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.
Another month of plateau, but we did have a pretty significant win just two days ago: we paid off our tax bill! Since it’s on time, we won’t need to follow through with the payment plan we had set up, we won’t have any extra fees resulting from that plan, and we don’t have to pay any penalties. God is so good! And after what seems like forever, we FINALLY get to unpause this snowball and start making that chart move again. It’s kind of upsetting that all that money had to go to taxes instead of paying off Rachel’s smallest loan, but we did it without touching our emergency fund, so that feels amazing. Also, can I just say that if we had this kind of unexpected expense three years ago, it probably would have gone on a credit card? We definitely see the intangible benefits to taking this approach to our money.
|January 2016 (Start)||February 2018||March 2018|
|Car Loan||$4,685.88||PAID OFF!! 03/17||—|
|Discover Loan||$5,511.82||PAID OFF!! 06/17||—|
|Discover Card||$7,939.49||PAID OFF!! 10/17||—|
|K Student Loans||$14,058.10||$10,747.28||$10,603.54|
|R Student Loans||$47,879.41||$42,269.12||$42,056.50|
|Loan 5||PAID OFF!! 12/17||—|
$27,412.96 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $1,026.10 paid off in 2018
– $356.36 paid off this month
The Road Ahead
Resuming the debt snowball is going to feel really good. Somehow, our payoff projection at unbury.us got moved up to May 2024 (we must have been on the fence last month), but six more years of debt really just doesn’t sound like a lot of fun. Anyone got a stash of money anywhere they don’t need? Here’s hoping the rest of the year is super boring so we can chip away at this sucker.