Thursday, March 5, 2015

Budget Update - February

So February was, once again, our month that we started really focusing on our money.  We started out our home-ownership with very little debt - comparatively - and since then we got a little out of control.  I mentioned to you all the ways that we were going to stay focused last week and I am happy to be here to let you know how our first month went.

Our ultimate goal is to have a majority of our debt paid off by the end of 2015, all while still being able to live a good life and have fun.

Starting out, in February, including our home, we had about $300,000 in debt.

Now, take away our house, because let's be honest, that debt won't be gone by the end of 2015 unless we hit the freaking jackpot - which I hear you have to actually play to win, shucks! - and we have about $50,000 debt, give or take, including cars and everything.

I am stoked to announce that in February we paid off $5108!!!  Now it may not seem like a lot but it is a major step in the right direction for us.  With a baby now, money is tighter than ever because of his expenses that we just can't do without.  We were also able to put away money for Caleb in his savings account and put some money in our savings account for a rainy day. :)

We are making steps in the right direction and I couldn't be happier.  Although this will probably be one of our largest debt pay-offs for one month due to the fact that we used our tax return for most of it, it still feels good.  With that debt paid off we are now saving over $200 a month on minimum payments.  Just like the plan was, we paid off our 4 highest interest rate debts and are no longer paying that money for no reason - interest that is.

Our next goal is to work on our last credit card and my car.  All together that is a big chunk - almost $15,000 - but if we can get one of them paid off, that will be saving us another $150-$300 a month.  It's amazing how fast debt can add up, but paying it off is rewarding and exciting.

Here's to another successful month :)
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  1. You should be REALLY proud---paying off 10% of your debt (outside of your house) is so great. Now that extra $200 can go towards your other debt, your car or credit card and thats amazing. Keep being diligent, you will get there!