Sunday, 21 February 2016

Our Debt Reduction and Savings Progress

This is our 4th year of dedicated frugal living and I thought I would share our progress. For the first few years our goal was to build our savings accounts to pay for our home renovations which included our kitchen redo, new carpet and flooring in our kitchen, dining and games room, ceiling and patio repairs and our pool restoration all of which came to around $20 000. The work was all completed last year and this is why you can see our savings have now dropped significantly. At the time we chose to have 2 savings accounts as we were regularly depositing and this way could gain extra interest. We are still debating whether to keep the 2 accounts or roll it into one.

Since May 2015 our focus has been to put every spare dollar towards paying off our only debt-the mortgage. Unfortunately I can't find our financial details for 2013 which was the year we began.

I have put these figure up to inspire and encourage others. There is no quick trick for building savings or getting financially ahead. We have managed to do this by sticking to a budget, not spending money unnecessarily and just saving in lots of little areas. Every dollar really does count.  

Savings Funds

Account 1- which is now referred to as our 'emergency fund'                                                                                                       
2014- $12,000
2015- $14,029
2016- $2,088 and slowly growing.

Account 2

2014- $5,000
2015- $7,000
2016- $3,000


February 2013- $105 846
February 2014- $101, 199
February 2015- $94,713
February 2016- $68,322 and dropping.


  1. You are making amazing progress!

  2. Hi Debbie, thank you so much! Keeping track of it like this makes me see how far we have come :)