I’m not sure how July nearly got away from me before I got June’s Debt Smash-athon Update posted!
I was so excited to read of your milestones this month. It’s a hard financial time for many people, but it’s exciting to see you still working toward your goals. Some of you are newly debt free! Big congrats to each of you!
My heart goes out to those of you who are going through especially difficult things right now (on top of all things pandemic)! I pray that things will look brighter for you soon.
For those who are new here, in 2019 we had a Debt Smash-athon! Everyone was invited to participate by reporting how much you paid in debt each month. We also kept track of how much we invested for retirement and saved for our big goals. If you want to learn more and join this debt smashing movement, you can join the fun here.
Let’s start with the numbers, even though the best part is all of your personal thoughts and accomplishments. You’ll find those after the numbers.
June’s Debt Smash-athon Totals
During June, we collectively put $37,468 toward debt!
Way to go friends!!
Of the 23 of you who completed the Debt Smash-athon report for June, 83% reported putting money toward debt. That averages out to $1,972 per Debt Smasher, with a median of $1,000 paid in debt.
As a group, we invested $4,024 toward retirement! 39% of respondents reported retirement savings.
We also put a total of $21,012 toward big savings goals other than debt and retirement. 57% of respondents saved money for a big goal in June.
When you put that all together, the 23 total reporters made $62,505 of financial improvement in June! Hooray! Way to go friends!
Each month I have a special prize for a randomly selected Debt Smasher who reported his or her progress. This month’s winner will get a $25 Amazon gift card.
June’s randomly chosen winner is Sheila who said that the key to June’s success was “knowing that getting our mortgage paid off is a marathon, rather than a sprint.” I’ll be in touch, Sheila!
Beyond the numbers
We all know that numbers aren’t the only indication of progress. Even with small numbers, we still make important progress as we change our course and build better money habits.
I was blown away by all of your accomplishments this month. I picked a variety of the wonderful responses to share with you below.
“I officially have no more student loans!” ~Natalie
“Reached a new consumer debt low” ~Heather
“Paid off a home equity loan that we have been working hard on for a few years all while paying cash to for a huge outdoor project!” ~Nicole
“Beginning to deal with my financial mess.” ~Nancy
“Paid off my husbands last private loan from grad school.” ~Jen
“Eliminated all credit card debt!” ~Amy
“I reached a savings account target” ~Ingrid
“Adding to emergency fund and donating to local charity” ~Elaine
“Better communication and goal setting as a couple on money.” ~Shannon
“Had a short term job and earned some extra income which offset the cost of living away from home for 3 months” ~Jill
“We managed to go about 2 months before we had to fill our car with gas. LOL!” ~Brooke
“We made good progress on getting a month ahead.” ~Jackie
“June was a discretionary spending freeze month for us, and though we didn’t do as well as I might have wanted, we still were able to drive down our monthly expenses in a few key categories. I was able to work a lot of hours this month, and we had a good income month.” ~Austin
“Our family business has not had work since February. Despite applying for many of the business programs we have not been approved. We have had to use our savings to pay bills. We are selling several larger ticket items in order to get through this and we finally sold a piece of equipment. We are now using those proceeds to pay toward debt and we have set aside needed funds our property taxes.” ~Linda
What was the key to your success?
“Quarantine! Hard to shop when you’re not going out!” ~Heather
“I am staying focused on my goals and working to knock out as much mortgage principal as possible while I have the time. It’s easier to work so much when there’s not much else to do!” ~Emily
“Starting small with $5.00.” ~Nancy
“Hubby has been having crazy OT, and we’ve been staying at home tons due to Covid-making our savings soar this month!” ~Maria
“Budgets are important and so is sticking with them. I appreciated your post on periodic expenses. It can be tough to remember all those. It really helps to plan ahead for all expenses.” ~Linda
“Selling plants on Facebook Marketplace from my overgrown flower beds.” ~Elaine
“Budgeting forward in the next month (in YNAB) in actual categories instead of just putting money in a “next month” category. My husband lost his job this month, but I felt much more prepared with a good budgeting process in place and money set aside in sinking fund categories.”~Jackie
Join Us in the Debt Smash-athon!
Well, $62,505 of financial improvement among us is fabulous! I can’t wait to see what you do in July! In fact, since we’re already nearly through July, here’s the link to report July’s progress!