Total Savings

Started A Spending Fast. Ended My Debt. You Can Too.

Beginning Debt Total in January 2010: $23,605.10

Total Spending Fast Savings (to December 2011): $26,361.60

• Remaining Debt April 1, 2011: $0.00 !!! It took 15 months for complete debt re-payment.
• To date savings summary: $23,885.83 in savings because of Spending Fast/Spending Diet + $2,475.77 of matched payments by my parents for the college loan they had out for me = YTD total of $26,361.60

Spending Fast Savings (2010-2011): $17,911.89

Spending Diet Savings (2011-2012): $5,973.94

The month-to-month breakdown:

Month 1- January 2010: $505.58

$ 430.58 is going towards an additional credit card payment this month

$ 75.00 is going to pay my parents for an additional payment this month for the student loan they took out for me years ago (read more about this in this here post). (also my parents matched my $75 payment to them this month)

Month 2- February 2010: $934.95

$ 75.00 for my parents for the college loan (my parents matched my payment to them this month)

$ 373.37 towards the final payment of the highest interest rate credit card. And, now it's paid off!

$ 486.58 is going towards an additional payment for the next and last credit card

Month 3- March 2010: $360.95

$360.95 towards credit card

Month 4- April 2010: $1203.27

$30.93 actual savings which will go towards credit card (better than nothing I guess)

$1172.34 tax refund will go directly to pay credit card debt (without that this month would be a bust!)

Month 5- May 2010: $1073.70

$50.00 to parents for old college loan (my parents matched my payment to them this month)

$1023.70 towards credit card! (I think one more biggie payment & it should be paid off soon!)

Month 6- June 2010: $782.08

$782.08 towards last credit card & now it's paid off! THANK GOD!! Never thought it would happen!

Month 7- July 2010: $790.69

$263.57 to my parents for the old school loan they took out for me (also my parents matched my payment to them this month)

$263.56 for my old school loan that I still have, maybe someday I'll get that paid off

$263.56 to savings account! 

... change of plans... 

After thinking about it a bit more I decided that could actually get my parents paid off during this year of the Spending Fast which would be a huge accomplishment and a relief for them. So, the money I put it my savings account is now going to my parents (so my parents matched my additional payment to them)

Month 8- August 2010: $124.66

$ 124.66 to parents for old college loan (my parents matched my payment to them this month)

Month 9- September 2010: $259.93

$ 259.93 to parents for old college loan (my parents matched my payment to them this month)

Month 10- October 2010: $2,386.04

$ 1,364.05 sent off right to my parents for the old college loan! they are FINALLY paid off!!! (never thought that would ACTUALLY happen!!!) (my parents matched my payment to them)

$ 1,021.99 to my college loan company (it's nice to start making a big dent in that debt)

Month 11- November 2010: $1,726.11

$ 1,726.11 sent right off to my college loan company! whoo hoo!!

Month 12- December 2010: $8,027.49

$ 6,727.49 right off to my school loan company!! (This month was a little different. I had added revenue from a public art commission... it should be noted that I only applied for this art commission because I was trying to think of new ways to make additional income to get my debt paid off faster. This is something that I don't think I would've considered trying before the Spending Fast. Related post: Make More Money.)

$ 1,300.00 into savings which will be reserved for taxes 

**After the year-long Spending Fast- $17,911.89 IN DEBT PAID OFF!**

Month 13- January 2011: $258.92 

$ 258.92 to college loan company

Month 14- February 2011: $1,105.47 

$ 1,105.47 sent right off to college loan company

Month 15- March 2011: $1,072.14 

$ 1,018.58 sent right off to college loan company (remaining balance- $0.00!- I never thought that would actually happen!)

$ 52.35 into savings account

Month 16- April 2011: $1,243.37 

$ 512.87 into savings account

$ 730.50 from tax refund- also put right into savings

Month 17- May 2011: $0.00 

$ 0.00 a big ol' zero

Month 18- June 2011: $147.61 

$ 147.61 into savings account

Month 19- July 2011: $547.78 

$ 547.78 into savings account

Month 20- August 2011: $387.35 

$ 387.35 into savings account

Month 21- September 2011: $412.22 

$ 412.22 into savings account

Month 22- October 2011: $211.03 

$ 211.03 into savings account

Month 23- November 2011: $823.44 

$ 823.44 sent off right to hospital for outstanding debt (See this related post)

Month 24-December 2011: $324.49 

$ 324.49 into savings account

Comments

[Heartfix]

Your husband is a lucky man, and I have no doubt your parents will be very proud of you! I did the Dave Ramsey thing, and can tell you it's a great feeling to be debt free, and you will be there before you know it. I have friends at work who continue to dig into debt, but assure you it will be amazing to put over $1000 to savings every month when you reach the goal of being debt free. Enjoyed reading about you on Yahoo!

[Chris]

Although this is to be admired, there is no mention of what you spend money on. I don't see expenses like food and shelter. I can't imagine that those are free. Unfortunately, this is something that cannot be done in NYC...I'm still looking for ways to save and still have some dignity at the end of the day.

