July… Month # 10 of Financial Peace University. Absolutely Amazing month, by far! Here are the final numbers for July!
Who we Owe: Total to Start: Remaining balance: Month we paid it off:
PAIDOFFKohls(235.26) $0 (March 2010)
PAIDOFFMy CC($275.70) $0 (April 2010)
PAIDOFFCouch($1472.18) $0 (October 2010)
PAIDOFFCredit Card($4577.81) $0 (October 2010)
PAIDOFFStudent Loan #1a($2625) $0 (November 2010)
PAID OFF-Student Loan #1b($4000) $0 (February 2011)
PAID OFF–Student Loan #2a($2625) $0 (April 2011)
PAID OFF–Student Loan #2b($4500) $0 (July 2011)
PAID OFF Student Loan #2c($4523.89) $0 (July 2011)
–Student Loan #3($5522.40) $4684.67
TOTAL DEBT: $32,357.24
May- $15,060.16July- $6,664.67
Here’s how God has blessed us this month:
$476 debt snowball (I refer to this a lot so if you aren’t sure what I’m talking about click here.)
$400 Jared’s dad gave us some wheels to sell! Thanks Roy!!
$17 in change
$ The rest was from me working overtime, my Bonus from work (( I’m not putting it on here in case any of my coworkers read it. They wouldn’t be too jealous since I’m only part time now, but you never know. 🙂 )) and then from a mutual fund I ‘forgot’ about. We put it aside in the beginning because we weren’t sure how paying off debt would go. Since I’m confident that we are on the right track and happened to remember it, we are gladly throwing it at our debt.
We WILL be debt free this year! AND this is without us being all totally hardcore. Of course I will still be totally hardcore because I am still wanting to get rid of this as quick as possible.
On our walk the other night me and Jared were talking about how he just graduated in June 2009. In less than 2 1/2 years after graduating and the student loans will be gone!! It’s funny because the papers we were given didn’t have us paying them off until 2029!! Ha! The jokes on them!
7 Baby Steps:
Baby Step #1: $1,000 emergency fund
Baby Step #2: Pay off all Debt (except the house)
Baby Step #3: Fully funded emergency fund of 3-6 month expenses
Baby Step #4: Invest 15% of income to Roth IRA’s & pre-tax retirement
Baby Step #5: College funding for your children
Baby Step #6: Pay off your home early!
Baby Step #7: Build wealth & give!