2008 Annual Progress

It's time to take a look at our financial progress for 2008.

After being fed up and stressed out over money for the entire year of 2007 my fiancé (boyfriend at the time) sat down and put together a budget, as well as joined all of our accounts. We have made amazing progress since last March.

We started this journey last March with the following overwhelming debt:
MARCH 2008
ASSETS $46,006
DEBT $117,419
NET WORTH ($71,413)

AND TODAY....
DECEMBER 2009
ASSETS $44,917
DEBTS $63,230
NET WORTH: $(18,313)

I can honestly say it has been a great year for debt pay off. Last year I was so stressed out! I was fitted with a mouthguard for bruxism (grinding), had crazy headaches from the overactive and always clenched jaw- stress induced. I even got to the point where I was almost having mini-temper tantrums as I saw the choices of my life slipping away. I would cry myself to sleep some nights wondering if we would ever be able to get out of debt, would we ever have a house, could we ever get married or start a family?? Or would our debt be so immense it would dictate whether or not we could even have a family before our time was up. I am thrilled to say that since then we got engaged, are getting married in March (which will be a huge expense- we are getting some help) and we bought a house! It won't be ready until July. We did stretch our mortgage more than I was comfortable with, we went with the most expensive that we could afford- outside of my comfort zone but we will not need to move or upgrade once we start/have a family. Unfortunately debt still dictates the start of our family. We are definitely feeling the pressure now that Mr. K is 30 and I will be this coming February. I have a budget that should see us starting our family in about 3-4 years. We have to pay off our consumer debt to be able to afford parental leave. Here is Canada parental leave is 1 year but you are paid Employment Insurance which is about 34% of my current wage. Our plan is to pay off consumer debt, get pregnant and while I am pregnant use the previously allocated debt payments to supplement my income when I am on maternity leave.