Debt Repayment Updates

November 2016 Debt Update

Debt Repayment:

In November 2016 we paid off a total of $3,964!

Our normal minimum payments on all of our loans are now at $948 and we had an extra debt payment of $3,016.

At the end of September 2016 our total debt remaining was $119,347.

The current loan that we’re working on has $3,734!

That’s so exciting because it means it’ll get paid off in December! 

Budget items:

  • Groceries – $340
  • Toiletries/Cleaning – $96
  • Utilities
    • Comed (Electricity) – $66.25
    • Comcast (Internet) – $79.25
    • Nicor (Gas)- $46.39
    • Ting (Cell Phones) – $31.49
  • Vehicle Expenses
    • Vehicle Gas – $84.07
    • Honda Repairs – $440
  • Miscellaneous
    • Misc. – $0 (We budgeted $25 but didn’t need to spend it)
    • Girls’ dance class – $122 (Quarterly, not a monthly fee)
    • Son’s first birthday party – $35
    • Homeschooling – $11 (Bought some books from a homeschooling mom who’s moving)
    • Operation Christmas Shoeboxes $14
    • Christmas Present  – $35 (We have cash already taken out for Christmas so since this present was bought online we will deposit $35 of the cash into our checking account to balance this.)
    • Gym – $50 (We bought a walking pass to our local gym for me because I needed a place to get out of the house and run. During the warmer months I get plenty of exercise taking walks around the neighborhood but we felt this was important enough to budget for.)
    • Vitamins – $235 (All of us were out of vitamins, probiotics, etc. so this was an expensive stock-up!)

Second Jobs:

We only budgeted that my husband would make around $660 but he worked some crazy extra shifts and ended up making $1,116 in November! One week he worked Thursday 6-11pm, Friday 6-11pm, Saturday 3pm – overnight until 7am Sunday morning. Yes that’s on top of a full time 40+ hr/wk job.

Getting out of debt is hard work! But we want to be gazelle intense and live like no one else NOW so that later we can LIVE and definitely GIVE like no one else.   

I also picked up another second job opportunity to watch another baby temporarily. I’ll talk more about opportunities for second jobs and income opportunities in a later series. But basically right now almost always our rule is if an opportunity presents itself for extra income, we say yes. 

I also sold a china cabinet that we loved but no longer needed and some household clocks in November to total $136.

Overall between all of our second jobs we made a combined $1,973.

Keeping the motivation:

Debt Chain

After passing the 50% mark we realized we needed extra motivation so we created a huge debt link chain. We had 123K left at the time of creation so we made 123 links (each link representing $1,000). On each link we wrote one of the reasons we want to get out of debt or something we’re going to buy/do once we are out of debt. The kids helped us think of ideas and we made it a family activity! Each month we’ll pull off the amount of links that we paid.

 

Financial Peace University:

As we have just passed the 50% paid off mark, we have decided we need some renewed energy and have enrolled in Financial Peace University (FPU) for the second time. There are lots of class locations starting mid-January so it’s a great time to look into it. Let me know if you are local and want to join the class with us and I’ll tell you where we are taking it!

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