It’s the beginning of October & I am Excited to update you all on our Baby Step #2!
I’m a very visual person so I made a sign to go on our fridge. It will help me stay motivated & on the right track. Look how much progress we’ve made THIS MONTH!! BYE BYE COUCH PAYMENT, BYE BYE CREDIT CARD PAYMENT!
Here’s what we did: We had our minimum payments of $150 for Student Loans & $200 for the couch. We added up that, along with $156.82 that Jared had leftover in his account from before. Remember, it’s not a good thing to have $ left over because then it’s unaccounted for & easy for you to just blow that money. Every dollar should be accounted for! It takes a few months to get that right, which is why we had some left over… so it’s going straight to paying off our debt! We also had:
$50 rebate from BB&B from Christmastime! (We had a problem getting our rebate but you better believe I stayed on them!)
$35 We sold a couple things in the IL’s garage sale
$20 a zebra toy that I bought for Jaidan a while back for $20 & never used. Nothing gained, nothing lost.
$500 Yes, that is 5-0-0… Jared had some guns at his parents house that he sold (to his step dad) that he hasn’t even touched in years!
All of this added up to $1,111.82 to put towards our debt! What a GREAT start!!! I’m excited & motivated! Let’s see what we can do in November!!
Baby Step #1: $1,000.00
Baby Step #2:
PAIDOFFMy CC($275.70) $0
PAIDOFFCredit Card($4577.81) $0
-Hospital bill ($2000) $2000
-Student Loan #1($2625) $1,619.19
-Student Loan #2($2625) $2586.71
-Student Loan #3($4000) $3076.02
-Student Loan #4($4500) $4431.33
-Student Loan #5($4523.89) $4491.56
-Student Loan #6($5522.40) $5522.40
TOTAL DEBT: 32,357.24
REMAINING DEBT: 23,727.21
We have paid off $8,630.03 so far!!
Baby Step #3: 3-6 months expenses in savings
Baby Step #4: Invest 15% of household income into Roth IRAs & pretax retirement plans
Baby Step #5: College Funding
Baby Step #6: Pay off your home early
Baby Step #7: Build wealth & give