How we are paying off our two smallest debts before receiving our anticipated escrow refund.
Yes, tomorrow we are paying off our two smallest debts, and I am beyond excited! How is this possible? Well, before getting into that, I want first to say that I give thanks to God for the unexpected blessing. That being said, let me share the details.
What we received was a property tax refund. Our new mortgage holder had withheld the taxes that had already been paid by our prior lender. I didn’t question the initial amount being withheld for the setup of our new escrow as having learned from past experience, it always takes a year or so for a bank to get it right. Anyhow, the check came from our new lender stating it was a refund of taxes that had already been paid. For the record, I do also have a receipt for the paid taxes as I needed them to do our income taxes. The check nicely covered paying off our two smallest debts!
As for the escrow refund from our previous lender, we are still waiting for the check. Our plan for that money is to add a bit more to our savings and then throw a snowball at the next debt we are tackling. Progress!
I have a few busy days ahead of me with working my office job and also taking care of the preemie. Hubs will also be home for a few days. When you are in debt, being busy is a good thing…especially if it involves going to work. I’ll try and update my mid-month numbers within the next day or so. With the bonus check, we definitely hit our goal of paying off $1500 this month!
WOOHOO!! We got an unexpected bonus too! Good month for it – short month, so expenses are a little less. March is a 3 paycheck month, so more fun there! I know you are feeling good about this – baby steps, big leaps! Congratulations!
Woohoo for the bonus! Sure helps the snowball!
Awesome! Do you then snowball the paid off debt payments towards your other debt?
OneFamily recently posted…It’s the little things
Yes! That is exactly how we are working the snowball.
So happy for you that you have your two smallest debts paid off. 🙂
Thank you! Sure feels great to have those two debts out of our lives for good!
So happy for you! I paid off Amazon and Walmart and although I am pi***ed that it took 44% of my paycheck I am glad to have it done. PayPal and Care Credit are next. DH went back to work (North Dakota) of all places, I have stopped bailing him out when he overspends (take that, Mr Spendy). All and all its been a grand 2018 so far.
Ouch, that does hurt! I know it is painful, but it will feel fantastic never paying those debts again! North Dakota? Brrr!
Congrats on getting two small debts banished! So where does the debt payment amount for those two go toward now?
Inquiring minds and all….. 😉
sluggy recently posted…Wellness Wednesday #2 for February
Thank you, Sluggy! With these two debts gone, we will start tackling the next cc which is (as of today) $2750.