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What an exciting quarter it has been. This second quarter, I think, was my most aggressive payout yet.
I gave everything I could to show some debt reduction progress because I was ashamed of my previous debt overview quarter report. I reduced the balance on my credit cards using the money I received from my part-time work.
However, things do happen, and we have no control over that.
Here is a snapshot of my current debt repayment commitments:
Table of Contents
Financial Goals
Credit Cards/Loans: I’m now using less than 30% of my total credit limit even after the closure of one of my credit cards because I never used it. That card was a reminder of my poor financial situation when I applied for it in 2019. It was embarrassing for me to receive approval for a $300 maximum.
I’m still only down to one card out of three overall. I’ve been tempted to apply for a new one to raise my credit limit, but I’m still considering whether or not now is the right time.
Savings: When my car broke down five months ago, I had to withdraw a portion of the emergency savings to get it back on the road. I’ve since paid back the money I borrowed. I won’t increase my emergency savings until I have paid off these debts. It will be more difficult to save money now that the government has no plans to prolong student loans. I’ll continue to set aside more money for the down payment on a property.
Personal Goals
House hunting is on hold. Our bank loan with prior approval has ended. The wife and I have decided to postpone our purchase while we increase our down payment, at the very least until interest rates drop or the housing market crashes.
A house would typically take longer than sixty days to sell in a better economy with low interest rates and low unemployment. In 2022, according to the National Association of Realtors, a property will only be on the market for less than two weeks because of the extremely limited supply and tremendous demand.
low-key anticipating the collapse of the housing market.
— Gio | TheGrowthFocusedGuy (@growth_focused) August 22, 2022
And based on what I’ve seen, that’s being kind, but since closing and other relevant contracts need to be taken into account, I still think it takes an average of fifteen days.
Therefore, we’ve chosen to hang on. We don’t mind at all that our real estate agent keeps sending us potential homes based on our requirements and spending capacity. It helps us to have a clearer understanding of what to anticipate when the time arrives.
Traveling to Maine – Since we haven’t been on any road trips this year, we’ve chosen a reputable location with excellent seafood and different scenery. So we went with Maine. Additionally, I’m expecting with fuel prices decline, this trip will become more economical. I’ll let you all know how it goes.
Kids activities – Our annual vacation to Six Flags was two weeks ago, and the kids had a blast as usual. Now that school is about to start, it’s time for the important stuff.
This week marks the start of TGFGjr’s football season. The prospect of playing for the same squad as his mates excites him. My daughter no longer cares about volleyball and instead wants to remain on track.
Gym membership has been canceled. Ten months passed before I had the guts to head over to Planet Fitness and cancel my membership. Furthermore, it wasn’t as chaotic as the TikToker implied, which went viral after she was unable to cancel her membership. However, it’s still too early for me to tell if they won’t keep charging my card.
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Gio founded TheGrowthFocusedGuy in January 2020 because he was fed up with debt.
His mission is to document his journey to Financial Independence in order to motivate and inspire others to get out of debt and begin building generational wealth.
