Update #23 – June 2018

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 slow, steady progress.  It can be easy to forget where we’ve come from, or get frustrated that we’re not moving faster, doing better, being awesomer, but as fellow blogger Penny writes, if you only see success as a far-off goal, you’ll never be happy.  So I just want to take a few minutes and thank God here in front of you all.  He has blessed us beyond belief.  Sure, we’re “behind” a few of our friends who have new cars, houses, children.  But you know what?  There’s no such thing as behind.  When we turn our focus away from the Instagram feed and put it back on the written word of God, it’s a lot easier to see that our relationship with Him is all that matters.  He’s doing something completely different in our lives than He’s doing in the lives of our friends.  Maybe you, reader, need to see that there’s someone out there like you in this journey.  Maybe God is using us to encourage you in your “slow” financial progress.  I sure hope so.  Anyway, let’s take a look at what happened this month.

The Numbers

January 2016 (Start) May 2018 June 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 $10,319.60 $10,175.63
R Student Loans $47,879.41 $41,460.47 $41,189.11
  Loan 1   $2,676.07   $2,636.10
  Loan 2   $2,945.43   $2,891.34
  Loan 3   $1,703.75   $1,702.67
  Loan 4    $3,261.06   $3,201.17
  Loan 5   PAID OFF!! 12/17   —
  Loan 6   $30,874.16   $30,757.83
Total $80,074.70 $51,780.07 $51,364.74

Total Change:

$28,709.96 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $2,321.40 paid off in 2018

– $415.33 paid off this month

The Artwork

Debt Snowball

 

Payoff Projection

By God’s grace, we’re still hanging on to that June 2024 payoff projection, even through this dry spell in our progress!

The Road Ahead

As I mentioned last month, we had been saving up for a road trip in the middle of June.  It was a blast, we had saved about $30 more than we needed to (another example of God’s perfect guidance in our budgeting), and now we’re ready to get back to this debt monster.  Spoiler alert: we were able to make a pretty decent payment at the tail end of this month thanks to an unexpected birthday gift, but it hadn’t hit the accounts in time for this post, so I can already tell you there will be a bigger drop in that chart next month!

2 thoughts on “Update #23 – June 2018

  1. Maybe your friends are ahead of you financially and maybe they’re in debt with their cars, houses, and children. You don’t really know! That’s why it’s so important to do you. I love your charts and you’re so close to getting under $50,000!

    1. That’s true, Leigh! And even if they’re knocking it out of the ballpark, no debt, backup yachts in case their mansion in the Hamptons has a big stick in the driveway, so what? It’s “personal finance,” not “other people’s finance.” I can’t decide what happens in your story, I can only decide what happens in mine. Inward and upward is where the focus belongs. Thanks for cheering us on!

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