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Thursday, May 15, 2008

Debt Snowball Status Update

The $840 per month we've been paying toward 9 debts is now being directed to just 3 debts - it will be 2 debts on June 15th when we kick our dentist (bill) out of our house. Since Feb 2 we've paid off $6,500 of debt and saved up $1,000 for an emergency fund. The small balances are essentially gone and now we need to dig into the next balance, which is much larger at $8,800. This will take us until April 2009 to pay off.

The money to pay down the debt came from:
1. Monthly Budget
2. Tax refunds and rebates
3. Selling stuff

I have started working part time. It's been three weeks now. I got my first check today and it went straight to debt.

We're going to increase our monthly giving budget. This money will come from reducing the debt snowball payment. On paper the snowball end date will extend a bit but I am not going to fret.

My oldest son got glasses. We paid cash. We had the money in the bank one week before we needed it.

The budget shows we're over spending in some areas but I'll get it under control.

2 comments:

Jeff Burton said...

Congratulations.

LauraLynn said...

You guys are amazing....
Way to go!