Update #12 – July 2017

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 these monthly progress updates 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.

Here we are, kids!  The 12th debt snowball update, and the first full year of seriously attacking our debt.  This journey has been so incredible, and we’re not even halfway finished!  Seeing how God provides is one of the best parts about all this learning to manage money business.  When we first agreed to do something about all this, it felt like we were at the base of Mt. Everest with no equipment and no experience.  All we had was a vague sense of a plan and the experiences of people who had gone before us.  Lucky for us, paying off debt isn’t nearly as hard as climbing the world’s highest mountain!  You just have to start.  If you can do that, you’ll gain all the experience you need to finish as you go.  With a starting number almost in the six digits, it was never going to be a sprint, but here we are a year later, slowly but surely making our way toward that finish line.

The Numbers

January 2016 (Start) June 2017 July 2017
Car Loan $4,685.88 PAID OFF!! 03/17
Discover Loan $5,511.82 PAID OFF!! 06/17
Discover Card $7,939.49 $3,130.00 $2,284.90
K Student Loans $14,058.10 $11,862.20 $11,720.97
R Student Loans $47,879.41 $45,455.95 $45,227.21
Total $80,074.70 $60,448.15 $59,233.08

Total change:

$20,841.62 paid off since 1/1/2016

$10,924.01 paid off in 2017

$1,215.07 paid off this month

The Artwork


The Road Ahead

Things are going to be really interesting for the rest of the year.  We’re making really good progress, and I think we’re on track to have all of our non-student loan debt knocked out by December 31st, which is something we both want, like real bad.  We’ve started to juggle some new additions to our budget, though, like Christmas gifts (yes, we’re starting to save now) and a car replacement fund, and we’re trying to decide what to do about my phone that has started randomly shutting down and not turning back on.  For that last part, frugal me wants to stick it out until the phone raises the white flag, but shiny-toy-loving me wants an iPhone 8 that will last for another five years and costs $75,000 probably.  I’ll have to find some kind of compromise in order to meet this goal and still have a reliable way to call my wife if my similarly vintage car breaks down at some point.  Anyone have an iPhone SE they’re not using??

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