How much debt did we pay off?
It is almost the end of the month and time to add up our numbers. With only two days remaining this month, I highly doubt anything more will be sent to our debt. Should we do so (hey, you never know!) I’ll tack it on our April update. My goal for March was to reduce our Baby Step 2 debt by $1,000. We came ever so close! Try as I might, I simply could not squeeze anything else in our budget to help us reach that number. So, how much debt did we pay off in March?
We paid off $941.55! Even with coming up short $58.45, I still feel we made amazing progress! In the past, this is the time of year we would be adding to our debt, not the other way around. To see it drop feels oh so good! It blows my mind that we were able to cash-flow over $300 of unplanned vet expenses plus rearrange our financial seasons and cash-flow $750 in wood and $421 in propane in just one month! Our savings also grew as we were not comfortable with Dave Ramsey’s Baby Emergency Fund of $1,000. Cash-flow…have I ever mentioned how much I love the sound of that? Prior to embarking on this journey our idea of cash-flowing meant using a credit card and being able to (cough) “afford” the minimum payment. How things have changed in just three short months!
Much like looking at both the challenges and accomplishments of the past month, I feel it is equally important to look at our overall progress of paying off debt. To date (again, just three short months!) we have paid off a total of $5,104.74. As I’ve said in other posts, we do have what I feel is a decent income, but we also have what I know is an indecent amount of debt. If we can do it, you can too! Most of us who are digging our way out of debt didn’t create our messes overnight and likewise, they won’t disappear overnight either. Just keep moving forward!
Do you track your debt payoff progress each month? If not, I strongly encourage you to do so. Not only does it keep your head out of the sand (something we did for far too long) but it can also serve as a great motivator to keep on going!
That is great progress! How long do you think it will take you to reach your end goals?
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Thank you! I am pleased, too. Not sure how long it will take, but am really hoping we can eliminate our debt within 24 months. Our snowball will increase once my seasonal position starts, so that will really help push it along.
Woo hoo! I can’t believe you were able to cash flow all of those unexpected expenses AND decrease your debt by over $900!!! Think of all the interest you won’t have to pay again! Great job this month.
Thank you! I’m beyond excited as well! And you are absolutely right about the interest!
Well done!
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Thank you! Much appreciated!
Good job!
I look at my monthly (zero interest) too.
I keep it o a spreadsheet.
I go to it whenever I want to feel sad.
🙁
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At least you know where you stand! 😉
I am a new reader to your blog and think you did a great job with your expenses this month.
Thank you and I am happy to have you as a new reader! I hope this blog serves as an encouragement that no matter how old or where you are in this journey, that it is NEVER too late to start.
Great job! Whenever you’re hit with unexpected expenses, it’s always a win to get anything extra paid off each month. 🙂 I track our progress monthly, I’m a spreadsheet geek. Seeing the numbers decline (usually…) gives me a burst of motivation I need at the end of each month. Glad to know you’re still saving, I never thought $1000 was enough for an emergency fund.
Isn’t it great to see the numbers drop?! At least I know we are going in the right direction! A baby emergency fund of only $!,000 left me feeling uncomfortable, but it was an attainable start. I’m eager to get 6+ months of living expenses in savings, but that needs to wait until we get rid of our debt. It will happen!
I use both a paper spread sheet and one on the computer. I admit I like paper much better. I have things I need to buy for the car tomorrow so I know that will be going out in cash(I use a cash only budget). I also need to hit Aldis tomorrow for a few things, and acme for frozen fruit since its much cheaper frozen right now. Your doing great with the paying down….I am counting the months to be debt free….
Judy
I’ve done the tracking both ways, but always go back to pen and paper. Not sure if that is an age thing or not but it works for me! lol Glad to hear someone else using a cash only budget. It has made such a difference for us. Keep plugging away! We can do this!
Way to go! I am right with you girl in fighting the debt. I’ve just finished setting up the final auto-payment for the debts. They are set payments until Murphy is funded (which hopefully will be any day now) and then on to Baby Step 2. Going to re-read TMMO over the next few days as a refresher.
Fantastic Rhitter! I think I’ll join you in re-reading TMMO. It helps to keep this kind of stuff fresh in your mind! I’m counting on you to keep fighting with me. We can do this!
Girl you know it!! And btw Sluggy also joined you and Stephanie in the virtual head slap. I feel so loved!
Good! The more the merrier!
LOL!!!! 🙂 Well, I’m about to get myself a hot cup of tea and start reading TMMO
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Soak it in girl! I’m going to start re-reading TMMO later today!
I do track my debt, my income, my budget, etc… I am trying to sqqquuuuueeeeezzzze money from my budget for April.
Great job on the debt reduction and being able to cover an unplanned vet expense.
Thanks! I’m right there with you needing to squeeze more out of April! We can do this!