Debt Repayment Updates

February 2017 Debt Update

Debt Repayment:

In February 2017 we paid off a total of $5,622!

At the end of February 2017 our total debt remaining was $101,830.

Incase you missed my post last week about the power of prayer in your finances, we received a very unexpected check for $2,381. This helped us to have an extra large payoff month.

We’re getting so excited to be so close to $100,000! I think it makes us realize that truly your financial situation (or anything in life for that matter) is so dependent upon your perspective.

If you are just starting out and had $100,000 in debt you may be totally overwhelmed. Since we started our journey with $245,000 of debt being down to $100,000 actually feels like a breath of fresh air that we can see the light at the end of this very dark tunnel.

So if you are feeling discouraged today because of your financial situation, have HOPE! You will get to a point where you will see the light at the end of your tunnel if you’ll just keep moving!

Motivation

Right after we passed the 50% mark, we made a paper chain link  around our front room for motivation. 

These are the chains we pulled off this month:

 

Debt Repayment Chain Motivation
These paper debt chains keep us motivated to pay off debt.

Two of these links are really important reasons why we’re getting out of debt; to safeguard our marriage and never jeopardize my ability to stay home and homeschool.

Budget items:

  • Mortgage – $1,300
  • Life Insurance – $48
  • Car Insurance – $0
    • We pay car insurance once every six months in order to save on premiums so we had this expense last month. 
  • Groceries – $150
    • We participate in a food rescue coop with a group of other people to help lower our grocery costs. A group picks up donated food from grocery stores that are nearing expiration, simply bruised, or ‘imperfect’. This has completely opened our eyes to the amount of food waste that goes on in America. Yes we have to sometimes pick through a pint of squishy berries to get some good ones and have produce that is bruised, but we are avoiding so much food going in the garbage. If you keep your ears open and are connected in your community chances are there might be something going on like this by you.
  • Toiletries/Cleaning – $56
    • We needed cough medicine, toothpaste, baby wipes, one box of diapers (we use one per nighttime and when we go out of the house).
  • Vitamins
    • We needed to stock up on multivitamins and probiotics.
  • Utilities
    • Comed (Electricity) – $93
    • Comcast (Internet) – $85
    • Nicor (Gas)- $113
    • Ting (Cell Phones) – $33
  • Vehicle Expenses
    • Vehicle Gas – $98
      • We came in $65 lower than we budgeted!
    • Oil Changes – $30
    • Honda Repairs – $30
  • Miscellaneous
    • Misc. – $96
      • Valentine’s Day, Shedd Aquarium Parking, Family Member Gift
    • Homeschooling – $7 
    • Medical – $102
      • This was a bill from a doctor’s visit for one of our children the previous month.
    • Date Night – $0
      • We had money budgeted but didn’t take a date night this month so we added the money to next month.
    • Commision for Kids – $8
      • We are starting to budget $8/month for commissions for our children. We made our own DIY Give, Save, Spend envelopes and the system is working out great!
    • Dance Class/Costumes – $109

So, March just started… comment below if you’ve done your March budget!  Ours is printed, we each sign it, and hang it on our refrigerator. 

We need your help with our March budget! What do you think is an appropriate amount of money to celebrate hitting $100,000?

2 thoughts on “February 2017 Debt Update

  1. It’s so exciting that you are almost at $100K! You motivate others through your testimony of continued hard work to get rid of the debt quick. Congratulations for staying on target and working towards your goal to live like no one else. 🎉

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