Hard to believe it is almost the end of the month. Since we have no more money available to send to our Visa this month, I figure it is time for an update.
We received the statement a few days ago, and of course, with interest, the amount owed went up — $33.35 for the “privilege” of using credit. Nothing like throwing money away. Sigh. Although I make mention of the interest, it is, however, not where I choose to put my focus. I prefer to look at the fact that this past month we reduced this debt by a whopping $1,423.39! I paid enough this week to bring it down to an even $5,700. Considering the expensive month we’ve had, I feel we made some serious progress!
As for the milestone, we have now officially conquered over $50,000 of baby step 2 debt! As a reminder, we started our journey on Jan 1, 2017, owing $55,749.69. I’m pinching myself seeing this number reduced by $50,049.69! The light at the end of the tunnel is getting ever so bright!
Looking ahead to next month, I’m not quite sure what to expect. Hubs gets paid on Friday, but we will use a lot of that check to pay our propane bill, life insurance, buy another load of wood and pay for our bi-annual garbage bill. I’m always thankful for those three check months, especially when we get hit with a crapload of extra expenses! If we can make it happen, I would like to see the Visa reduced by $1,500. I still have a goal to get this gone before the end of the year.
Another thing we have to consider is our deck that is still in need of repair. We were told it would be the end of August or into September as we were so late getting on the contractor’s list. Had our insurance adjustor done his job on time, we wouldn’t have been looking at a collapsed deck all summer. With our weather so rapidly changing, I’m beginning to wonder if the repair will even happen this year. Anyhow, the money is still in our account. Since we have chosen to repair rather than replace the deck, there will be money left over. Part of me would like to use it to pay off the Visa, but I also like the idea of continuing as we have and using the money to jump-start baby step 3. I guess at least for the time being; the money will stay where it is.
For those of you also digging your way out of debt, how did your month shape up?
50k in 2.5 years is absolutely amazing. Congratulations! You’re ALMOST done with step 2!!!
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Thanks! It has been a lot of hard work, but dumping so much debt feels amazing!
Well done in reducing your debt! Keep it up! I hope you will be able to bring the debt down by $1,500 by the end of the year, as you want to. I am pretty sure you’ll be able to, or, at the very least, try. 🙂
I’ve had a very good month, although I am not in debt. I had some health-related concerns this month, but, all is good now. I am very thankful for that.
I hope September will be a good month for you.
Thank you! My goal, however, is to bring the debt down by $1,500 THIS month! I want to be debt-free (except for our house) by the end of the year! We are blessed that our snowball has grown significantly since we started on our journey!
Good for you for not being in debt! Glad your health concerns turned out okay. Always a worry!
Ok, what is that song….your futures so bright you gotta wear shades??? You are doing AMAZING!!!! We had a pretty good month, the Chase is under $3000 and we are still looking at it being paid off by October then Bank of America goes DOWN. It’s been a looooooooooooooong month and I’m still at the point where I wish I hadn’t had this surgery (I know this will end….in a year or 2, lol) and we’ve done pretty well, Have grabbed food more than I’ve liked since I can’t cook, dh is working all day, and ds is working full-time and started school full-time so we’ve had fast food more than I’d like, but other than that, haven’ spent much at all except on a new hard drive for my computer when mine crashed.
I can’t believe all the problems you’ve had with the deck – it seems like if they don’t get on it soon the snow will start and you’ll be out of luck, for this year right? Will that affect replacing vs repairing if it has to go through another winter already compromised?
Now I have that song in my head! Lol Yeah for Chase getting under $3,000! The plan really does work! I’m super proud of you! As for eating out, I wouldn’t beat yourself up over it too much. You had major surgery and with it, there are bound to be extra expenses.
Yes, this deck situation has gotten old. I’m just thankful it isn’t a deck we use all that much as it faces the woods and not the lake. Strange that they even put such a large deck on this side of the house. If it were the deck on the lakeside, I’d probably be livid by now. As for more damage, I’m not sure. At this point, if they don’t get to it on time, Hubs and I will need to rethink what we will do for next year…both for the deck and the certificate I purchased. No worries about it going to waste. We have plenty of things we would like/need to do around our house.
Well, considering I paid off the CAR, I think I did okay this month! And congrats to $50K paid off in 2 years. That is a great accomplishment. My goal for the rest of the year is to pay off the Discover Loan.. and then hit the ground running in 2020
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I would say so! Paying off your car adds so much more to your snowball! Having fewer creditors is a beautiful thing! I have no doubt you will get your Discover loan paid off before the end of the year. You are doing so well!
You are most certainly rocking Baby Step 2. I am still hoping to have the 401K loan paid off this year (20 months instead of 60) and the HVAC loan (12 months instead of 18). Fingers crossed, after these 2 I attack his motorcycle loan. Of course he “had” to buy a new truck so that will get pushed to the back of the line. My car is a flease and I hope in 2 years to pay cash for it or give it back and buy a used one (NOT a hoopty).
Thank you! I still pinch myself whenever I look over our numbers. You are doing equally as well. Paying those loans off in a fraction of what they would have been is awesome! There are plenty of very good used cars out there. Let someone else take the initial hit, giving you a much better deal!
Found my way to your blog! It is amazing how you could get rid of so much debt. Congratulations! Added your blog to my blogroll. Will be cheering you on your way to debt freedom.
Awe! Thank you! We did stupid with zeros (plus had a lot of life happen) but are determined to dig our way out of our mess.
I enjoyed reading your last blog post. I couldn’t help but wonder if other readers had similar thoughts. I guess it kind of irks me when people ask for help/advice but then are completely unwilling to accept it.
Oh wow, great job. If I’m reading that right, you’ve paid off $50K worth of debt in the last two years? Wow! Congratulations and I’m glad to see another woman blogging about debt like me.
Yes, that is correct! This does not include our house, so the number is actually larger. We are following the Dave Ramsey plan ~ with some modifications such as continuing to contribute to our retirement. I’ll be sure to check out your blog. Always good to hear of someone else blogging about paying off debt. We can cheer each other along!