Here is how things break down. Hopefully seeing these hard numbers will help people understand that normal families can accomplish financial freedom as well!
We make $4,584.00 base pay and $1272.00 for our housing allowance. We choose to live on base and our rent is $1,150 (includes utilities) therefore we receive $122 back each month making our take home pay roughly $4,032 (after taxes and such).
Our starting number is $4,032 for each month.
Expenses that are not debt are:
- Cellphone 1 – $39.73
- Cellphone 2 – $39.73
- Internet – $44.99
- Netflix – $15.37
- Insurance – $149.82
- Total expenses = 289.64
- Personal loan – $449.56
- Student loans – $202.36
- Vehicle 1 – $350
- Vehicle 2 – $350
- Revolving debt – $125
- Total debt = $1476.92
Phew. So much debt!
Those two categories added together means that $1766.56 automatically comes out of our account each month leaving $2265.44
This is an improvement from a few years ago if you can believe that; we’ve since paid off THREE debts and have received a few pay increases.
Currently we are snowballing at least $750 a month into our debt automatically, but will randomly throw chunks as the month goes on.
We’re hoping that this blog keeps us in check so we can throw at least $1,000 additional toward our debt each month.
Now let’s high five since we just showed y’all our skeletons, that’s the appropriate thing to do, correct?