New Year Resolution Progress

In January, I posted my New Years resolutions for 2018 in order to hold myself accountable for those resolutions for once in my life!


As it is now well into the second half of the year, I thought it was time to check in and see just how well, or shit, I’m going with achieving my resolutions for 2018. So here goes…

1. Pay off our high interest debt

Car loan

As outlined in my post The Final Curtain Call For Our Car Loan, we paid off this high interest loan on June 18 of this year. This was over 2 years ahead of schedule.


When I wrote my New Year’s resolutions for 2018, we had just over $10,000 left on the car loan. However, as this was my highest priority, I threw pretty much everything I had at it to get rid of it in just over 6 months.


Status of New Year Resolution



Credit card

We also had a credit card with an interest rate of 13.24%.


In times gone by, we would use the credit card to buy things we couldn’t afford. These days, we don’t buy anything unless we can A) pay for it with cash; and, B) actually need or desperately want it.


However, due to our dark past of flawed consumerism, we started 2018 with credit card debt of about $3000 that we were paying interest on.


After paying off the car loan in June, we turned our focus to the credit card. As I recently outlined, we paid this debt off in full on 11 September 2018.


Status of New Year Resolution



2. Transition to saving 33% of net income

As I outlined last year in my blog post How I’ve gone from saving 5% to 25% of my net income in 6 months, we’ve made a lot of changes to cut costs and increase fortnightly income savings… And, are continuing to do this as much as possible.


Last year I managed to build my saving ratio of my net income up from 5% in May up to 25% by November. This year, I’ll be aiming to get that percentage up to 33% by continuing to implement additional frugal living measures and lifestyle changes.


As we’ve primarily focused on debt reduction and building an emergency fund throughout the year so far, I anticipate this resolution to be the most difficult one to achieve this year.


I’m not going to give up just yet, but I wouldn’t be surprised if this resolution gets rolled over into 2019.


Status of New Year Resolution

Not doing so well. But, there’s always hope.


I’ll be posting updates on how I’m going with achieving the remaining goal throughout the rest of the year. So keep an eye out!




Posted in My Financial Journey and tagged , , , .

The Flawed Consumer is a Gen Y consumer that is on a mission to achieve wealth simply by changing spending and lifestyle habits.

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