Update #7 – February 2017

Since we’ve started really attacking our debt, interesting things have been happening with our money.  Some good, some not so great, but all kind of crazy when you think about it.  In October, we had a setback due to a hospital bill we weren’t expecting (which we might finally have some updated news on soon!).  We’ve had several unexpected and rather pricey car repairs that would have definitely been thrown on a credit card in the past.  After reading “Managing God’s Money” by Randy Alcorn, we decided that we really needed to be giving more to our church than we had been.  Like, twice as much, even after we had already increased it from what we were giving at this time last year.  Then, earlier this month we found out that we owe over $1,000 in taxes this year instead of the cushy refund we’re accustomed to getting.  But, you know what the craziest thing about all these “setbacks” is?  We’re still ahead of schedule.  If you look at my original timetable, we had projected that R’s car would be paid off in November of this year.  Then, at the beginning of this year, I set a more ambitious goal of paying it off in June.  If things continue going the way they’ve been going, we could pay it off even sooner than that!  This is a HUGE reminder that God provides when we trust Him.

The Numbers

Here’s how February ended up:
January 2016 February 2017
Car Loan $4,685.88 $1,532.86
Discover Loan $5,511.82 $3,409.11
Discover Card $7,939.49 $4,636.80
K Student Loans $14,058.10 $12,409.88
R Student Loans $47,879.41 $46,359.50
Total $80,074.70 $68,348.15
Total change:
$11,726.55 paid off since 1/1/2016
$1,808.94 paid off in 2017
$694.14 paid off this month

The Fancy Chart

The Story

As I mentioned at the beginning of the post, we have quite the tax bill coming in a few short weeks.  Because of God’s grace through overtime and some odd jobs that R has been able to pick up, we already have the bulk of it set aside.  Yeah, it would have been nice to put that towards the car, but like I said, we’re ahead!  I can’t tell you how excited we are to watch those little green bars fall faster and faster every month.  This budget stuff works, people.  Our income isn’t spectacular, especially given the amount of time we spend at work, but we’re making progress because we work as a team and we share this goal.  I have no problem giving “my” overtime money to “her” spending categories, and neither does she with mine.  And of course, the biggest reason that this is all starting together is because we’ve realized that it’s not really our money to begin with.  Psalm 24 says that the “Earth is the Lord’s, and the fullness thereof.”  The money in our bank account is still His, He’s just entrusting it to our management, and He expects us to use it wisely.  Though we still have a long way to go, we’ve finally started to understand that.

11 thoughts on “Update #7 – February 2017

  1. Awesome work!! Live like no one else, so you can live like no one else. Keep up the hard work! We are still working on our baby step 2 and have had a lot of set backs. It is very motivating to see the numbers still dropping even after setbacks.

    1. Thanks, Hannah! Baby step 2 is definitely (hopefully?) the hardest, but I think it will come with the greatest sense of accomplishment. You guys keep at it as well! We can look to each other for encouragement 🙂

  2. You’re doing an amazing job attacking the debt. We have a budget meeting every Saturday night (5 min) and it has helped us communicate and prioritize our financial goals. It’s just as important when you’re debt free as when you have debt.

    1. That’s great encouragement! Sometimes, it feels like this is just what we’re doing for this phase in our life, rather than the beginning of a new way of living. Hearing that it’s important even after we’re “done” is good news!

    1. It’s an absolutely amazing book. I have a full review of it scheduled to post this Saturday, so be on the lookout for that! Thanks for stopping by, and thank you for the encouragement!

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