I’m so impressed with how you guys have rocked the debt smashing even though it has been a crazy year! I love reading about your successes and positivity through your trials. It hasn’t been easy, but you’re on the way to reach your goals even if the timeline isn’t what you had originally planned.
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.
October Debt Smash-athon Totals
During October, we collectively put $33,608 toward debt!
Way to go friends!!
Of the 22 of you who completed the Debt Smash-athon report for October, 95% reported putting money toward debt in October. That averages out to $1,600 per Debt Smasher, with a median of $1,150 paid in debt.
As a group, we invested $21,262 toward retirement! 68% of respondents reported retirement savings.
We also put a total of $8,591 toward big savings goals other than debt and retirement. 64% of respondents saved money for a big goal in December.
When you put that all together, the 22 total reporters made $63,460 of financial improvement in October! That is a great finish to the year! 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. October’s randomly chosen winner is Austin! I’ll be in touch!
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.
Milestones & Big Wins
“Total student loan debt finally under 10k!” ~Amanda
“Paid off one car 1 year early! ” ~Anonymous
“I found out that I PASSED the Michigan Bar Exam, that I sat for in July!!!” ~Becky
“Got our mortgage 25% paid off in 3.5 years” ~Janet
“Refinanced our mortgage from 4.625% to 2.5 and a shorter term of years.” ~Valerie
“I enjoyed going deer hunting in Idaho this month with an old friend, and though I didn’t have any income while I was there, I had already saved enough money to pay for all my expenses, including airfare, food, everything, for my trip. That felt great.” ~Austin
“Maxed out our IRA contributions” ~Stephanie
“I was able to pay a large portion of my bathroom remodel off in October. This was due to finally admitting that lowering my 401K contribution was worth paying off the debt. I will get back to my aggressive investing once my bathroom is paid off. ” ~Chris
“Continuing to make double payments on the second mortgage. Was able to pay cash for our youngest son’s wedding pictures ($1400!) and rehearsal dinner expenses.” ~Sherrie
What was the key to your success?
“No spend month, weekly budget review and looking forward, not giving up!” ~Missy
“I just keep remembering the 🐢, slow and steady.” ~Gina
“We sold our tent trailer that we didn’t use that much, put that money towards our goals.” ~Stephanie
“Keeping spending fairly low” ~Winnie
“Three paycheck month meant I had more income than usual” ~Bethany
“Saying NO to WANTS and YES to NEEDS” ~Lindsay
“A refreshed budget. Hubby got a raise in August and we haven’t really been able to get all the details fleshed out til now between back to school and illnesses. Finally on track.” ~Shannon
“Tracking, tracking, tracking! And stashing ready meal/snacks in my work bag for the extra long 14 hr days to avoid drive thru on the way home” ~Amanda
“Sticking to budget closely” ~Janet
“Saving and prioritizing for 3 months to reach the goal for this month.” ~Nicole
Join Us in the Debt Smash-athon!
It’s not just me who’s excited about this. This is what fellow Debt Smashers are saying:
“I’m so grateful for this report to keep my focus on debt payoff and increasing my assets!” ~Winnie
Well, $63,460 of financial improvement among us is fabulous! I can’t wait to see what you do in November! When you’re ready, here’s the link to report November’s progress!