Debt Repayment Updates

December 2016 Debt Repayment Update

Debt Repayment:

In December 2016 we paid off a total of $8,458!

At the end of December 2016 our total debt remaining was $111,032.

We paid off one of our student loans and a significant portion of our furnace! We celebrated paying off our student loans with a family trip to an indoor swimming pool! Keeping the kids involved with a celebration for paying off loans keeps them excited and engaged.

December was a really big payout month for a lot of reasons. We get a third paycheck in December, my husband’s bonus gets paid out in December, I watched an extra baby temporarily, did an extra babysitting job one night, and we had extra Christmas money that we didn’t spend that got redeposited.

Budget items:

  • Groceries – $217.80 – We have a ton of food in our freezers still from the summer so we’re seeing the benefits of our garden!
  • Toiletries/Cleaning – $17.21
  • Utilities
    • Comed (Electricity) – $59.26
    • Comcast (Internet) – $79.52
    • Nicor (Gas)- $64.44
    • Ting (Cell Phones) – $31.49
    • MagicJack (5 yr renewal of house phone) – $110.76
  • Vehicle Expenses
    • Vehicle Gas – $171.81
  • Miscellaneous
    • Misc. – $38
    • Homeschooling – $9.90 (I bought two fossil and dinosaur bone digging kits for my oldest and she loved them! She’s very interested in fossils so this was definitely worth the special purchase.)
    • Christmas   – $12 (We had cash set aside for Christmas but ended up using a debit card for this purchase and the cash was deposited later)
    • Medical – $109.60 (Eye doctor visit)
    • Date Night – $72.00 (This was two separate date night including one large date night. My husband’s been working a second job on Friday and Saturday nights for two years so since he recently stopped, this was our first date on a Saturday night in over two years.)
    • Student Loan Payoff Celebration – $29.76 (We paid off a student loan this month! We always celebrate our accomplishments and let our kids help choose what activity we’ll do to celebrate. We met family at an indoor waterpark and everyone had a blast! We feel it’s very important to have small celebrations to keep the motivation up.)
    • Library Fines – $28.70 (Confession – I am HORRIBLE with library late fines. I always think I’ll get better (I mean I do have a separate library bin right by the front door!) but still, another library late fine! At our old library after two $100+ fines my husband joked that they should name a wing after us.)
    • Home Repair – $125.27 (We needed salt to melt ice, spent $35 on a dishwasher from craigslist, and $15 for extra parts for the dishwasher.)

Huge payoff months like this that come from triple paycheck months do so much towards keeping our motivation up!

Make sure you subscribe so you won’t miss my post next week when I tell you how much debt in total we paid off in 2016!

How was your December? Make too many unplanned Christmas present purchases? Don’t fret – there’s still time to make a January budget and turn it around!

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