Hey!! If you’re new to the site or haven’t been here in some time, you may be wondering what this post is. TL;DR – my wife Rachel and I started our marriage together with over $80,000 worth of debt between us. That got old REAL quick, so we turned to Dave Ramsey’s Total Money Makeover for help getting out of it. Though we “started” our journey as a New Year’s Resolution to each other in January 2016, we started really hitting the gas when this blog launched in August 2016, and I’ve been posting our progress monthly ever since. If you missed the last one, you can find it here, or you can see all of them from the Updates link on the home page.
Well, I said last month that June was going to be a roller-coaster ride, but I didn’t know it’d be this exciting! We had been pumping the brakes a little bit over the last few months to prepare for the road trip that we’re getting ready to leave on this evening, so we had a nice little pile of cash saved up. BUT, we also have some amazing family that came through in a big way as far as covering most of the costs we had expected to pay, so we got to throw just about all of the savings at the snowball this month! If you guys are reading this, thank you!!! As an added bonus, we seriously underestimated Rachel’s income from her two-week training with the National Guard, so that was basically all gravy. We’re just a hair shy of the 25% mark on this journey, and we seem to only be picking up speed.
If you know a large expense is coming in the future, it is SO much better to save little by little and not need it than to think you’ll figure it out later and be caught unprepared. We’ve had this happen twice now, and both times it’s allowed us to pay off the next item in our snowball. God is amazing in the way that He works!!
|January 2016 (Start)||May 2017||June 2017|
|Car Loan||$4,685.88||PAID OFF!! 03/17||—–|
|Discover Loan||$5,511.82||$796.77||PAID OFF!! 06/17|
|K Student Loans||$14,058.10||$11,998.83||$11,862.20|
|R Student Loans||$47,879.41||$45,671.85||$45,455.95|
$19,626.55 paid off since 1/1/2016
$9,708.94 paid off in 2017
$2,565.27 paid off this month
The Road Ahead
July is going to be much more laid-back, hopefully! We’ll be gone for the first week taking pictures of some beautiful scenery and exploring where some of Rachel’s family is from. We’re using paid vacation time, so we won’t be set back too far on income. Rachel and I worked through the budget earlier this week, and since we’re only going to need 3/4 of the normal expenses except food, we’re able to throw a little more at Discover again next month. I did a little back-of-the-napkin math, and if we can keep up this pace, we’ll be able to pay that stupid thing off by October of this year, a full 11 months ahead of schedule!!