $0 (although I have internet, cell phone, Netflix and a monthly St. Jude's Contribution applied monthly for efficiency and cash reward points). This balance of ~$175.00/mo is paid in full every two weeks.

Credit Card #2 Debt - $0 (although all other living expenses such as entertainment, food, auto insurance (every 6 months) and misc expenses are applied. The second card offers a healthier cash reward program than credit card #1, but I have not considered transferring auto payments to this card - lazy). This balance of ~$325.00/mo is paid in full every two weeks.

Auto Payment - $250/mo - 2014 Chevy Cruz. Paid via monthly employer stipend. Nets ~$200.00/mo income via unused stipend.

Mortgage - $950.00/mo (taxes and insurance escrowed) leaving a $96K balance on a $108K mortgage as of June, 2017. The benefits of living in a beautiful city without the "fluff" of inflated property values. (See Mortgage Payoff Challenge).

Home Utilities - Paid in Full every month ~$100.00/mo for electric as I have a private well and septic system at no charge for water/sewer.

Refuse - I split the $25.00/mo cost with the ex wife as we both only use about two bags per week mainly due to the kids.

Savings #1 - Capital One 360 MMA - $50K. I will add $5K to this via Savings #2 at every $10K balance as accrued via operating account deposit(s).

Roth IRA - Tax Year 2017 fully funded at $5,500.00.

As you can see, I am working to not only diversify savings but keep my expenses as low as possible. I know many will ask about an employer funded retirement account, however, I keep that out of site and out of mind. My thought is that it'll be like one big Christmas present with the time comes....God willing!

So, I work to save 20% of my net income (after ensuring a full tax year contribution to my Roth IRA and Emergency Fund Deposit). One of my goals toward financial freedom (errrrr, ummmmmm, early retirement via debt elimination versus retirement income only) is to eliminate my mortgage. Now, I know I can do this by simply selling my home, investing the proceeds and renting a small, one bedroom apartment allowing the property manager to shovel the snow, mow the lawn and take out the garbage. Rather, I'd like to leave my children a bit of a nest egg partially in the form of home equity by pounding away at the principal. I am a very visual man. Watching the balance drop each month is extremely motivating to me. I am going to try to share my success (or failure) with you all and hopefully gain some insight along the way.