We had over $100,000 worth of debt when we realized how unnecessary carrying debt is. We want to be the owners of the belongings we use and care for, not some random bank.
We keep track of our debt-milestones in many medias; excel spreadsheets, bullet journals, banking apps, and in notebooks scribbled when we randomly have a thought that has to do with the budget (it’s addicting).
Recently we’ve come up with a current total and here it is:
Personal loan – $6,001.40
Revolving debt – $7,106.54
Vehicle loans – $21,923.56
Student loans – $15,515.83 Total current debt – $50,547.33
We are more than half way toward being debt free! Isn’t that amazing? We had well over 100k in debt and we’ll be below 50k by the end of August.
Such an amazing milestone! *applause*
The last time we were in only (hear my sarcasm) $50,000 of debt was before we were engaged and we each had about 25k of debt, and that was in 2013! How exciting is this?!
The snowball is picking up momentum. The personal loan should be paid off easily by the end of 2017!
Happy August, friends! Today is the first Monday of the month so we’re going to review July’s accomplishments.
There weren’t many if we’re talking finances… We were able to overpay our debts as usual but by significantly less than we expect of ourselves.
July is always a crazy month for us, since we try to do something for Independence Day and Elizabeth’s birthday which always end up costing us extra.
Afterthought: we’ll have to create a sinking fund for Birthdays in the future.
We were, however, very fortunate in that the present we gave her was an electric MINI cooper we purchased when I was only 8 weeks pregnant with her. It was the Saturday after Black Friday (2014) and the car was on sale for $25. I would have purchased at least a couple but ironically only one would fit inside my MINI Cooper!
Back to the budget – we spent more money in every one of our budget categories due to our July lifestyle.
August is shaping up to be a significantly better month so far, though we are going on a vacation in a couple weeks. Wish us luck, we’re already doing our best to prep for money saving measures while we’re away.