I’m loving doing these bi-monthly updates. I find that they motivate me to push even harder for the next one. So far for paying off debt, June has been better than I initially expected. I view this as one of the perks of having an irregular income. You just never know what the month may bring. Of course, I also realize that unfortunately, this can go the other way too. So then, how did we do? As always, I like to give a recap of where we started as it kind of helps keep it all on one page.
1-1-2017 $55,749.69
1-1-2018 $46,408.39
Debt June 1 June 15
Discover $9,975 $8,900
car $6,466.27 $6,191.31
Citi $6,790 $6,790
Visa $9,450.16 $9,305.46
Total $32,681.43 $31,186.77
To spare you the math:
Our total debt reduction for June so far is $1,599.66
Our total debt reduction for 2018 is $15,221.62
Our overall debt reduction since 2017 is $24,562.92.
We have reduced our debt by a smidge over 44%. Looking back at the end of May, my goal for June was to see our debt reduced by $1,500. We are now almost $100 over that amount. I had based that on knowing that at the end of the month, I’ll be going out of town. While I am still going to take my trip, what I hadn’t factored was the extra hours I’d be putting in at work, and also the additional money Hubs would be making. Hubs has been working hard, and his paychecks show it!
So how much more can we pay off in June? It depends on what our next paychecks bring. We have also decided on Hubs not cashing out vacation time just yet for a couple of reasons. His last raise was in July, so by waiting, his vacation pay could potentially be paid out at a higher rate later. That is, providing he gets a raise! Secondly, it gives us a cushion should we need the funds at a later time. Hubs can cash out vacation time twice a year. We will likely need it to help pay off the Beast (aka Discover) before the 0% promo rate expires, but we still have time. Additionally, with both of us still having a parent in their 90s, it is always good to have some extra funds tucked away.
So how is your month going so far? I love reading progress reports, and I cannot wait until we all cross over the debt-free line!
Your 24k overall debt reduction is admirable, congrats! We started June by going over on our weekly grocery budget, oops. So this week we buckled down and came in under our allotted amount . . . because you can’t pay off debt if you keep overspending your budget!
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Thank you! And you make a very valid point. Good job buckling down and getting your budget under control.
Great job. You are kicking the beasts behind.
Thank you! I cannot wait to be rid of it!
Rock on!
We are still in house financing limbo, closing was next week but now pushed to 7/6 and we still don’t know if we have been approved AND we are on our 3rd lender
1st lender – can’t use DH income because he is an S-corp
2nd lender – we want 10% down
Back to 1st lender as MIL agreed to cosign – oops appraser says house is landlocked so no go (the garage and driveway are leased from the church next door, 99 years for free)
3rd lender – ??????????????
Wow. That is a lot going on with your mortgage. I’m not a fan of co-signing, but I hope it all works out for you!
We;re working towards paying our trip, so June is a belt tightening month for house expenses, but we have a ton of extra costs lately.. We just are trying where we can. Good for you making so much progress since last year.
You know what I like about what you are doing? It is that you are completely aware of what needs to be saved, and you are making the effort to do so! Enjoy your trip!
You are truly an inspiration – you guys are working so hard and meeting your goals!!! We are doing pretty well, put away more than the amount I wanted to for dh’s crown and haven’t gone into savings once for ANYTHING!!!! I THINK I may have taken the money for our IRA out of YNAB TWICE, so if I did that, we have another $250 to put toward the dental work….I’m going to wait and make sure, but I’m pretty sure I just make a mistake…..FINALLY….a mistake in our favor!!!!
Thanks, Sue! I just want this debt gone, and I can’t/won’t take my eye off the prize until it is gone! Good job getting the money saved for the crown. Goodness, those things are expensive! Nice to have something go in your favor!
You are doing such a fabulous job on paying off that debt, You have come so far in such a short time!!! Way to go!!!
Thank you. Admittedly, I am impatient to see this through! It cannot happen soon enough!
So far my month has been okay. Just working the plan day by day.
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Sometimes that is all we can do! I’m thrilled to see the progress you’ve made so far Rhitter! You are rocking the plan!