February’s Debt + Income Report: Why I Started a Finance Blog While $64K in Debt

3 minute read

At the beginning of February, I'm -$63,843 in debt. I also totally blew a six-figure household income (more on this later). So why am I starting a personal finance blog to teach people how to save money, increase their cash flow, and eliminate debt?

Most people start sites like Money Untangled when they’ve arrived so they can tell you how they did it. These stories are helpful and often inspiring. But wouldn’t it be great to watch someone while they're on the journey? It would be even better if you could walk alongside them.

I would like to give you this opportunity. If you're ready to take control of your finances, but you're afraid to do it alone, I'd love to be your traveling companion and guide. I’m going to take you on my journey to become debt free, and I hope you'll join me.

What to Expect

Every month I'll share a report chronicling my family's journey towards a financially healthy life. These statements will reveal our total debt, expected extra income, and total savings at the beginning of every month plus my goals for that month in the same categories. As a bonus, I'll also include some time management and productivity goals.

The next month, I'll report on how we did the previous month and lay out new goals for the upcoming month. I'll also reflect on what I learned and share relevant updates.

Personal finance confuses and frightens most people. We get it. We started this blog to help you develop sound financial habits, so you’ll never be intimidated by money again. I'm hoping this monthly report along with our other resources will encourage you to that end.

February Finances

Total Debt: $63,843
Goal: $63,459

Half of this is student loans, most of the other half is a car loan, and the rest is credit cards. Thankfully, I'm the only one with student loan debt. I'm in the process of formulating a plan to eliminate this as soon as possible. How long do you think it will take us? I'd also like to see this number decrease this month, but it's not my main priority.

Extra Income Expected: $?
Goal: $?

When I initially started writing this post, the number was 0, and my goal was $100, but recently I was presented with a potential consulting opportunity. It's not a done deal, and I don't know what I'll get paid, so we'll put a question mark here.

Total Savings: $300
Goal: $1000

The last few months we've had to dip into our savings and have been unable to replenish them. Getting this back to a $1000 this month is our number one goal. The budget says we can accomplish this, but as you know, a budget can't keep you from overspending.

Other Goals

Average 10:30 PM Bedtime

My bedtime was horrible in January. I spent a lot of late nights designing the website and writing copy for the pages. Now that this is over, I'm looking forward getting to bed at a reasonable hour and resuming a routine.

Read 3 Books

I have big reading goals for 2018. Unfortunately, I had a rough start in January. The goal is three books a month plus one audiobook. I can do it, but I have to prioritize time to read and start my days earlier. I'll let you know how it goes.

Plan My Days

The first part of January was exceptional as far as planning goes. But somewhere along the way, I stopped, and life slowly got chaotic. I was worked a lot of hours in January but felt like I was making as much progress as I wanted to. I realized I stopped planning my days and using a to-do list. I'm getting back into the habit this month, and I'm hoping to see some positive results.

That's all for February. I'm looking forward to updating you guys next month. What are your goals for February? Share them in the Facebook group.

12 Rules to Get Out of Debt Fast

A free pdf containing time-tested rules that will help you save money and eliminate debt quickly.

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About Phillip Holmes

Phillip is a seasoned writer and speaker who has worked with numerous clients to help them take control of their finances. Still digging his way out of debt, Phillip aims to speak and write with conviction, insight, and compassion. He is married to Jasmine and they have a little boy, Wynn.


  1. Meeksiegirl on February 10, 2018 at 12:47 pm

    I’m so excited to walk this journey with you! We are struggling to get a hold of our debt as well, and this is post- bankruptcy. It was traumatizing, and we don’t ever want to get to the place ever again

  2. Michael H on February 19, 2018 at 10:12 am

    Just saw this on FB and excited to be a part!

  3. Sarah njeru on February 21, 2018 at 11:37 am

    Am pleased to be in this ship. Am struggling to pay my students loan and do my savings as well.Am thankful coz am in the right company.

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