[New saver]

I think I can do this! You are an inspiration. It is January so it's the perfect time to start. I renamed my savings account at my bank "The Future" today after reading your blog and will think of it when I make deposits each month after not spending. I'm up for the challenge!

[anna newell jones]

Hi Chris, Check out my About The Spending Fast and My Guidelines. (here's the link: http://www.andthenshesaved.com/spendingfastguidelines/). I do spend money on food and shelter and other needs and have managed to still have my dignity at the end of the day. It can be done. I can see NYC being tricky though. Best of luck!

[anna newell jones]

Hi New Saver! I LOVE that you named your savings account "The Future". Too awesome.

[Tanya]

Congratulations to you, but I can't help but think that you need to establish more ways to generate income each month. It seems that your savings are incredibly low or maybe your other fixed expenses are too high? And it makes total sense that you would go into debt. I mean, if you can only save $30 one month when you are on a spending freeze, what does that look like when you are not on a freeze? Seems upside down.

[the kid]

Lady, this blog is incredible, and you are amazing. I'm actually shocked anyone is questioning (a) the amount you saved each month and (b) your transparency. Well, the anonymity of the internet strikes again.

Life throws you unplanned expenses and only saving $30 in one month is unfortunate, but it does happen and doesn't mean you're doing anything wrong.

My curiosity is piqued though - I know it's none of my business, but I wish I could know how much student debt you've got left. Every time you list having finished paying something off above, it makes me so happy!

Good luck!
the kid

[anna newell jones]

Hi The Kid,

I have $2,300-ish left on my college loan.

[the kid]

oh, amazing! that's great, anna!
man, I can't wait to see what you do once you're in the black.

[HighHeeledTraders]

Super Cooool, girl! Super Coooooooollll !!! Congratulations! I can feel your great joy and along with your many readers, I feel so inspired! So now what are you going to do with all that "discretionary income"? I share my experience in investing and trading as a woman in www.highheeledtraders.com --- See you there!

[Nick]

I agree with NY, not from NY but you never do say how much you spend on necessities??? My total housing along without utilities is about 1700 a month, 500 car payment, insurance, utilities, no public transportation in my city, etc... This is not out of line with what others spend in my area... ust doens't seem realistic unless you live in a very low cost of living place that has high paying jobs.

[anna newell jones]

Hi Nick, This post might help answer your question: http://www.andthenshesaved.com/and-then-she-saved/about-amounts.html

[Connie]

I was sad to see that you have ads on your blog for things like a CAR equity loan. A house equity loan is bad enough, but now car equity loans? The folks who read your blog are probably vulnerable to this type of ad. These ads prey on vulnerable people. I know you want to get paid to keep this blog, but at what cost to others?

[Anna Newell Jones]

Hi Connie, It is a tricky situation and I think you're right. I'm going to block ads related to credit and lending. Thanks for bringing it to my attention.

[Anna Newell Jones]

p.s. hi connie, after more consideration i decided to actually block all finance related ads from the google ads since i can't personally view and research each one to make sure they are legit. i think this is the right thing to do.

[relative in pa]

Hi Anna,
Just heard about your savings success from our mutual family. My daughter will need your expert advice on paying off college loans when she finishes her Master's Degree next June. Keep up the great work and hope to see you guys on the east coast soon.

[Ali]

I would love to learn more about your public art commission. That sounds right up my alley.

[Anna Newell Jones]

Hi Ali, Here is the site for a ton of public art commissions. There is even an email that they send out announcing all of the "Calls For Entries". It's a great resource! https://www.callforentry.org/index.php

[Terru]

Your figures don't make any sense. If you pay money toward debt, it isn't "savings"; you just spent it on things you bought earlier rather than on new things. It's only "savings" if you still have it at the end of the period (i.e., it is still in your hands or bank account); you actually broke even (i.e., didn't save anything and didn't go into further debt) in the months you were paying your debt down. I think you're deluding yourself when you say you "saved" money during this time, and further, if your parents "matched" your payments you shouldn't count that against your debt reduction calculation/"savings" since either that was a "gift" or you need to factor in that "debt forgiveness" is subject to federal income tax. Your parents can't "match" money you owe them; they can only "match" money you send to a creditor by sending that creditor the same amount. You either still owe them the money or you had debt forgiveness, and the IRS might have somethign to say aboutt that. In any event, you are applying some very sketchy accounting, for sure!

[Anna Newell Jones]

Hi Terru, It's "Total Savings" from the Spending Fast and Spending Diet as a whole. Also, you might be missing part of the story. My parents were able to "match" the amount I sent them for the debt that I owed them because it was owed to them and not to a creditor. Then I paid off the loans I had out for my college education.

[th3k1d]

Anna, your ability to not get annoyed by trolls is really impressive.

[anna newell jones]

Hi th3k1d, I get annoyed for sure! I just try to breathe and remember that people say a lot more sassy stuff online when they don't have to show their face.

[deborah]

Hi, I saw you on the Nate show today. Wow, what an inspiration you are. I can see that you learned so much more than just saving money and disciplining yourself. best of luck to you and your family.