…And then there was one…
I am SO excited for this post!! This has been an awesome and very exciting month for us (hold on, you’ll see why!)
We are leaving tomorrow for our first road trip ever! We are pumped and can’t wait to experience all of the new places we are heading. I will definitely be posting some updates when we get back so stay tuned.
7 Baby Steps:
Baby Step #1 – $1,000 to start an Emergency Fund (Feb 2011)
Baby Step #2 – Pay off all debt using the Debt Snowball
Baby Step #3 – 3 to 6 months of expenses in savings
Baby Step #4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step #5 – College funding for children
Baby Step #6 – Pay off home early
Baby Step #7 – Build wealth and give!
Baby Step #2
OUR DEBT
Name of Card (Beginning Balance) (Current Balance)
Victoria’s Secret CC: ($103) PAID OFF in February 2011
New York & Co CC: ($205) PAID OFF in March 2011
Capital One CC: ($466) PAID OFF in April 2011
Chase CC: ($1,314) PAID OFF in March 2012
Wells Fargo CC: ($1,469) PAID OFF in May 2012
Papa: ($2,250) — ($1,500)
JCPenney CC: ($2,523) PAID OFF in May 2012
Granny: ($3,620) PAID OFF in December 2011
1st Financial CC: ($9,697) — ($9,208)
Kevin’s Truck: ($7,196) — ($4,429)
Tia’s Car: ($14,200) — ($8,742)
Tia’s Student Loan #1: ($1,341) — ($809)
Kevin’s Student Loan #1: ($1,448) — ($1,448)
Kevin’s Student Loan #2: ($12,274) — ($12,274)
Tia’s Student Loan #2: ($17,060) — ($14,429)
TOTAL THIS MONTH: ($57,775) — ($52,839) = Total This Month: $4,936
TOTAL DEBT: ($75,166) — ($52,839) = Total Paid Off: $22,327 (in only 18 months!!)
We paid off two credit cards this month and we are now down to ONE!! I know we still have plenty of other debt to knock out, but to us, this is a HUGE milestone! We started with 7 credit cards and are now down to ONE (UNO!)!! The beauty of the debt snowball is that now that all of those others are gone, we are able to put so much to just the one that’s left and we will be taking chunks out of it each month!
Also, I wanted to put out there, something I even re-realized just recently, these debt payoff numbers are only part of the story…in addition to this, we have our $1,000 Emergency Fund (Baby Step #1), we paid IN FULL for part of our wedding and all of our honeymoon, we have saved and paid IN FULL for the trip we are leaving for tomorrow, AND have still managed to pay all bills and keep money in our account!! I’m telling you, sweet friends, this process is magical ❤
Have a great week you guys!! For all my fellow FPU-ers KEEP IT UP, and let me know how it’s going for each of you, I’d LOVE to hear your updates as well 🙂